Swedish Furetank and Canadian Algoma Central Corporation will each own a 50% share in joint venture (JV) company FureBear to build four dual-fuel product tankers.
The four Dual-fuel LNG ice class 1A 17,999dwt tankers will trade in Northern Europe. They have been specially designed by Furetank in collaboration with FKAB Marine Design and several onboard system suppliers, with energy efficiency at the forefront of the planning process.
The FureBear vessels will be sisters to the Vinga Series of eight vessels currently trading in the Gothia Tanker Alliance. The Vinga sisters all have dual-fuel capability and run on /LBG or gasoil. 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. They are also fully equipped for shore power.
The vessels will be constructed at China Merchants Jinling Shipyard in Yangzhou, China, with delivery expected between 2023 and 2025. Upon completion, all four vessels will be entered into the Gothia Tanker Alliance and operated by Furetank out of Gothenburg, Sweden.
The joint venture will advance Algoma’s presence in international short sea shipping markets and strengthen the company’s investment in long-term sustainable shipping solutions. “This investment will enable us to continue on our strategic path to diversify geographically and into niche short sea markets. Short sea shipping is our core DNA here at Algoma and these specialized, environmentally conscious vessels will fit naturally into our expanding global fleet,” said Gregg Ruhl, President and CEO of Algoma Central Corporation.
