Furetank and Algoma Central Corporation have expanded the FureBear joint venture with two additional vessel orders, bringing the total newbuild order to ten intermediate product tankers to trade in Northern Europe.
The two companies continue to position FureBear and increase fleet capacity to expand into new markets and meet future demand for biofuels transportation.
The new order for Vinga series vessels grows the FureBear joint venture to a total of ten ships under construction, with the first vessel slated for delivery in the first quarter of 2024.
Several trends in the market have fueled the companies’ decision to extend their fast-growing joint venture.
“We see the upcoming phasing out of older tonnage in the market far exceeding the amount of newbuildings underway. Since we launched the Vinga series, no other vessels have been introduced that exceed their environmental performance. This encourages us to expand the series, improving our customer service, while continuously developing and refining the emission-saving technology on board”, says Lars Höglund, CEO of Furetank.
Another important factor supporting the rapid JV expansion is the growing demand for biofuels and renewable feedstocks in the European trade.
This type of demand benefits modern, intermediate size tankers designed for efficient cargo handling and tank preparation.
Customers are becoming more environmentally conscious and placing greater importance on reducing the climate footprint of their entire supply chain, including transportation.
With the first generation of Vinga vessel entering the market in 2018, Furetank has confirmed the design and technology is robust and efficient.
The vessels in service have been very well received in the market and have proven to function far beyond expectations.
The first ship has been operating for five years, the main engine running for 25,000 hours and not missing a single day in service because of technical issues.
The two ships will be constructed at China Merchants Jinling Shipyard in Yangzhou, China, with delivery expected in second and third quarters of 2026.
The two new orders bring the Vinga vessel series to a total of 19 ships. Construction on the first FureBear vessel is on schedule for its 2024 delivery.
All ten FureBear vessels will be entered into the Gothia Tanker Alliance and operated by Furetank out of Gothenburg, Sweden.
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