Algoma expands to Europe for product carriers in joint venture with Furetank
Sweden’s Furetank and Canada’s Algoma Central Corporation are forming a new joint venture designed to expand the operation of climate-friendly tankers in northern Europe. The companies order four dual-fuel tankers to be operated by Furetank in the short sea shipping market.
The vessels will be built at the China Merchants Jinling shipyard in Yangzhou, China, with delivery expected between 2023 and 2025. The vessels will be 17,999 dwt tankers specially designed by Furetank in collaboration with FKAB Marine Design. In addition to having Ice Class 1A ratings, energy efficiency will be at the forefront of the planning process for new vessels.
“We are delighted to welcome Algoma on board and to combine the symbols of our companies to create the joint venture FureBear,” said Lars Höglund, CEO of Furetank. “These vessels will be the most efficient in the market by offering efficient cargo operations while reducing our environmental footprint.”
Furetank has built its Vinga class vessels as the next generation of environmentally friendly vessels. The vessel series was designed by Furetank and FKAB Marine Design in collaboration with Wärtsilä, with the aim of reducing fuel consumption as much as possible. The sister vessels are all bi-fuel capable and run on LNG/LBG or diesel. They are designed with a battery hybrid solution and several innovative features that reduce fuel and energy consumption, resulting in a considerable reduction in CO2, sulfur oxide, nitrogen oxide and particulate emissions. dangerous. They are also fully equipped for shore power. In July, the company announced that it had ordered the next ship in the class which would be number 11 in the company’s fleet of climate-friendly tankers.
The additional ships that will be built for the new JV FureBear will be brothers from the Vinga series currently marketed in the Gothia Tanker Alliance launched by Furetank. When they go live, they will be added to the pool.
“This investment will allow us to continue on our strategic path of geographic diversification and into niche short sea shipping markets,” said Gregg Ruhl, President and CEO of Algoma Central Corporation. “Short Sea Shipping is our fundamental DNA here at Algoma and these dedicated, environmentally conscious vessels will fit naturally into our growing global fleet.
Algoma currently owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Seaway. After introducing 10 new vessels to its national dry bulk fleet, two of which are under construction and expected to arrive in 2024, the company is focusing on self-unloading dry bulk carriers, gearless dry bulk carriers and cargo carriers. products. In addition to the joint venture with Furetank, they have a second 50% investment in NovaAlgoma, which owns and operates the world’s largest fleet of pneumatic cement carriers and a global fleet of mini-bulk carriers serving regional markets.