Furetank and Algoma form sustainable product tankers joint venture

Sustainable energy

Sweden – A joint venture between Furetank and Algoma will build four environmentally friendly dual-fuel product tankers for trade in Northern Europe.

The joint venture, which will be called FureBear, will have 50% each owned by Canadian Algoma Central Corporation and Swedish Furetank AB.

The joint venture will expand Algoma’s presence in the global short sea shipping markets and strengthen the company’s investment in long-term sustainable shipping solutions, with Furetank as a leader in the Northern European intermediate ice-class product tanker segment.

Furetank, in conjunction with FKAB Marine Design and a number of onboard system suppliers, created the four dual-fuel ice class 1A 17,999 DWT product tankers with energy efficiency at the forefront of the design process. The FureBear ships will be the sisters of the eight vessels in the Vinga Series currently engaged in business with the Gothia Tanker Alliance. When it comes to energy efficiency and carbon footprint, they have established themselves as the top-performing tanker assets worldwide.

Dual fuel capability

The Vinga sisters can all run on LNG/LBG or gasoil and have dual fuel capability. As a result of their battery hybrid design and other cutting-edge features, they use less fuel and energy and emit significantly less CO2, sulphur oxide, nitrogen oxide, and hazardous particles. They also have complete shore power capabilities.

The vessels will be built at the Yangzhou, China-based China Merchants Jinling Shipyard, and delivery is anticipated to take place between 2023 and 2025. Once finished, all four ships will be operated by Furetank out of Gothenburg, Sweden, and joined the Gothia Tanker Alliance.