With its latest contract, maritime clean technology developer, Silverstream Technologies has surpassed 200 orders for its air lubrication system (ALS).
The patented Silverstream System will be installed on board 18 new 271,000 cu m QC-Max LNGCs, which will be chartered by a global energy company, believed to be NAKILAT, and owned and operated by shipping majors.
Silverstream’s current orderbook includes 57 LNGCs, spans nine vessel segments, and includes 20 repeat customers, including seven major shipowners and 13 of the world's largest shipyards.
The company also has 82 systems operating on board the existing fleet.
Over the total lifetime of all contracted vessels, Silverstream estimates that its ALS technology will save its current customers almost $5 bill in fuel costs and prevent the emission of over 19 mill tonnes of CO2.
In addition, this CO2 reduction is projected to save around $2 bill through existing carbon tax systems.
The latest vessel orders consitute the first 271,000 cu m LNGCs to be wholly designed, build, maintained and serviced in China. Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “Silverstream was founded in 2010 with a vision to have a positive impact on shipping's de-carbonisation journey.
“Surpassing over 200 orders is a significant milestone for us, highlighting the tangible emissions and cost savings we have delivered for shipowners and operators.
“This achievement also demonstrates the meaningful impact we are making on the industry’s green transition.
“Our market-leading Silverstream System is fast becoming a standard choice on newbuild vessels and a leading retrofit option improving vessel efficiency and sustainability,” he said.
As the shipping industry’s de-carbonisation transition progresses, evolving regulatory and market drivers are strengthening the rationale for adopting vessel fuel efficiency solutions. LNGCs could fall into non-compliant categories (D and E) of the IMO’s Carbon Intensity Indicator (CII) framework, largely because of the way in which they handle boil-off gas (BOG).
Meanwhile, the EU’s Emissions Trading System (ETS) is adding a progressive cost to emissions, increasing in scope from 40% of emissions in 2024 to 70% in 2025 and 100% in 2026.
This means that technologies, such as the Silverstream System not only lower fuel consumption and emissions, but also help to cut the costs of regulatory compliance, the company claimed.
ALS’ are attracting growing interest from shipowners with 500 systems either in operation or set to be installed on newbuildings.
The Silverstream System, which makes up a significant proportion of the industry’s ALS uptake, is suitable for both retrofit and newbuilding installations, the company further explained.
