Maritime clean technology innovator, Silverstream Technologies, has paved the way for a sustainable future by inking a memorandum of understanding to offer their patent air lubrication system at the shipyards managed by COSCO Shipping Heavy Industry. This green technology expert is set on further cultivating this relationship by evaluating more avenues for product manufacturing and supply within China and broader Asia-Pacific locales. Dovetailing perfectly with its strategy of closely interacting with Chinese shipyards, it guarantees a strategically advantageous position for the firm.
Enhancing Efficiency, Curbing Emissions
The distinguished Silverstream air lubrication system, remarkable in its design, operates to minimize friction between water and the ship’s exterior, thereby substantially cutting down on fuel consumption and consequent emissions. The technology assures an impressive average reduction of 5-10% in net fuel consumption, a milestone towards eco-friendly maritime operations. The system is versatile enough to be fitted into existing vessels within ten days and can also be incorporated into new ship designs. Besides boasting a lifetime matching that of the ship, the technology entails a return on investment within a span of 2-5 years.
Turning the Tide towards Carbon Neutrality
Listed among DNV’s applauded technologies for operational energy efficiency, the air lubrication mechanism is a significant stride towards overcoming the obstacle of decarbonization. As it stands, more than 250 vessels are either fitted with or have ordered the ingenious air lubrication systems. As of August 2023, the cutting-edge Silverstream system is featured in contracts related to a diverse variety of 179 vessels, out of these, 44 ships are already operating with the system in place. The company has set a feasible target of securing 500 system orders by 2025.
Regulatory Shifts and A Greener Outlook
Silverstream has noted that the forthcoming IMO CII and EU ETS regulations due for action in 2024 will inevitably spike the demand for improved vessel efficiency and result in increased adoption of energy efficiency technologies. When it comes to CHI, it operates nine state-of-the-art shipyards serving different purposes – four for the construction of new vessels and five for carrying out ship repairs. Touted as one of the frontrunners in China, the enterprise holds the second position for newbuild market volumes, additionally dominating as a joint leader in the repairs/retrofit market. The company has a global reach with operations catering to shipowners across the globe, including several sister COSCO Shipping companies.
