Algoma Central Corporation and Furetank Double Investment in Product Tankers
November 10 2022 - 7:30AM
Business Wire
Algoma and Furetank expand FureBear joint venture to
construct four additional climate-friendly dual-fuel product
tankers to trade in Northern Europe
Algoma Central Corporation (TSX: ALC) today announced that it
has doubled its investment in the FureBear joint venture, and will
construct four additional dual-fuel ice class 1A 17,999 DWT
climate-friendly product tankers with their partner Furetank AB
(“Furetank”) of Sweden, bringing the total investment to eight
vessels. Algoma owns 50% of the joint venture.
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Algoma Central Corporation and Furetank
double investment in climate-friendly dual-fuel product tankers.
(Graphic: Business Wire)
“In our strategic plan, we set out to find sustainable areas to
grow our business and deploy capital in the highest and best uses,”
said Gregg Ruhl, President and CEO of Algoma. “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,” concluded Mr. Ruhl.
“The expansion of our FureBear investment with Algoma is
exciting news,” said Lars H�glund, CEO of Furetank. “This is yet
another endorsement of the environmental benefits and innovative
design of our Vinga Series. I look forward to delivering on these
benefits with our partner and working together to fulfill the need
for modern and efficient tonnage in the markets we serve,”
concluded Mr. H�glund.
Like the initial four vessel order, the additional ships will be
constructed at China Merchants Jinling Shipyard in Yangzhou, China,
with delivery expected between 2023 and 2025. Two of the four
vessels had previously been ordered by Furetank in September and
will be transferred to FureBear, and the other two vessels have
been placed as new orders bringing the total vessels in the Vinga
series to 17. Upon completion, all eight FureBear vessels will be
entered into the Gothia Tanker Alliance, and will be operated by
Furetank out of Gothenburg, Sweden.
The Vinga ships are designed with FKAB Marine Design and all
have dual-fuel capability and run on LNG/LBG or gasoil and are also
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).
About Algoma Central Corporation Algoma owns and operates
the largest fleet of dry and liquid bulk carriers operating on the
Great Lakes - St. Lawrence Seaway, including self-unloading
dry-bulk carriers, gearless dry-bulk carriers and product tankers.
Since 2010 we have introduced 10 new build vessels to our domestic
dry-bulk fleet, with two under construction and expected to arrive
in 2024, making us the youngest, most efficient and environmentally
sustainable fleet on the Great Lakes. Each new vessel reduces
carbon emissions on average by 40% versus the ship replaced. Algoma
also owns ocean self-unloading dry-bulk vessels operating in
international markets and a 50% interest in NovaAlgoma, which owns
and operates the world's largest fleet of pneumatic cement carriers
and a global fleet of mini-bulk vessels serving regional markets.
Algoma truly is Your Marine Carrier of Choice™. For more
information about Algoma, visit the Company's website at
www.algonet.com.
About Furetank Furetank, based on Dons� in the Gothenburg
archipelago, is a Swedish, family-owned shipping company active in
tanker shipping since the early 1950’s. Furetank operates nine
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. Furetank’s motto
is not a giant but a leader – continuously striving to adopt green
solutions for the environment and climate. For more information,
visit Furetank’s website at www.furetank.se.
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version on businesswire.com: https://www.businesswire.com/news/home/20221109006066/en/
Gregg A. Ruhl Algoma Central Corporation President &
CEO 905-687-7890
J. Wesley Newton Algoma Central Corporation E.V.P.
Strategy & Business Development 905-687-7836
Lars H�glund Furetank AB CEO 46 (0) 705 74 96 41
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