Greentech company Sulnox, has signed a four-year supply agreement with Greek ship manager Spring Marine Management, and long-standing customer of Sulnox’s products designed to deliver lower fuel costs and emissions with zero Capex.
The agreement covers the supply of Sulnox Eco for use across at least 34 vessels and approximately 600,000 litres of product over the contract term – an increase of around 70,000 litres of Sulnox per annum from current levels reflecting planned fleet expansion and larger vessels consuming more fuel.
In addition, Spring Marine will make a strategic investment of up to £1,100,000 in Sulnox. Spring Marine’s decision to invest in Sulnox alongside its supply commitment is seen as an endorsement of Sulnox and the Sulnox Eco product.
Spring Marine operates a fleet of tankers and bulk carriers and first introduced Sulnox Eco on a number of its vessels in 2023. Extensive operation using Coriolis mass flow meters, torque meters and engine performance monitoring systems has demonstrated consistent fuel savings averaging approximately 5%, together with reductions in specific fuel oil consumption (SFOC) and improved engine efficiency.
Spring Marine has also reported operational and maintenance benefits from the use of Sulnox Eco, including cleaner combustion components and injectors, reduced carbon build-up, minimal sludge generation and consistently cleaner exhaust emissions with no visible black smoke.
Sulnox expects the agreement to generate significant incremental revenue and further strengthen the company’s presence within the important Greek shipping market.
Capt George Chondronikolas, GM Spring Marine, said: “We have now been using Sulnox Eco for three years and have seen consistent and measurable benefits across our operations. The fuel savings are important, but we have also seen meaningful improvements in engine cleanliness, efficiency and emissions performance. Our decision to enter into a four-year supply agreement reflects our confidence in the product and the results it continues to deliver. By also committing to invest in Sulnox, we are pleased to strengthen our relationship further and participate in the Company’s growth as adoption of its technology expands across global industry.”
Ben Richardson, Sulnox CEO, added: “Spring Marine is another marquee customer embracing shipping’s inevitable decarbonisation agenda and using sophisticated vessel telemetry to demonstrate the effectiveness of Sulnox Eco. The results achieved across its fleet provide compelling real-world evidence of the fuel savings, emissions reductions and cleaner engine performance our technology can deliver. Deciding to become a Sulnox shareholder as well as a long-term customer represents a powerful further endorsement of our product and strategy. We are delighted to deepen our relationship with one of Greece’s most respected ship managers as it continues to grow and develop its fleet.”
Image: Spring Marine Management has committed to further use of Sulnox Eco and is investing in the company (source: Spring Marine)
