Silverstream Technologies signed a Memorandum of Understanding (MoU) with Chinese shipbuilder, Hudong-Zhonghua. This marks Silverstream’s first ever involvement with an LNG class new build. The MoU specifies that Hudong-Zhonghua will integrate Silverstream’s air lubrication system in its new liquified natural gas (LNG) carriers. The lubrication system, the Silverstream System, will provide better fuel and operational efficiencies, effectively lowering fuel costs and cutting emissions.
Hudong-Zhonghua is part of the China State Shipbuilding Corporation (CSSC), the second largest shipbuilder in the world. The agreement to incorporate the Silverstream System came after a year of intense collaborations between both Silverstream and Hudong-Zhonghua.
Silverstream’s CEO, Noah Silberschmidt commented, “It is a significant step for Silverstream as we expand into a new vessel class, and further grow our customer base in the important Asian market.”
“We are confident that these new vessels will set the benchmarks for vessel design and performance in the LNG sector,” said Danping Lou, Chief Technical Officer at Hudong-Zhonghua.
Overall, the relationship between the UK-based Silverstream and the China-based Hudong-Zhonghua was made possible by the UK’s Department for International Trade, which worked to bring both companies together.