Dwt Product News

The first vessel in a series of 10 newbuilds has been delivered to FureBear, a 50/50 joint venture between Sweden's Furetank and Canada's Algoma Central Corporation.Fure Vanguard is a dual-fuel ice class 1A 17,999 DWT product tanker built by China Merchants Jinling Shipyard in Yangzhou, China.The FureBear JV was formed in 2022 with an initial order for four ships. Later that year, the partners placed an order for four additional vessels, and in 2023 they ordered two more ships.

Furetank adds another two Vinga vessels to the order line. Upon delivery, Furetank’s fleet will consist entirely of environmentally proven, top standard vessels with an average age of two years, the company said."We did our homework. This development towards sustainability has been an amazing journey," said Furetank CEO Lars Höglund.The vessels are number 20 and 21 in the Vinga series of intermediate size product tankers and will be fully owned by Furetank Rederi AB. They will replace older tonnage.The Vinga series has been rapidly expanded in the last few years…

Algoma Central Corporation announced it has acquired two 2009 built, 16,600 dwt product tankers from Norway’s Knutsen OAS Shipping.“We identified an opportunity to secure high-quality ice-class product tankers suitable for trading in Canada and in Northern Europe. These additions will strengthen our capacity to deliver reliable service to our valued customers,” said Gregg Ruhl, President and CEO of Algoma.The vessels are believed to be the Liv Knutsen an Eli Knitsen, built by China's Jiangan Shipyard Corp.The vessels will initially be on bareboat charters back to the sellers.

Furetank and Algoma Central Corporation announced further expansion of their FureBear joint venture with orders for two additional vessels. 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 new order for Vinga series vessels grows the FureBear joint venture to a total of 10 intermediate product tankers under construction, with the first vessel slated for delivery in the first quarter of 2024.

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…

Canadian shipping company Algoma Central Corporation on Thursday announced it has acquired two 18,894 dwt product tankers. Built in 2007, the sister ships were purchased to prepare for the coming replacement of two older vessels in the company’s Algoma Product Tankers fleet.“The vessels are high quality additions to our Product Tanker fleet,” said Gregg Ruhl, President and CEO of Algoma, “and mark an important step in our on-going fleet renewal journey, which is expanding to include renewal within our tanker fleet.

Classification society Korean Register (KR) and Ulsan Port Authority (UPA) have signed an MOU to support methanol-fueled ships and establish the South Korean port as a low-carbon, eco-friendly energy hub.The agreement was made in response to the low-carbon energy transition underway in the shipping and port industries. Methanol is a clean burning marine fuel which produces 99% less sulfur oxides (SOx), 80% less nitrogen oxides (NOx) and 25% less greenhouse gases compared to conventional…

Pure play product tanker company Pyxis Tankers on Tuesday announced that it has agreed to sell the Northsea Alpha and Northsea Beta, two 2010 built 8,600 dwt product tankers for an aggregate sale price of $8.9 million.Completion of the vessel sales, which are subject to customary closing conditions, should occur between late January, 2022 and late February, 2022. After the repayment of the outstanding indebtedness securing these vessels and the payment of various transaction costs, the company expects to receive aggregate net cash proceeds of approximately $2.8 million, which would be used for working capital purposes. For the fiscal year ended December 31…

Chinese shipbuilder Dajin Heavy Industry said it has secured an order to build a 9,200 dwt product tanker for a unit of national oil company CNOOC.Dajin, a subsidiary of Shanghai Bestway Marine Engineering Design, said the newbuild is scheduled for delivery in 2022.

Greek pure play product tanker company announced that it has completed the sale of the Pyxis Delta, a 2006-built 46,616 dwt product tanker.The maritime transportation holding company said in a press note that the sale proceeds will be used to repay outstanding indebtedness secured by the vessel and for general corporate purposes.Valentios Valentis, our Chairman and CEO said: “This transaction furthers our operating strategy to focus on modern eco-MR tankers and reflects a more efficient allocation of capital resources to improve our financial condition. We are well-positioned to generate significant cash flows from an improving market…

The Greek marine transportation provider Pyxis Tankers Inc announced that it had agreed to sell the Pyxis Delta, a 2006 built 46,616 dwt product tanker.The emerging growth pure play product tanker company said that the closing of the sale should occur in January, 2020 and is subject to customary closing conditions.Valentios Valentis, our Chairman and CEO said: “The sale of our oldest, non-eco MR tanker reduces the average age of our fleet and provides us capital to repay debt, improve balance sheet liquidity and pursue growth opportunities, more cost-effectively."He added: "As we move into 2020, an exciting time for our sector, we look…

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust  has announced that wholly-owned subsidiaries of the Trust have executed Memorandum of Agreements to sell LR2 product tankers, FSL Piraeus and FSL Perth (“Disposal”), to an unaffiliated third party and has received an initial 10% deposit in escrow.Roger Woods, Chief Executive Officer of FSLTM, said, “The disposal of the two Product Tankers is part of our ongoing effort to refresh our fleet. Completion of the disposal is scheduled to take place before the end of January 2020, at which time, the net proceeds will be utilized forpartial repayment of the Trust’s outstanding bank debt.

Swedish shipping company Thun Tankers BV has placed an order for a 4,250 dwt product tanker at Dutch Ferus Smit shipyard.The ordered tanker will be delivered October 2020 and enter into a long term agreement with UK based Geos Group Ltd, said the coastal shipping company.The vessel will be built with “NAABSA” – Not Always Afloat But Safely Aground – design being able to call tidal restricted niche ports.Thun’s long experience of building resource efficient, high quality vessels has been used in the design process.Focus has been to maximize the vessel´s cargo intake and increase in-port performance; with the scope to allow further increased cargo lot sizes going into restricted niche ports.

Tsuneishi Shipbuilding Co, ship repair and manufacturing company in Japan, has delivered its first long-range-one (LRI) (77,000 DWT) Product/Chemical Tanker."This first ship was constructed at Tsuineishi Group (Zhoushan) Shipbuilding, Inc., the Group’s shipbuilding site in China," said a press statement.The new LRI Product/Chemical Tanker was built to address the rising global demand for petroleum and chemical products.It fulfills the requirements of MR Product/Chemical Tankers that are used mainly to transport such products, but features a significantly increased load capacity.The key feature of this LRI Product/Chemical Tanker is that…

Singapore-listed First Ship Lease Trust (FSL Trust)  announced that a wholly-owned subsidiary of the Trust has executed a Memorandum of Agreement to sell its MR product tanker FSL Hamburg to an unaffiliated third party and has received the initial 10% deposit in escrow.FSL Hamburg is South Korean-built 47,496 DWT product tanker built in 2005 which has recently been deployed under a Pool Agreement.Completion of the Disposal is scheduled to take place before end March 2019, at which time the net proceeds will be utilised for partial repayment of the Trust’s outstanding bank debt and the remainder, estimated around US$6.5 million, will be utilised for the instalment payments due in respect of the Newbuilding Acquisition announced on 13 December 2018.As of 31 December 2018, the FSL Hamburg was

A 17,000 dwt product tanker that ran aground in the St. Lawrence Seaway last week has been refloated and pulled free from the edge of the waterway.The Marshall Islands flagged Chem Norma was refloated Sunday after running aground near Morrisburg, Ontario last Tuesday. The St. Lawrence Seaway Management Corporation (SLSMC) said the ship is undergoing an inspection process to ensure that it is ready to resume its transit.The 145-meter Chem Norma, carrying refined petroleum products, went aground at 4:09 AM on Tuesday, May 29, due to an issue with its rudder. The vessel came to rest against the edge of a designated anchorage area and was not blocking any traffic. No injuries or pollution have been reported.Among the federal and provincial authorities involved in the response were The St.

Swedish shipping company Furetank Rederi AB, a part of the Gothia Tanker Alliance, has taken delivery of its latest vessel, Fure Vinga, the first in a series of six 17.999 DWT product tankers with LNG operation. "We welcome Fure Vinga to our alliance! We wish the ship and her crew fair winds and good fortune!," said Gothia Tanker Alliance in a Twitter message. The vessel has been transferred to Furetank following successful sea trials and started its trip from the shipyard of Avic Dingheng Shipbuilding in China, sailing to Europe. Featuring a length of 149.9 meters and a beam of 22.8 meters, the newbuilding was delivered by China’s shipbuilder Avic Dingheng Shipbuilding. The tanker will be commercially managed by Furetank Chartering in the Gothia Tanker Alliance.

Product tanker MT Barrett has been released and all crew are safe following a six-day piracy incident in the Gulf of Guinea, U.K. based Union Maritime has confirmed. Union Maritime said it lost communications with its 11,999-dwt product tanker while the vessel was at anchor off Benin, West Africa on the morning of January 10, after which the company immediately implemented its emergency response plan and alerted regional maritime authorities and other vessels. A resolution process began when the pirates holding the MT Barrett made contact with the Union Maritime late on January 12.

Philly Shipyard, Inc. (PSI) has delivered American Pride, the final vessel in a series of four 50,000 dwt product tanker newbuilds for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. The 600-foot product tanker has a 14.5 million gallon carrying capacity and is based on a design from Hyundai Mipo Dockyards (HMD) that incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements, the builder said. The vessel has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS). American Pride and its three sister ships were originally under contract with Philly Tankers…

Following an extensive test program in the presence of eight classification societies, the latest development in Winterthur Gas & Diesel’s Generation X low-speed diesel engine range, the X52, completed both its Factory Acceptance Test (FAT) and Type Approval Test (TAT). The newly certified engine is the five-cylinder version of the 52 cm bore X52 diesel from Winterthur Gas & Diesel (WinGD), and completion of the important TAT and FAT signals that the X52 is ready for commercial applications. Testing took place at the Shanghai engine works of WinGD licensee Hudong Heavy Machinery Co., Ltd.

Heat transfer, separation and fluid handling technology specialist, Alfa Laval, has expanded its Test & Training Center in Aalborg, Denmark with a new gas testing facility. At the same time it continues developing new technologies in the areas of ballast water treatment, sulfur oxide emission control, touchscreen boiler control, fuel efficiency automation for inert-gas systems and methanol booster systems. Alfa Laval, a global provider of specialized products and engineering solutions based on the key technologies of heat transfer…

The Alfa Laval Automatic Fuel Efficiency Module (AFEM) is a new modification for reducing the fuel consumption of Alfa Laval Smit Combustion inert gas systems. It does so by ensuring the inert gas that keeps cargo safe during offloading is only generated in the exact amounts required. In a two-year pilot project, the AFEM allowed Italian shipping company Navigazione Montanari S.p.A. to achieve an average fuel savings of 30 percent. Based in Fano on the Adriatic Sea, Navigazione Montanari owns and manages a fleet of 21 tankers.

Tanker shipping company d’Amico Tankers agreed with Hyundai Mipo Dockyard Co.Ltd. – South Korea to postpone the delivery of its first newbuilding LR1 (Long Range – 75,000 dwt)from April 2017 to October 2017. This agreement follows a specific request of an oil major and a key customer of the Company, which will take the vessel on a 18 month TC contract upon her delivery from Hyundai Vinashin Shipyard Co. Ltd. – Vietnam. At the same time, the estimated delivery dates of the remaining 5 LR1s under construction at Hyundai Vinashin Shipyard Co. Ltd. – Vietnam, have also been slightly delayed by approximately 2 months compared to the original schedule. Meanwhile,  M/T High Challenge, an ‘Eco’ new-building MR (Medium Range – 50,000 dwt) product tanker built by Hyundai Mipo Dockyard Co. Ltd.