Algoma Central Corporation and Furetank Co-Order Two Additional Newbuilds
14 9월 2023 - 8:00PM
Business Wire
Algoma Central Corporation (“Algoma”) (TSX: ALC), today
announced it has expanded its investment in the FureBear joint
venture with two additional vessel orders, bringing the total
newbuild order to ten intermediate product tankers to trade in
Northern Europe with their partner Furetank AB (“Furetank”) of
Sweden. The two companies continue to position FureBear to increase
fleet capacity to expand into new markets and meet future demand
for biofuels transportation.
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Algoma and Furetank co-order two
additional newbuilds (Photo: Business Wire)
The new order for Vinga series vessels grows the FureBear joint
venture (”JV”) 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.
“We see the upcoming phasing out of older tonnage in the market
far exceeding the amount of newbuildings underway. Since we
launched the Vinga series, no other vessels have been introduced
that exceed their environmental performance. This encourages us to
expand the series, improving our customer service, while
continuously developing and refining the emission-saving technology
on board,” says Lars H�glund, CEO of Furetank.
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 closer we get to the delivery of our first FureBear
newbuild, the more confident we are that our JV with Furetank will
yield superior long-term results. We see a need for more Vinga
tankers to ensure that we can support customer demand into the
coming years and even decades, and with a best-in-class
environmentally friendly design that will stand the test of time,”
says Gregg Ruhl, President and CEO of Algoma Central
Corporation.
With the first generation of Vinga vessels entering the market
in 2018, Furetank has confirmed the design and technology is robust
and efficient.
“The vessels in service have been very well received in our
market and have proven to function far beyond our expectations. The
first ship has been operating for five years, the main engine
running for 25,000 hours and not missing a single day in service
because of technical issues. With that in mind, it is amazing to
have found a business partner like Algoma who wants to join forces,
place the investments, and continue this journey with us,” says
Lars H�glund.
“Our aspiration is to grow FureBear only as large as it needs to
be to meet the market demand of our customers. This is not an asset
play; it is a customer service play, which has always been at the
heart of what we do at Algoma and now with our partners,” concludes
Mr. Ruhl.
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.
About the Vinga vessel series
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).
About Algoma Central Corporation
Algoma Central Corporation is a global provider of marine
transportation that owns and operates dry and liquid bulk carriers,
serving markets throughout the Great Lakes St. Lawrence Seaway and
internationally. Algoma is aiming to reach a carbon emissions
reduction target of 40% by 2030 and net zero by 2050 across all
business units with fuel efficient vessels, innovative technology,
and alternate fuels. Algoma truly is Your Marine Carrier of
Choice™. Learn more at algonet.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230914109807/en/
Media Gregg A. Ruhl Algoma Central Corporation
President & CEO 905-687-7890
Peter D. Winkley, CPA, CA Algoma Central Corporation EVP
& Chief Financial Officer 905-687-7897
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