Sweden’s Furetank and Canada’s Algoma Central Corp have teamed up for a series of product tanker newbuildings.
A 50:50 joint venture, to be named FureBear, will build four dual-fuel vessels at China Merchants Jinling Shipyard in Yangzhou.
Delivery of the 17,999-dwt Vinga-class ships — comprising two orders already placed by Furetank and two additional orders — is expected between 2023 and 2025.
No price has been revealed.
The ice-class 1A vessels will be sisters to eight product tankers trading in the Gothia Tanker Alliance, a market platform for small and intermediate ships.
The newbuildings will also be entered into the Gothia platform, and operated by Gothenburg-based Furetank.
They will be able to run on LNG and liquid biogas, as well as gasoil.
“This investment will enable us to continue on our strategic path to diversify geographically and into niche short-sea markets,” said Algoma chief executive Gregg Ruhl.
The vessels, designed by Furetank in collaboration with FKAB Marine Design, will focus on sustainable shipping
They have a battery hybrid solution and features that reduce fuel and energy consumption, which will result in lower emissions of CO2, sulphur oxide, nitrogen oxide and hazardous particles, the companies said.
The ships are also fully equipped for shore power.
“These vessels will be top performers in the market by offering efficient cargo operations, all while reducing our environmental footprint,” said Furetank chief executive Lars Hoglund.
Last month, Furetank placed an order for ship number 11 of the Vinga design at the Chinese yard for delivery in July 2024.
The contract included options for an unspecified number of extra ships.
Ship number 10 was ordered in March by Sweden’s Erik Thun, and Furetank added number nine in January.
Algoma has stepped in as a partner on two of the Furetank vessels (numbers 9 and 11), as well as ordering two additional ships (numbers 12 and 13), TradeWinds understands.
Furetank owns four of the vessels already delivered and commercially operates all.
The other tankers are owned by partners in Gothia, which operates around 40 vessels in European waters.
“Furetank and Algoma share similar goals and values, and this was especially important to us as we developed this partnership,” Ruhl said.
“I look forward to working together on our shared vision for providing safe, efficient and environmentally and economically sustainable transportation of petroleum products to our customers.”
