Furetank, Algoma expand investment to eight dual-fuel product tankers

Swedish Furetank and Canadian Algoma Central Corporation are expanding the FureBear joint venture to include eight dual-fuel product tankers to trade in Northern Europe.

The 50/50 owned joint venture was announced in August with an order for four dual-fuel tankers and is now extended with four additional 17,999 dwt units.

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Like the initial four-vessel order, the additional four ships will be constructed at China Merchants Jinling Shipyard in Yangzhou, China. Two of them were ordered by Furetank in September and will be transferred to FureBear, and two are now placed as new orders with delivery expected in 2025.

The latest order brings the Vinga series to a total of 17 vessels.

“The expansion of our FureBear investment with Algoma is exciting news. This is yet another endorsement of the environmental benefits and innovative design of our Vinga series,” says Lars Höglund, CEO of Furetank.

“In our strategic plan, we set out to find sustainable areas to grow our business and deploy capital in the highest and best uses. This investment enables us to further diversify Algoma’s asset base and geographic trading zones in a segment we know well and with partners that share our values”, says Gregg Ruhl, President and CEO of Algoma.

The ice class 1A Vinga ships are designed in cooperation with FKAB Marine Design. They all have dual-fuel capability and run on LNG/LBG or gasoil and are fully equipped for shore power. They are designed with a battery hybrid solution and several innovative features that reduce fuel and energy consumption.

Upon completion, all eight vessels will be entered into the Gothia Tanker Alliance, and will be operated by Furetank out of Gothenburg, Sweden.