Swedish shipowner Furetank and Canada’s Algoma Central Corporation are expanding their product tanker joint venture with two additional newbuilds, bringing the total investment to 10 vessels.
Like the previous four-plus-four vessel order, the 50/50-owned FureBear JV will build the 17,999 dwt duo at China Merchants Jinling Shipyard in Yangzhou for delivery in the second and third quarters of 2026. The first vessel in the series is set to deliver in the first quarter of 2024.
Designed in cooperation with FKAB Marine Design, the dual-fuel ice class 1A ships will run on LNG/LBG or gasoil. They will sport a battery-hybrid solution and be fully equipped for shore power. Upon completion, all 10 ships will enter the Gothia Tanker Alliance and be operated by Furetank out of Gothenburg, Sweden.
The partners said that several market trends have fueled their decision to extend the 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,” stated Lars Höglund, CEO of Furetank.
Growing demand for biofuels and renewable feedstocks in the European trade has been highlighted as another important factor backing the JV’s fleet expansion, with cargo owners “becoming more environmentally conscious” and seeking modern tonnage.
“The closer we get to the delivery of our first FureBear newbuild, the more confident we are that our JV with Furetank will yield superior long-term results. We see a need for more Vinga tankers to ensure that we can support customer demand into the coming years and even decades, and with a best-in-class environmentally friendly design that will stand the test of time, added Gregg Ruhl, president and CEO of Algoma.