World News
New Furetank Joint Venture Orders Four LNG-Fuelled Product Tankers
A new joint venture between Sweden's Furetank and the Algoma Central Corporation of Canada has ordered four refined products tankers capable of running on LNG.
The new joint venture, FureBear, will be owned in equal parts by the two companies, FureTank said in an emailed statement on Tuesday.
The joint venture has ordered four dual-fuelled ice-class 1A 17,999 DWT product tankers. The tankers are capable of running on LNG or green gas alternatives as well as marine gasoil, and will additionally have a battery power system.
The ships will be built at China Merchants Jinling Shipyard in Yangzhou for delivery between 2023 and 2025.
"We are pleased to welcome aboard Algoma and combine our companies' symbols to create the FureBear joint venture," Lars Höglund, CEO of Furetank, said in the statement.
"Furetank has deep roots in the shipping industry and a rich family history dating back to the 17th century, but our focus is aimed forward towards the goal of sustainable shipping.
"Together with Algoma's similar narrative, I look forward to our collaboration.
"These vessels will be top-performers in the market by offering efficient cargo operations all while reducing our environmental footprint."
LNG is currently by far the most popular alternative fuel choice. In January-July a total of 162 vessels capable of running on LNG were ordered, according to classification society DNV.
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| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
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| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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