Furetank and Algoma JV doubles up on product tanker newbuilds

Sweden-based Furetank and Canada’s Algoma Central Corporation are expanding their product tanker joint venture with four additional newbuilds, bringing the total investment to eight vessels.

Like the initial four-vessel order, the 50/50 owned FureBear JV will build the additional 17,999 dwt quartet at China Merchants Jinling Shipyard in Yangzhou. Two ships have already been ordered by Furetank in September and will be transferred to FureBear, and two are now placed as new orders with delivery expected in 2025. 

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

“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,” said Gregg Ruhl, president and CEO of Algoma.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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