Maritime clean technology company, Silverstream Technologies, and equipment and technical services provider, Franman, have signed an agency agreement to support sales of the Silverstream® System within Greece.
Established in 1991, Franman provides a wide range of equipment, parts, products and services to the shipping industry. The company has in-depth knowledge, and well-established relationships, within Greek shipping.
The agreement will smooth the pathway to Silverstream® System penetration of the Greek market, with Franman reaching more potential users of the technology to explore how it could be incorporated across their fleets.
The Greek shipping industry is a key market for retrofit and newbuild installations of the Silverstream® System. Greek shipowners control more than one-fifth of the world’s entire fleet, totalling approximately 5,514 vessels, or 21% of the global fleet in deadweight tons (dwt). The Greek owned fleet also represents 59% of the total EU controlled fleet, according to the International Trade Administration.
Accessing clean technology will become increasingly important for Greek shipowners. Starting on the 1 January 2024, the EU Emissions Trading System (EU ETS) puts a cost on emissions from commercial ships of 5,000 GT or more that call at EU ports. Initially 40% of emissions are in scope quickly ramping up to 70% for 2025, reaching 100% in 2026.
This additional cost on emissions will quickly improve the payback period for any clean technology proven to reduce greenhouse gas (GHG) emissions. The Silverstream® System releases a carpet of air to reduce the frictional resistance between the hull and the water, reducing average net fuel consumption and GHG emissions by 5-10%. This offers an immediate competitive cost advantage within the EU ETS framework.
Costis J. Frangoulis, Founder & CEO of Franman, commented: “At Franman, we always strive to offer solutions that combine performance with sustainability. The integration of Silverstream’s leading air lubrication system into our portfolio will allow shipowners, not only to comply with, but to exceed the industry's evolving regulatory and environmental standards. With our established relationships and strong expertise, we look forward to supporting sales of the Silverstream® System and contributing to the wider marine decarbonisation transition.”
Noah Silberschmidt, Founder & CEO of Silverstream Technologies, commented: “Influential shipowners, shipyards, design institutions, class authorities, charterers – the Greek shipping community has it all. That’s why we’re delighted to sign this agreement with Franman to drive the uptake of our technology in this key market and to continue to build deep relationships in Greece. With decarbonisation regulations tightening and carbon markets becoming a reality, now is the time to adopt the proven Silverstream® System to cut fuel costs and carbon costs.”
As of November 2023, there are now 180 vessels contracted to have the SilverstreamÆ System installed across all shipping segments, with 53 systems in-service today. Silverstream’s customers include MSC, Maersk, Grimaldi, Shell, Vale, Carnival and ADNOC L&S, amongst other major industry names.
