Silverstream Technologies and equipment and technical services provider Franman have signed an agency agreement to support sales of the Silverstream^® System within Greece.

Since 1991, Franman has provided a wide range of services to the shipping industry, focused on shipbuilding equipment, spare parts, ship repairs and service, ship supplies, security, underwater cleaning and consulting. The company has an in-depth knowledge of and established relationships within the Greek shipping community.

The agreement will smooth the pathway to Silverstream^® System uptake within Greece, with Franman able to act as a representative for Silverstream in the market and reach more potential end 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 ton (dwt) terms. 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 commercially important for Greek shipowners. Starting on the 1^st of 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 and to 100% for 2026 onwards.

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 can offer an immediate competitive cost advantage within the EU ETS framework.

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 the Franman team 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.”

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 to not only comply with but 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.”

As of November 2023, there are now 180 vessels contracted to have the Silverstream^® 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.