Algoma Central Corporation (TSX: ALC) announced today that it has doubled its investment in the FureBear joint venture and will build four more climate-friendly Class 1A 17,999 DWT dual-fuel tank trucks with partner Furetank AB ( “Furetank”) from Sweden, bringing the total investment to eight vessels. Algoma owns 50% of the joint venture.
“In our strategic plan, we have worked to find sustainable areas to grow our business and deploy capital to the highest and best uses,” said Gregg Ruhl, President and CEO of Algoma. “This investment allows us to further diversify Algoma’s asset base and geographic catchment areas in a segment we know well and with partners who share our values,” concluded Mr. Ruhl.
“The expansion of our investment in FureBear with Algoma is great news,” said Lars Höglund, CEO of Furetank. “This is further recognition of the environmental benefits and innovative design of our Vinga series. I look forward to realizing these benefits with our partner and working together to meet the need for modern and efficient tonnage in the markets we serve,” concluded Mr. Höglund.
Like the initial order of four vessels, the additional vessels will be built at the China Merchants Jinling shipyard in Yangzhou, China, with delivery expected between 2023 and 2025. Two of the four vessels had already been ordered by Furetank in September and will be transferred to FureBear, and the other two ships were placed as new orders bringing the total number of Vinga series ships to 17. When completed, all eight FureBear ships will be integrated into the Gothia Tanker Alliance and will be operated by Furetank from from Gothenburg, Sweden. .
Vinga vessels are designed with FKAB Marine Design and all are dual fuel capable and run on LNG/LBG or diesel and are also fully equipped for shore power. They are designed with a battery hybrid solution and several innovative features that reduce fuel and energy consumption, resulting in a considerable reduction in CO2, sulfur oxide, nitrogen oxide and particulate emissions. dangerous. The ships have achieved the best energy efficiency design index or EEDI value in their segment globally, which means they are the most energy efficient ships according to the International Maritime Organization (IMO).
Source: Algoma Central Corporation