Sweden’s Furetank AB and Canada’s Algoma Central Corporation enter into a joint venture agreement to build four dual-fuel tankers for trade in Northern Europe.
Each company will own 50% of the joint venture, which will be named Fure Bear.
The ships will be built at China Merchants Jinling Shipyard in YangzhouChina, with delivery expected between 2023 and 2025. Once completed, the four vessels will be integrated into the Gothia Tanker Alliance and operated by Furetank from Gothenburg, Sweden.
The fourth dual-fuel ice class The 1A 17 999 DWT product tanks are specially designed by Furetank in collaboration with FKAB Marine Design and several on-board system suppliers.
The FureBear ships will be the brothers of the Vinga Series of eight vessels currently operating in the Gothia Tanker Alliance. The Vinga sisters all have dual-fuel capability and run on LNG/LBG or diesel.
They are designed with a battery hybrid solution and several features for the reduction of fuel and energy consumption, which leads to a reduction in CO2, sulfur oxide, nitrogen oxide and particulate emissions. dangerous. They are also fully equipped for shore power.
Algoma said that building on Furetank’s experience in the Northern European mid-ice class tanker segment, the joint venture would help advance Algoma’s presence in international short sea shipping markets.
“This investment will allow us to continue on our strategic path of geographical diversification and in short distance niche markets. Shortsea shipping is our core DNA here at Algoma and these specialized, environmentally conscious vessels will fit naturally into our growing global fleet,” said Gregg Ruhl, President and CEO of Algoma Central Corporation.
“Furetank has deep roots in the shipping industry and a rich family history dating back to the 17th century, but our aim is to pursue the goal of sustainable shipping. With Algoma’s similar story, I look forward to our collaboration. These vessels will be the most efficient on the market by offering efficient cargo operations while reducing our environmental footprint,” said Lars Höglund, CEO of Furetank.
The move comes following Furetank’s latest order for a dual-fuel tanker, which brought its total to 11 Vinga series vessels.
China Merchants Jinling Shipyard has been contracted for the job, with delivery scheduled for July 2024.
Furetank said the deal with the shipyard also includes an option for other vessels.