Swedish operator Furetank and Canadian company Algoma Central Corporation have expanded the FureBear joint venture to include eight climate-friendly, dual-fuel product tankers to trade in Northern Europe.
The 50/50 owned joint venture is now extended with four additional 17,999 dwt tankers, bringing the total investment to eight vessels. Like the initial four vessel order, the additional four ships will be constructed at China Merchants Jinling Shipyard in Yangzhou, China. Two 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. This means that the FKAB-designed Vinga series will now total 17 vessels.
Lars Höglund, CEO Furetank, said: “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. I look forward to delivering on these benefits with our partner and working together to fulfil the need for modern and efficient tonnage in the markets we serve.”
Gregg Ruhl, President and CEO Algoma said: “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.”
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 also fully equipped for shore power. They are designed with a battery hybrid solution and several features that reduce fuel and energy consumption, resulting in significantly lower emissions of CO2, SOx, NOx and hazardous particles.
The ships have scored the best EEDI value in their segment globally, meaning that they are the most energy efficient vessels according to IMO. Upon completion, all eight vessels will be entered into the Gothia Tanker Alliance, and will be operated by Furetank out of Gothenburg, Sweden.