Furetank and Algoma Double Joint Investment

Source: www.gulfoilandgas.com 11/10/2022, Location: Europe

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

The 50/50 owned joint venture was announced in August and 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 of them have already been 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 top-performing Vinga series will now total 17 vessels.

Modern and efficient tonnage
“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 fulfill the need for modern and efficient tonnage in the markets we serve”, 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.

Environmentally optimized design
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 innovative features that reduce fuel and energy consumption, resulting in extensively lower emissions of CO2, sulphur oxide, nitrogen oxide and hazardous particles.

The ships have scored the best Energy Efficiency Design Index or EEDI value in their segment globally, meaning that they are the most energy efficient vessels according to the International Maritime Organization (IMO).

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

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