Norwegian ferry operator Fjord1 has quietly increased its tally of newbuildings at Turkey’s Tersan Shipyard.

The two latest ferries will be called Mokstrafjord and Horgefjord and will be able to carry 130 and 120 cars, respectively. Both are designed by naval ­architect Multi Maritime and are battery-driven plug-in ­hybrids with onshore charging. They will be equip­ped with diesel generators in case of problems with shore power.

Fjord1 already has two ­hybrid ferries in the works at Tersan that will be delivered in November to serve the ­Anda-Lote route. The two ­latest vessels are “a natural extension” of that project, chief technical officer Arild Austrheim tells TradeWinds. They were not heavily publicised because the company wanted to do everything “in the correct sequence”. It has no history of revealing the cost of its newbuildings.

The Mokstrafjord will also ­arrive at the end of November. Steel cutting for the Horgefjord took place last week and it will go into service from mid-2018. Both ferries will serve the ­Krokeide-Hufthamar route in Austevol, south of Bergen.

In terms of build quality, Austrheim said: “We’re very happy so far with what we’re seeing at the yard.”

The company also has three electric ferries on order locally at Havyard Ship Technology in Leirvik for delivery from May 2018.

Austrheim says talks are ongoing as to where it will build the five newbuildings stipulated in the latest ferry-­operating contract it has won for two routes in southwest Norway. These ships will also involve a high degree of hybridisation, he says.

Fjord1 is expected to be fully listed on the Oslo Merkur Market in June, as TradeWinds' website has reported. Shipowner Per Saevik has cut his stake in the company from 67% to 33%.

Some expect the stock to be a safe bet. “With a market value of around NOK 3bn [$356m] and an orders backlog of NOK 2bn backed by the state, Fjord1 will be a safe ­harbour if the market gets unsettled,” hedge-fund manager Morten Astrup of Storm Capital Management told business paper Finansavisen. 

He believes the stock will generate a yield of just under 10%.