Silverstream Technologies plans 500 orders by 2025

The Bubble Carpet at the Rear of a Vessel with Silverstream's Air Lubrication System installed
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In one of the most compelling solutions yet devised to the decarbonisation conundrum, UK-based Silverstream Technologies’ air lubrication system (ALS) is helping shipping lines of all types reduce fuel consumption and emissions by between 5% and 10%.

In the seventh of a series of interviews ahead of Seatrade Maritime Logistics Middle East, Craig Patrick, Vice President, Sales, Silverstream Technologies, London, UK, spoke to Seatrade Maritime News about developments in the technology.

“Today, Silverstream continues to grow its global business at pace. Over 155 ships have now been commissioned to install our system, 33 of which are in service today. Our success is increasingly being recognized outside of the shipping industry,” he said.

“As a result of this strong momentum, Silverstream is realistically targeting 500 orders by 2025.”

By the end of 2022, Silverstream had contracted 132 ships to install the system, with 24 in service at the time. This was made possible by the 95 ALS experts – with over 1 million hours of ALS know-how combined – in the offices in London and Shanghai.

“We have been ranked the fourth fastest growing company in Europe and the third fastest growing in the UK by the Financial Times, with annual growth of 426% over three years. We also received the King’s Award for Enterprise in the International Trade category, the UK’s highest award for business achievement,” he said.

Today, Silverstream has partnerships with 19 shipyards in different locations around the world. “We’re getting more orders in the bulk and tanker markets, and we’re also entering the PCTC (car and truck only) market for the first time,” he said.

Silverstream shipped its 1,000th air bleed unit, a key component of the ALS hardware that is seen as a testament to the time and effort invested over the past decade in an extensive network of trusted global supply chain partners that manufacture and install its system worldwide make possible .

The Silverstream system is an air lubrication technology that spreads a blanket of air under a ship’s hull to reduce frictional resistance against the water, reducing fuel consumption and the resulting greenhouse gas emissions, explains Patrick.

“Silverstream Technologies’ market-leading ALS injects a layer of microbubbles into the fuselage boundary layer, reducing average net fuel consumption and emissions by 5% to 10%. The system is applicable to all marine segments in new build and retrofit applications and is effective in all sea states,” he said.

Clean technology adoption is now a commercial imperative, driven by investor, regulatory and public demand, says Silverstream. “Silverstream works with the best owners, operators and shipyards to integrate our market-leading air lubrication technology, the Silverstream system, into the world’s fleet.”

Silverstream says its technology has been adopted by MSC, Shell, Carnival, Grimaldi, Maersk, Hyundai Heavy Industries and Vale. Above all, Silverstream’s strongest endorsement is that many of its customers are opting for repeat and even fleet-wide orders of the system.

“Silverstream Technologies has become a lifelong partner to many of the world’s leading shipowners and charterers. Our technology is designed to last the lifetime of a ship, giving our customers peace of mind that they will see our promised efficiency savings year after year until the ship is decommissioned,” he said.

“At the core of our business model is the value we place on transparency – visibility into our system performance on sea trials, our third party verified savings reports and our collaboration with customers to help them achieve maximum efficiencies. Our customers have responded well to this approach, which is one of the reasons we are now backed by some of the biggest names in shipping.”

He pointed out that future technological developments could complement the business areas in the future. Silverstream’s innovation, research and development (IR&D) team continues to develop new iterations and applications of the technology, for example by optimizing airflow to ensure power consumption is minimized.

The company also has access to an increasing amount of data being collected from ships in the field. This, coupled with significant investments in its data team – including the addition of a Chief Digital & Information Officer (CD&IO) to lead its data strategy – is helping to maximize system performance and further increase value for customers.

“Silverstream Technologies is always striving to support new and existing customers who are looking for a viable technology partner for lifetime efficiencies to support their decarbonization plans. After a rapid acceleration of orders in recent years, we are very well positioned to work with shipowners across all key segments,” said Patrick.

“The commercial imperative for decarbonizing shipping is now clear and the Silverstream system represents a proven solution to improve the efficiency of the global fleet.”

Craig Patrick, VP Sales, Silverstream Technologies, London, UK, speaking at Seatrade Maritime Logistics Middle East, 16-18 May 2023 in Dubai, United Arab Emirates.

Source: News Network

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