Four European and Canadian shipowners have teamed up to order four new product tankers in China, extending the Furetank-developed Vinga series to 26 vessels. According to Splash 247, two of the 17,999 dwt newbuilds will be owned by FureBear, a 50/50 joint venture between Sweden's Furetank and Canada's Algoma Central Corporation. Another will be taken by Swedish owner Älvtank, while Norwegian company O.H. Meling is joining the Vinga programme for the first time.
Order Details and Construction
The quartet of newbuilds will be constructed at China Merchants Jinling Shipyard in Yangzhou, with delivery scheduled for 2028 and 2029. All four ships will be registered under the Swedish flag, enter the Gothia Tanker Alliance, and be managed by Furetank Chartering. TradeWinds notes that the vessels will be ice-class 1A, featuring dual-fuel capability to run on liquid biomethane (LBM), LNG, or gasoil. They are also equipped for shore power and designed with a battery-hybrid solution.
Market and Operational Insights
For O.H. Meling, the order is a strategic move to replace two existing intermediate tankers that are approaching the 20-year age threshold for trading in the European market, as reported by Marine Link. The Vinga vessels, already delivering strong performance, are seen as well-suited for the market due to their robust and efficient design. Christian Nilsson, CEO of Älvtank, expressed confidence in the vessels' future relevance, stating, "The need for vessels of this size will remain for many years to come, even as volumes of petrol and diesel decline. We are already seeing an increasing share of other liquid cargoes such as lighter chemicals and biofuels." Älvtank, a participant in the first VINGA order delivered in 2018, is already the owner of three VINGA vessels.
Series Development and Future Prospects
The VINGA series was developed by Furetank in collaboration with FKAB Marine Design. It has proven itself in the market over many years, remaining the most energy-efficient and environmentally friendly vessels in their class. Lars Höglund, CEO of Furetank, commented, "More than a decade after the first order, they remain the most energy-efficient and environmentally friendly vessels in their class internationally. As policy direction and customer needs continue to place greater value on environmental performance in transport, we believe the VINGA design remains well-positioned for the future." This series is expected to continue meeting the demands of the European intermediate tanker market, particularly as it transitions towards more sustainable fuel types.
What this means for operators
The continued demand for Vinga product tankers and the strategic investments by these shipowners underscore the market's ongoing need for robust and versatile vessels capable of handling a range of liquid cargoes. For operators, this order highlights the potential for long-term, stable investments in well-performing vessel classes. The Vinga series' dual-fuel capabilities and environmental benefits also offer a forward-looking strategy in an era of increasing focus on sustainable shipping practices.
