I assume (sorry Jeff) that your motors are synchronous motors. The current consumption of such a motor is directly proportional to torque delivered by the motor since the excitation is input via the slip-rings.
The cyclo-converter selects 'snippets' of the grid voltage and outputs them to the motor so that the motor voltage is proportional to speed and matches the EMF produced by the rotating externally excited rotor.
The snippets of the grid voltage that are delivered to the motor will be taken close to zero crossing of the grid sine-wave if the speed is low and progressively closer to the sine's peak as voltage demand (speed) grows when the motor is accelerating. This is what makes your PF bad at low speeds and better at higher speeds.
I wouldn't say that you are using more current than needed at low speeds. You do use the current needed to produce the torque needed by the propellers and that torque is never higher at low speeds than it is when running with full steam. And the power consumed by the cyclo converter/motor combination is not a lot higher than needed to move the ship. Actually, the cyclo converter is very efficient since there is just one set of thyristors between grid and motor and the switching losses are very low because the switching takes place at a low pace.
There is no reason to bother about a low power factor in the propulsion of a ship. At least not as long as it doesn't lead to increased current at low speeds. The reason is that you are using internal (to the ship) cables, bus-bars, transformers and switch-gear and needn't pay any extra for the low PF and you do not heat your equipment extra due to the low PF.
Instead, what you should worry about is the energy (equals oil consumed) consumption of the propulsion system. And that is quite low when you are running a synchronous motor from a cyclo converter.
It is true that you, perhaps, could reduce the current draw at low speeds and thereby reduce losses in the cables and transformers. But, since the current as such is already low at low speeds (affinity laws), the losses are also low (proportional to current squared).
You have a rather one-eyed view on this. As has been said several times in this thread, PF does not have anything (not much, anyhow) with efficiency to do. And as long as you are using a local and self-contained system and there's no penalty for the 'bad' PF, you really shouldn't worry.
Gunnar Englund
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100 % recycled posting: Electrons, ideas, finger-tips have been used over and over again...