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Furetank and Algoma order four product tankers in new JV

Image: Furetank furetank_algoma.jpg
A new joint venture, FureBear, between Swedish tanker owner, Furetank, and Canada’s Algoma Central Corp has ordered four 17,999dwt dual-fuel ice-class products tankers at China Merchants Jinling Shipyard.

The four tankers, due for delivery between 2023 and 2025, will be operated by Furetank in the north European Gothia Tanker Alliance alongside eight existing sister vessels of the Vinga class. These tankers, designed by Furetank in collaboration with FKAB Marine Design, have demonstrated industry-leading performance in both energy efficiency and climate footprint, the companies said. 

The Vinga sisters will run on LNG/LBG or gasoil. They have a battery hybrid arrangement and are fully equipped to use power from shore when it is available. The ships have a range of other features that reduce fuel and energy consumption.

Gregg Ruhl, President and CEO of Algoma Central Corp, commented: “This investment will enable us to continue our strategic path to diversify geographically and into niche short sea markets. Short sea shipping is our core DNA here at Algoma and these specialised, environmentally conscious vessels will fit naturally into our expanding global fleet.”

The first deliveries, and possible the later ones too, are likely to deliver into a strong products tanker market. Russia’s invasion of Ukraine has upended many traditional clean tanker trades and driven a rapid increase in tonne-mile demand. As a result, clean tanker rates have escalated dramatically in recent weeks and analysts expect high refining margins to underpin this market segment for months to come.

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