Algoma Central Corporation Announces Acquisition of Two Product Tankers
December 22 2022 - 9:00AM
Business Wire
The investment strengthens Algoma’s commitment to long-term
sustainable shipping solutions
Algoma Central Corporation (“Algoma” or “the Company”) (TSX:
ALC), today announced that it has acquired two 18,894 dwt product
tankers to join the Algoma Product Tankers fleet. Built in 2007,
the sister ships were purchased to prepare for the coming
replacement of two older vessels in the Company’s Product Tanker
fleet. Both vessels are well suited to the Company’s domestic
tanker trades.
“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. It is
important that we acquire the right ships, at the right time to
ensure they fit our market and our commitment to deliver safe and
sustainable transportation solutions to our customers for the
long-term,” concluded Mr. Ruhl.
The Algotitan, previously named the Chantaco, will operate on
the Great Lakes, St. Lawrence Seaway and will be a strong addition
to the fleet when the vessel begins domestic operations, expected
in early 2023. The Algoberta, previously named the Chiberta, will
begin her career with Algoma operating in Northwestern Europe and
commercially managed by our partner Furetank AB of Sweden. The
vessel will trade in Europe until the Company is ready to bring her
into Canadian trade, expected later in 2023. The Algoberta’s name
is a nod to Algoma’s largest customer in the segment which calls
Calgary, Alberta home.
In the third quarter of 2022, Algoma acquired a 2010 built
Norwegian vessel named the Birgit Knutsen, which is a sister ship
to the Algoterra. The vessel currently operates internationally
under bareboat charter and has already proven to be a strong
addition to the Product Tanker segment.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid
bulk carriers operating on the Great Lakes - St. Lawrence Seaway,
including self-unloading dry-bulk carriers, gearless dry-bulk
carriers and product tankers. Since 2010 we have introduced 10 new
build vessels to our domestic dry-bulk fleet, with two under
construction and expected to arrive in 2024, making us the
youngest, most efficient and environmentally sustainable fleet on
the Great Lakes. Each new vessel reduces carbon emissions on
average by 40% versus the ship replaced. Algoma also owns ocean
self-unloading dry-bulk vessels operating in international markets
and a 50% interest in NovaAlgoma, which owns and operates the
world's largest fleet of pneumatic cement carriers and a global
fleet of mini-bulk vessels serving regional markets. Algoma truly
is Your Marine Carrier of Choice™. For more information about
Algoma, visit the Company's website at www.algonet.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221222005275/en/
Gregg A. Ruhl Algoma Central Corporation President &
CEO 905-687-7890
Peter D. Winkley, CPA, CA Algoma Central Corporation EVP
& Chief Financial Officer 905-687-7897
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