FureBear Acquires Tanker with Larsson Shipping

FureBear, a joint venture between Swedish shipping company Furetank and Canadian shipping company Algoma, together with U.K.-based Larsson Shipping, has taken over the ownership of Algoma’s product tanker Algonorth.

The 2008-built, 6,958 dwt double hull product oil tanker has arrived from Canada to trade in Northern Europe under the new name Fure Skagen.

Owned by FureBear and Larsson Shipping and flying the Faroe Island flag, Fure Skagen will be commercially managed by Furetank Chartering in the Gothia Tanker Alliance.

Furetank and Algoma formed the FureBear joint venture in 2022, ordering eight newbuild 17,999 DWT product tankers China Merchants Jinling Shipyard in Yangzhou, China, for operations in Northern Europe.

"We are strengthening our collaboration with Algoma, with a high standard vessel of its generation. The addition of Fure Skagen will improve the services we can offer our customers and give us a well-timed overlap while waiting for the new Vinga series vessels to arrive from the shipyard in China in the coming years," said Lars Höglund, CEO of Furetank.

"This is another example of how great partnerships lead to further collaborations that optimize organizational strength and enable us to deploy assets to the best and highest use for our customers. We look forward to having Fure Skagen joined by eight newbuilds, to be owned by FureBear, with the first vessel expected to be delivered later this year," said Gregg Ruhl, President and CEO of Algoma Central Corporation.

Furetank’s customers have previous experience with Fure Skagen, as Algoma acquired the vessel from Furetank’s Gothia Tanker Alliance partner Rederi AB Älvtank in 2018. The ship's 12 epoxy coated cargo tank capacity is 19,594 cubic meters, and its ice class and super strip system makes her well designed for Northern European trade.