Algoma Central Corporation continues to grow product tanker business with the acquisition of two additional vessels
January 18 2024 - 8:54AM
Business Wire
Algoma Central Corporation (“Algoma” or “the Company”) (TSX:
ALC), a leading provider of marine transportation services, today
announced that the Company 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 will initially be on bareboat charters back to the
sellers. Following completion of their bareboat charters later this
year, Algoma plans to begin trading one vessel in the Company’s
Canadian fleet and one in Europe.
About Algoma Central Corporation
Algoma Central Corporation is a global provider of marine
transportation that owns and operates dry and liquid bulk carriers,
serving markets throughout the Great Lakes St. Lawrence Seaway and
internationally. Algoma is aiming to reach a carbon emissions
reduction target of 40% by 2030 and net zero by 2050 across all
business units with fuel efficient vessels, innovative technology,
and alternate fuels. Algoma truly is Your Marine Carrier of
Choice™. Learn more at www.algonet.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240117981680/en/
Gregg A. Ruhl Algoma Central Corporation President &
CEO 905-687-7890
J. Wesley Newton Algoma Central Corporation EVP, Strategy
& Business Development 905-687-7836
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