In Canada, Algoma Central Corporation 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 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.
The new order for Vinga series vessels grows the FureBear joint venture 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.
