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Silverstream wins ESG Innovation Award at ESG China Awards 2023

We are thrilled to share the exciting news that Silverstream has been named as the Winner of the ESG Innovation Award at the ESG China Awards 2023.

The ESG China Awards are given to highly regarded and celebrated organizations and individuals making significant contributions to Environmental, Social, and Governance (ESG) practices.

We would like to congratulate our fellow finalists for the award: Alibaba Group, McDonald’s China, UPS and Nokia Shanghai Bell.

The ceremony took place in Shanghai and was hosted by BritCham, in collaboration with the Chambers of Commerce of the USA, Canada, and Australia. It was an occasion that brought together thought leaders and innovators from various sectors, all dedicated to driving positive ESG impact.

Ted Wan, BritCham Shanghai Vice Chair, summarised what it meant to participate in the ESG Awards 2023:

“The 2nd annual ESG China Awards further promotes pioneers, including companies, organisations and individuals, to actively practice their sustainability and ESG commitments in areas where they can expertly and actively make an impact.”

We would like to thank the awards organizers for hosting such a great event and for recognizing the importance of ESG initiatives. It was indeed a special evening that brought together key stakeholders and decision-makers in the field of sustainability.

 

Silverstream and MAN Energy Solutions sign collaboration agreement

Agreement focuses on two stroke engine business to drive retrofits and newbuild installations of market-leading air lubrication system 

Clean technology leader Silverstream Technologies and marine engine designer MAN Energy Solutions have signed a collaboration agreement to support the decarbonisation of the global shipping industry. 

The agreement will explore solutions for improving vessel efficiency spanning both newbuild installations and retrofits. With approximately half of the world’s commercial ships powered by MAN Energy Solutions, the collaboration will help further accelerate adoption of Silverstream’s proven air lubrication technology, the Silverstream® System, across the global fleet. 

Silverstream’s technology releases a uniform carpet of air to reduce the frictional resistance between the hull and the water, cutting average net fuel consumption and GHG emissions by 5-10%. While the air lubrication system is applicable to all shipping segments and is effective in all sea states, it is especially effective on large oceangoing vessels due to the size and shape of their hull. MAN two-stroke engines are the preferred choice of propulsion for these commercial vessels. 

Bjarne Foldager, Head of Two-Stroke Business, MAN Energy Solutions, said: “There are many different ways to approach net-zero and MAN Energy Solutions is happy to work with like-minded industry partners in this pursuit. Decarbonising the marine segment is a giant task but Silverstream, with its innovative technology, displays great potential in this regard. I’m certain that this agreement will deliver interesting insights and, crucially, concrete proposals to further our mutual aims.” 

Noah Silberschmidt, Founder & CEO, Silverstream Technologies, commented: “It was a pleasure to meet up with our new partners at MAN Energy Solutions this month at the Global Maritime Forum in Athens to sign this important agreement. Shipping must rise to the challenges of decarbonisation, new regulations and increasingly complex fuel economics. In collaboration with MAN ES, we are leading the way to the cleaner, greener vessels needed to achieve the IMO’s carbon reduction targets; pursuing the mantra that the greenest fuel is the fuel that you do not use.” 

As of October 2023, there are 180 vessels contracted to have the SilverstreamÒ System installed across all of shipping’s major segments, with 50 installed on ships in-service today. Silverstream’s customers include MSC, Maersk, Grimaldi, Shell, Vale, Carnival and ADNOC L&S, amongst other major industry names. Many of these customers are signing fleet-wide deals for the technology. 

This market interest is driven by the fact that the system represents a proven lifecycle solution for efficiency, with class-approved components that are designed to last the lifespan of a vessel. The commercialisation and scaling of air lubrication technology, which this collaboration agreement supports, helps to solve the fundamental challenge of vessel design efficiency. 

 

Silverstream and COSCO Shipping Heavy Industry in deal to propel ALS uptake

 Silverstream and Chinese shipyard group COSCO Shipping Heavy Industry Co. Ltd (CHI) have signed a high-level memorandum of understanding (MOU) which will explore opportunities to install the Silverstream® System in CHI shipyards.

The MOU will foster a deeper level of collaboration between the two organisations and will enable Silverstream to assess how its technology could be licensed to fit within CHI’s technology portfolio. The agreement will also enable Silverstream to investigate additional options for the fabrication and supply of components of the Silverstream® System in China and the Asia-Pacific region, and it directly supports the company’s strategy of direct engagement with Chinese shipyards.
 
CHI is headquartered in Shanghai and operates nine shipyards – four for newbuilds and five for ship repairs. It ranks second in China for newbuild market share volumes and equal first in the repair/retrofits market. CHI operates yards for shipowners based around the world, including for its several sister COSCO Shipping companies.
 
Noah Silberschmidt, Founder & CEO, Silverstream Technologies, commented: “We are delighted to sign this MOU with CHI, which will enable us to work with the yard to find opportunities to install the Silverstream® System on ships built and repaired across its portfolio. Our established technology is fast becoming a standard selection on newbuild vessels and a leading retrofit option to improve vessel efficiency. In CHI, we have found another strong partner to help us continue to work towards this target. We look forward to a long-lasting and mutually beneficial relationship.”
 
Xiao Zijian, Commercial Director of CHQ, COSCO Shipping Heavy Industry, commented: “We are in a new era of transformation and development of the shipping industry. In order to meet shipowners’ needs to upgrade the efficiency of their fleets, we pay close attention to the world’s leading energy-saving clean technologies and marine products. We are therefore very pleased to establish the MOU with Silverstream Technologies, the leading supplier of hull air lubrication systems. Through the localisation of the supply chain and further installations of Silverstream’s technology, carried out in Chinese yards, we can play a complementary role in each other’s businesses and jointly provide high-quality and cost-effective vessel efficiency solutions to shipowners worldwide.”
 
In 2023, ship operators have submitted baseline performance statistics for the International Maritime Organization’s Carbon Intensity Indicator (IMO CII) regulations. Ships will receive the first vessel efficiency ratings within the CII ranking framework in 2024. Additionally, CO2 emissions from ships above 5,000 GT and transporting cargo or passengers for commercial purposes will be included in the European Union Emissions Trading System (EU ETS) for the first time from 1 January 2024. With these new regulatory drivers becoming more impactful on vessel operations, the need for improved vessel efficiency, and therefore the need for adopting energy efficiency technologies, is only set to increase.
 
Silverstream is already meeting this increased demand for efficiency. As of August 2023, 179 vessels are contracted to have the Silverstream® System installed across all shipping segments, with 44 of those ships already in service with the system onboard. Silverstream is realistically targeting 500 orders by 2025. 

 

Silverstream wins the Seatrade Cruise Product of the Year Award

We are delighted to have won the Seatrade Cruise Product of the Year award! This is recognition of the innovative hard work and commitment of the entire Silverstream team.

The Silverstream® System enables cruise owners and operators to meet customer, regulator, and wider societal demands for improved environmental performance. The technology releases a carpet of bubbles to reduce the frictional resistance between the hull and the water, reducing average net fuel consumption and GHG emissions by 5-10%, as well as lowering fuel bills.

The system also has important associated benefits for the cruise industry. For example, it supports hull anti-fouling and it can also reduce underwater radiated noise (URN) for marine life, as well as reducing noise onboard to improve crew and passenger wellbeing. This is our conclusion based on recent research from Professor of Marine Engineering at University of London, John Carlton. It has all of these benefits that increasingly environmentally conscious customers and cruise operators are concerned about, while also significantly reducing fuel bills.

Silverstream’s first ever commercial installation of the Silverstream® System was back in 2015 on Norwegian Joy, operated by Norwegian Cruise Line. This was followed by installations on Princess Cruises’ Diamond Princess and Regal Princess, and, in H1 2023, Sky Princess and Enchanted Princess.

In Autumn 2022, Carnival signed a large fleet deal with Silverstream to install the system across its cruise brands; a clear recognition of the value and return on investment the technology offers cruise operators. These cruise clean technology trailblazers have also been proactive in supporting testing, pilot projects and performance verification.

Piers Strong, our Business Development Manager, attended Seatrade Europe 2023 and was at the ceremony to collect the award. Piers also featured on a panel discussion at the event where he continued to spread the word about the positive impact that the Silverstream® System is having within the cruise sector.

LNGC segment throws its weight behind Silverstream System

Raft of orders for LNGC air lubrication highlights technology’s growing impact in segment across newbuild and retrofit. 

Maritime clean technology leader Silverstream Technologies has today announced multiple orders from the LNG carrier (LNGC) segment for its proven air lubrication technology, the Silverstream® System. This latest raft of orders takes the company’s orderbook in the segment to 36 vessels, representing a combined value of approximately £50 million, highlighting air lubrication’s viability for LNGCs of all sizes. 

The orders – which come from major US and UK-based energy companies, and Northern European shipowners, will see Silverstream’s ALS installed on 10 LNGCs. Six are for retrofit projects taking place between 2023 and 2025, and four are for newbuilds which will be delivered between 2026 and 2027. 

Four of the orders come from an unnamed owner on newbuild 180k cbm LNGCs being built at a leading Chinese shipyard. Another owner has ordered the system for retrofit on two 174k cbm LNGCs, which will take place at either Seatrium – the newly branded shipyard formed by the merger of Sembcorp Marine and Keppel Offshore & Marine – or Navantia, depending on the vessels’ itinerary, during their five-year dry dockings. 

Finally, another unnamed owner has signed for retrofit installations of the Silverstream® System on four 160k cbm LNGCs. The installations were contracted via Seatrium and will take place at the yard in the coming months, as the vessels reach their scheduled 10-year dry dockings. 

Silverstream’s technology is very well-suited to the LNG segment, as LNGCs have a large flat bottom that maximises ALS’s friction-reducing capabilities. The system reduces average fuel consumption and emissions for LNGCs by 7-10% net, which typically equates to a 1MW net power saving. 

The Silverstream® System can also help to reduce LNG boil off and increase delivered cargo volume, or cut fuel consumption and associated emissions, depending on the operator’s commercial and sustainability priorities. This is because ALS can be used either to enable vessels to travel at higher speeds for the same fuel consumption, or to cut fuel consumption and emissions without sacrificing speed. 

It is for these reasons that air lubrication technologies, and particularly the Silverstream® System, have become a standard choice for newbuild LNGCs over the past few years, with retrofit options now rapidly increasing in popularity as well. 

Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “We’re extremely pleased at the uptake our system is attracting from the LNG segment, as well as from major energy operators who appreciate our technology’s proven fuel and emissions saving record. The Silverstream® System is a perfect match for LNG vessels, as the natural characteristics of these ships, as well as their operational priorities, mean that air lubrication is one of the only solutions that will enable operators to achieve their efficiency goals here and now.” 

Silverstream’s total orderbook now comprises 175 vessels across all shipping segments. The installations will be supported by Silverstream’s team of 120 marine engineers and technical experts. A team of 20 in Shanghai will also provide on-the-ground support for Asian installations of the technology. 

Silverstream will be presenting in the Technical Conference at Gastech Singapore 2023. Noah’s session is at 14:30 SGT on Tuesday 5th September, where he will explore the performance of the Silverstream® System onboard the LNGCs that are already utilising the system. Silverstream will also have an exhibition stand at Gastech, in location BC50. 

 

Air Lubrication reduces underwater radiated noise (URN)

Professor John Carlton – a fellow of the Royal Academy of Engineering, and Professor of Marine Engineering and Director of Maritime Studies at City, University of London – has published a new whitepaper analysing the impact of hull air lubrication on underwater radiated noise (URN), propulsion and cavitation. 

Focusing on URN, which has been, and continues to be, a key sustainability issue for the International Maritime Organization (IMO), the whitepaper finds that “the presence of air in the form of an air bubble- mixture around the hull, for example as generated by an air lubrication system, will significantly attenuate the transmission of noise from the ship into the sea environment.”

Furthermore, the paper formulates that “the presence of air in the propeller disc as introduced by an air lubrication system, rather than negatively affecting performance, attenuates higher harmonics of radiated pressure spectrum emitted by cavitating propeller (as well as helps in attenuating cavitation erosion).” 

It is our interpretation, based on the whitepaper’s findings, that the Silverstream® System reduces URN emissions both from the hull and the propeller. From the hull, noise emitted through the flat of bottom will be masked by the bubble carpet, while more importantly, the noise levels generated by the propeller can be significantly reduced through the cushioning effect of emitted pressure pulses by air introduced through the air lubrication system. 

Silverstream honoured with King’s Award for Enterprise

Silverstream has been honoured with a King’s Award for Enterprise in the category of International Trade, the UK’s highest accolade in recognising success in business. This award highlights Silverstream’s positive environmental impact, growth trajectory and status as maritime clean tech leader. 

The award, which is valid for the next five years, recognises Silverstream’s achievements in exporting the Silverstream® System overseas and in collaborating with a range of global maritime industry partners to scale uptake of the proven technology that can significantly support the shipping industry’s decarbonisation. 

It reflects Silverstream’s market status as a clean technology leader and highlights the deep focus the company has placed on building export links for its air lubrication system, targeting engagement with key shipbuilding and shipowning markets around the world. 

Formerly known as the Queen’s Award for Enterprise, the accolade has been renamed following the Accession of King Charles III. The King’s Awards scheme was instituted by Royal Warrant in 1965, with the first Awards made in 1966 under the scheme’s original title, The Queen’s Award to Industry. Every April, winners of the Awards are officially announced in a special supplement of the London Gazette. 

Winning the accolade gives Silverstream the right to display the Awards’ prestigious emblem on its marketing materials and fly the King’s Awards flag at the organisation’s headquarters. Silverstream will also be presented with the award by one of The King’s representatives, a Lord-Lieutenant, and attend a Royal reception at Buckingham Palace. 

Speaking on the award, Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “We are delighted to have received the King’s Award for Enterprise in the International Trade category. It recognises the hard work that every member of the Silverstream team has invested for more than a decade to commercially realise our technology within the maritime sector. This Award belongs to everyone at Silverstream who is working to design, install, scale and improve our technology on vessels around the world, as well as those who are building the global partnerships that help to underpin our business. 

“We must also recognise that this is an important moment not just for Silverstream, but for maritime clean technology as a whole. This accolade helps put our industry on the map at the highest level and demonstrates shipping’s need for proven and viable solutions to address its considerable decarbonisation challenge.” 

News of Silverstream’s King’s Award comes after the company featured in the Financial Times’ FT 1000: Europe’s Fastest Growing Companies 2023 list – where it ranked as the fourth fastest-growing company in Europe and the third fastest-growing company in the UK. 

 

Silverstream and Orient Marine sign agency agreement to promote Japan sales

Silverstream and Orient Marine Co., Ltd. (Orient Marine) have signed a new Agency Agreement for sales support of the Silverstream® System within Japan.

The agreement will allow Orient Marine to act as an agent for Silverstream in Japan, providing local representation for marketing and promoting the company’s air lubrication technology to all segments, across both newbuild and retrofit applications. 

The move builds on the Memorandum of Understanding signed between Silverstream, Orient Marine and Mitsui & Co. Europe Plc. in July 2022. The MoU was signed to spur uptake of the Silverstream® System within the Japanese ship owning community.

The Agency Agreement will leverage Orient Marine’s extensive market knowledge and reach across Japan’s shipping sector. It will facilitate sales support for the Silverstream® System across the Japanese-owned fleet and with Japanese shipyards for newbuild and retrofit orders. 

Orient Marine’s longstanding ties with the Japanese shipping industry, including charterers, owners and shipyards in Japan, will also help to accelerate system uptake, enabling more rapid decarbonisation within the Japanese maritime market. 

Speaking on the announcement, Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “As we deepen our links with Southeast Asia’s shipping community and its key maritime nations, we need partners that we can rely on to support us with local expertise, industry knowledge and the same first-rate service that the industry associates with Silverstream Technologies.

“This new Agency Agreement with Orient Marine will provide us with a smooth path to engaging with Japan’s key shipowners, yards, ship designers and charterers. We are excited by the opportunity to support more of these key players to embrace the Silverstream® System and to enable them to make progress on their decarbonisation journeys.”

Naoki Shinohara, Executive Vice President, Orient Marine, added: “We are delighted to be able to sign this Agency Agreement with Silverstream Technologies. It builds on the MoU we agreed in July 2022 and will enable us to use our expertise and connections across the Japanese shipping market to propel the uptake of the Silverstream System to meet a growing need for decarbonisation.”

The agreement comes ahead of a programme of engagement with the Japanese market planned by Silverstream to take place across Spring 2023. In April, Silverstream’s team will travel to Japan and engage with charterers, shipowners and shipyards.  

 

Silverstream wins Maritime UK Clean Maritime Innovator 2023 Award

We are delighted to announce that we have won the Clean Maritime Innovator Award at the Maritime UK Awards 2023.

The category recognises a company or individual who has developed, tested or operated technologies in the UK that have made a significant contribution to the transition to zero emissions for the maritime sector.

Congratulations to our dedicated team of air lubrication experts who made this possible (see picture below). Thank you to Daniel Mann, Programme Director (left) and Luke Read, Sales Engineer (right) for representing us at the awards ceremony.

We believe the Silverstream® System can become a standard technology on all newbuild vessels in the global fleet, as well as a go-to retrofit option. It is encouraging to see the system and its impact on maritime greenhouse gas emissions continuing to be recognised in the UK and worldwide.

At Silverstream, we passionately believe in the role of proven, innovative solutions to enable a more sustainable shipping industry.

Silverstream named fourth fastest-growing company in Europe by the Financial Times

426% annual growth over three years also places Silverstream as the third fastest-growing UK company out of 1,000 organisations recognised
  

LONDON, 1st March 2023: Maritime clean technology leader, Silverstream Technologies, has achieved a landmark entry into the Financial Times’ FT 1000: Europe’s Fastest Growing Companies 2023 listing. The seventh edition of the ranking, which this year recognises the top 1,000 companies in Europe based on revenue growth between 2018 and 2021, places Silverstream as the fourth fastest-growing company in Europe and the third fastest-growing company in the UK. Over this period, Silverstream grew its revenue at a compound annual rate of 426%. 

Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “This is a truly incredible achievement for Silverstream, and is something we never thought possible when we set out on this journey over a decade ago. To be recognised as one of the fastest-growing businesses in Europe – not just in shipping, but across all sectors – is very special indeed. We have had to work so hard to demonstrate the validity of our technology and to build trust within the industry. Thanks to some genuine thought leaders, some of whom placed their faith in us many years ago, we have been on a fantastic trajectory building our customer base and delivering innovation in our products.” 

“In 2023, the outlook for Silverstream and for the shipping industry is dramatically different to that of a few years ago, and we are already seeing even more interest in proven efficiency solutions like ours as the imperative for serious action on climate change is clear. We will continue steadfast in our mission to support the decarbonisation of the shipping sector, and to realise our ambition of air lubrication technology being a standard application on all newbuild vessels in the global fleet, as well being a here and now technology to help reduce global fleet emissions. I would like to thank wholeheartedly all of our colleagues, partners, customers and friends who made this amazing achievement possible.” 

The seventh FT 1000 listing covers the period when the Covid-19 pandemic was at its height, which further highlights the considerable momentum and resilience of Silverstream’s business during a period of unprecedented global market volatility and supply chain disruption. Moreover, since 2021 when the survey ended, the company has continued its exponential growth, more than doubling its sales orders and revenue in 2022 compared with the year prior. 

Silverstream also opened a new office in Shanghai in 2022 to address the rapidly growing demand for its technology, requiring a local presence in China to work closely with its expanding network of partner shipbuilders across Southeast Asia. Silverstream continues to build resilience into all areas of its business, strengthening its Board of Directors and C-Suite with a number of senior industry hires. Most recently, this saw the introduction of a Chief Data Officer (CDO) to lead the company’s data strategy as it applies advanced data analytics, AI and machine learning practices to drive further value for its customers.