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Algoma Tankers

Throughout 2007, the Corporation owned and operated four Canadian flag products tankers and one Danish flag product tanker. The Canadian fleet’s primary function is to provide transportation of liquid petroleum products throughout the Great Lakes – St. Lawrence Waterway and Atlantic Canada regions. Our customers, who demand a high level of quality, include major oil refiners, wholesale distributors and large consumers of clean and black petroleum products.

The Amalienborg is a sister ship to the Algosea and is currently trading under Danish flag in Europe and the Mediterranean. We expect this to continue into late 2008 after which the vessel is expected to be chartered to Hanseatic Tankers, the new international product tanker joint venture which is being formed in 2008.

With the addition of the Amalienborg in 2006, the Algosea and Algosar in 2005, the Algoscotia in 2004 and the removal from service of four older single hulled vessels since 2004, our current five vessel tanker fleet is the most modern fleet in our service area. Our fleet has a total deadweight capacity of 71,130 tonnes or 503,611 barrels.

The domestic technical and commercial operations are managed by our in-house staff located at 63 Church Street in St. Catharines, Ontario. This group is focused on customer service, quality performance and safety, security and environmental responsibilities. The success of any fleet of ships requires a focus on operational excellence. The Algoma Tanker ship managers have captured the essence of that focus in one, three part statement which is incorporated in the Algoma Tankers Mission Statement; “Don’t Hurt Anyone, Don’t Spill Anything, Don’t Hit Anything”. This sentiment is echoed by our customers who demand that their service providers operate at a very high level of operational excellence. Algoma Tankers consistently meet that requirement.

To further focus Algoma’s efforts on protection of the environment, Algoma Tankers is actively involved in an industry initiative entitled “Green Marine” which brings together seven associations from the Canadian and U.S. maritime industries, and is headed by a steering committee composed of the Chief Executive Officers of major marine companies active in the industry. This initiative’s objective is to implement a voluntary environmental program in the St. Lawrence and Great Lakes, with a view to demonstrating and communicating the maritime industry’s commitment to playing a leading role in environmental management. In addition to this environmental initiative Algoma Tankers is currently in the process of developing and implementing an ISO 14001 compliant Environmental Management System, building on its current foundation of a compliant International Safety Management (ISM) Code and ISO 9001 Quality Management Systems.



ALGOMA TANKERS

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