Furetank and Algoma Central Corporation expand the FureBear joint venture with two additional vessel orders, bringing the total newbuild order to ten intermediate product tankers to trade in Northern Europe. The two companies continue to position FureBear and increase fleet capacity to expand into new markets and meet future demand for biofuels transportation, according to the company's release.
The new order for Vinga series vessels grows the FureBear joint venture to a total of ten ships under construction, with the first vessel slated for delivery in the first quarter of 2024. Several trends in the market have fueled the companies’ decision to extend their fast-growing joint venture.
Another important factor supporting the rapid JV expansion is the growing demand for biofuels and renewable feedstocks in the European trade. This type of demand benefits modern, intermediate size tankers designed for efficient cargo handling and tank preparation. Customers are becoming more environmentally conscious and placing greater importance on reducing the climate footprint of their entire supply chain, including transportation.
The two ships will be constructed at China Merchants Jinling Shipyard in Yangzhou, China, with delivery expected in second and third quarters of 2026. The two new orders bring the Vinga vessel series to a total of 19 ships. Construction on the first FureBear vessel is on schedule for its 2024 delivery. All ten FureBear vessels will be entered into the Gothia Tanker Alliance and operated by Furetank out of Gothenburg, Sweden.
The Vinga ships are ice class 1A 17,999 DWT product tankers designed by Furetank together with FKAB Marine Design. They all have dual-fuel capability, run on LNG/LBG or gasoil and are fully equipped for shore power. 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. The ships have scored the best Energy Efficiency Design Index or EEDI value in their segment globally, meaning that they are the most energy efficient vessels according to the International Maritime Organization (IMO).
Furetank, based on Donsö in the Gothenburg archipelago, is a Swedish, family-owned shipping company active in tanker shipping since the early 1950’s. Furetank operates 9 owned vessels and is a founding member of the Gothia Tanker Alliance: a market platform for small and intermediate product tankers, operating 40 vessels in European waters.