Silverstream technologies, COSCO Shipping sign agreement to propel air lubrication uptake

Silverstream Technologies 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.

In particular, 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.

As informed, 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.

 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.”

…Noah Silberschmidt, Founder & CEO, Silverstream Technologies, commented.

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.

…Xiao Zijian, Commercial Director of CHQ, COSCO Shipping Heavy Industry, commented.

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.

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