Furetank and Algoma are entering into a joint venture agreement to construct four climate friendly dual-fuel product tankers to trade in Northern Europe.
Swedish Furetank AB and Canadian Algoma Central Corporation will own 50% each of the joint venture, which is to be named FureBear.
The joint venture, with Furetank as a leader in the Northern European intermediate ice-class product tanker segment, will advance Algoma’s presence in international short sea shipping markets and strengthen the company’s investment in long-term sustainable shipping solutions.
The four dual-fuel ice class 1A 17,999 DWT product tankers are 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. They have proven to be top-performing tanker assets globally when it comes to energy efficiency and climate footprint.
The Vinga sisters all have dual-fuel capability and run on LNG/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.