Algoma Central and Furetank to double their FureBear fleet

Delivery of the newbuilds is expected in 2025, taking the Vinga series to a total of 17 vessels.

St. Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) reports that it has doubled its investment in its FureBear 50/50 joint venture with Donsö, Sweden, based Furetank, which will be boosted by four additional dual-fuel ice class 1A 17,999 DWT climate-friendly Vinga series product tankers.

This will take the FureBear fleet to eight vessels trading in Northern Europe.

Like the initial four vessels ordered for FureBear, the additional ships will be constructed at the China Merchants Jinling Shipyard in Yangzhou, China, with delivery expected between 2023 and 2025. Two of the four vessels had previously been ordered by Furetank in September and will be transferred to FureBear, and the other two vessels have been placed as new orders bringing the total vessels in the Vinga series to 17. Upon completion, all eight FureBear vessels will be entered into the Gothia Tanker Alliance, and will be operated by Furetank out of Gothenburg, Sweden.

The Vinga ships have been designed by Furetank in collaboration with FKAB Marine Design with energy efficiency at the forefront of the planning process.

All have dual-fuel capability and can run on LNG/LBG or gasoil. Fully equipped for shore power. They feature a battery hybrid solution and several innovative features that reduce fuel and energy consumption, resulting in extensively lower emissions of CO2, sulfur oxide, nitrogen oxide and hazardous particles. The ships have scored the best Energy Efficiency Design Index or EEDI value in their segment globally.

“The expansion of our FureBear investment with Algoma is exciting news. This is yet another endorsement of the environmental benefits and innovative design of our Vinga series. I look forward to delivering on these benefits with our partner and working together to fulfill the need for modern and efficient tonnage in the markets we serve,” says Lars Höglund, CEO of Furetank.

“In our strategic plan, we set out to find sustainable areas to grow our business and deploy capital in the highest and best uses. This investment enables us to further diversify Algoma’s asset base and geographic trading zones in a segment we know well and with partners that share our values,” says Gregg Ruhl, president and CEO of Algoma.

On completion, all eight vessels will be entered into the Gothia Tanker Alliance, and will be operated by Furetank out of Gothenburg, Sweden.