Under the deal Silverstream will investigate additional opportunities for the fabrication and supply of components for its systems in China and the Asia-Pacific region. Image Credit: Silverstream Technologies
Engineering firm Silverstream Technologies is set to work with Chinese shipyard group COSCO Shipping Heavy Industry Co on increasing the update of its bunker-saving air lubrication systems.
The two companies have signed a memorandum of understanding to explore opportunities to install air lubrication systems at the Chinese company's shipyards, Silverstream said in a statement on its website on Monday.
Under the deal Silverstream will investigate additional opportunities for the fabrication and supply of components for its systems in China and the Asia-Pacific region.
"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," Noah Silberschmidt, CEO of Silverstream, said in the statement.
"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."
Air lubrication systems insert bubbles of air between the bottom of a ship's hull and the surrounding water, reducing friction and cutting fuel consumption as a result. Energy-efficiency technologies of this kind are rapidly becoming the norm for new ships as shipping firms seek both to reduce emissions and fuel bills, and their profitability is likely to rise further once the industry is using much more expensive alternative fuels.