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Furetank and Algoma launch product tanker JV

Furetank and Algoma are entering into a joint venture agreement to construct four dual-fuel product tankers to trade in northern Europe.

Swedish Furetank and Canadian Algoma Central Corporation will own 50% each of the joint venture, which is to be named FureBear.

The four dual-fuel ice class 1A 17,999 DWT product tankers will run on LNG/LBG or gasoil. They are designed with a battery hybrid solution and are also fully equipped for shore power. The vessels will be constructed at China Merchants Jinling Shipyard in Yangzhou, China, with delivery expected between 2023 and 2025. Upon completion, all four vessels will be entered into the Gothia Tanker Alliance and operated by Furetank out of Gothenburg. No price has been revealed for the newbuilds.

“This investment will enable us to continue on 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,” said Gregg Ruhl, president and CEO of Algoma Central Corporation.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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