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Algoma Tankers

The Corporation’s Product Tanker segment serves both domestic and international markets. This segment consists of seven product tankers employed in domestic Canadian flag service and presently one product tanker trading in international markets.

The domestic fleet’s primary function is to provide safe and reliable transportation services for liquid petroleum products throughout the Great Lakes, St. Lawrence Seaway and Atlantic Canada regions. Customers include major oil refiners, leading wholesale distributors and large consumers of petroleum products who demand the highest levels of quality and service.

The Corporation’s foreign flag product tanker, the Algoma Hansa is owned by a wholly owned foreign subsidiary. This vessel is a sister ship to the Algosea, which trades as part of the domestic fleet. In October 2008, the Algoma Hansa became the first vessel to join the new international product tanker venture, Hanseatic Tankers. In addition to the Algoma Hansa, the participants in this venture are building seventeen 16,500 dead weight tonne (DWT) and six 25,000 DWT product tankers in two yards in China. The Corporation is contributing three of the new 16,500 and two of the new 25,000 DWT tankers. In 2009, two of the new 16,500 DWT vessels joined the Hanseatic Tankers fleet coincident with their delivery by the shipyard to one of the fleet members. The remaining vessels will be delivered throughout 2010 and 2011 with the Corporation’s vessels expected to be delivered in 2011.

In January 2009, the second new product tanker AlgoCanada, arrived in Canada to join her sister ship, the new Algonova, which arrived in October 2008. These two vessels were built by the MedMarine Group of Eregli, Turkey. They are high quality 11,267 deadweight product tankers. They are capable of unlimited ocean voyages and meet all modern double hull, safety and environmental requirements for engine emissions and cargo handling. The vessels feature an ice class 1A hull design and specification for year round operations in Canada.

During 2009, the Corporation successfully bid to provide fuel delivery and vessel bunkering services within the Halifax Harbour commencing on August 1, 2009. In connection with this bid, the Corporation, through a wholly owned subsidiary, entered into a long-term bareboat charter arrangement with an unrelated party. This chartered vessel was re-named the Algoma Dartmouth and it commenced operations within the Halifax Harbour as planned. On February 2, 2010, the Corporation announced it had acquired ownership of the Algoma Dartmouth. This vessel was built in Turkey in 2007 and is a high specification, modern, double-hull IMO II oil and chemical tanker. Its overall length is 90.5 metres, breadth is 14.6 metres, it has a cargo capacity of 3,569 tonnes and a cubic capacity of 4,324.26 cu. metres. This vessel is an excellent addition to the domestic tanker fleet.



ALGOMA TANKERS

Algoma Tankers’ market is recognized for its stability and high-quality customer base.