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| • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • OCEAN SHIPPING The Corporation’s interest in ocean shipping consists of 100% ownership of two ocean-going self-unloading vessels through its wholly-owned subsidiary and a 50% ownership of five ocean-going self-unloading vessels, through its 50% ownership of Marbulk Canada Inc. (MCI). These seven vessels are combined with the ocean-going self-unloading vessels of CSL International Inc., the other 50% owner of MCI, Oldendorff Carriers, a German shipowner based in Lübeck, Germany and the Torvald Klaveness Group, a Norwegian shipowner based in Oslo, Norway to form the CSL International commercial arrangement (CSLI). CSLI has experienced very strong demand for its vessels for the last few years. The three major commodities which are served by the pool, gypsum for wallboard, crushed aggregates for construction and coal for power generation continue to see strong demand. As a result of continued strong demand, the number of vessels in the combined fleet grew from 26 in 2006 to 29 in 2007. Vessel management and maintenance of the Honourable Henry Jackman, Bahama Spirit and the Marbulk vessels is outsourced to Bernhard Schulte Shipmanagement (Bermuda) Limited Partnership and V-Ships, two of the world’s leading ship management companies. However, the technical departments of the two principals of Marbulk, the Corporation and CSL Group Inc. have oversight responsibilities for the fleet. There continues to be a strong focus on improving productivity and operational excellence including safety, security and environmental protection. |
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OCEAN SHIPPING
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| OCEAN FLEET ALGOMA SHIPPING INC Self-Unloaders BAHAMA SPIRIT HONOURABLE HENRY JACKMAN MARBULK CANADA INC Self-Unloaders AMBASSADOR EASTERN POWER NELVANA PIONEER WESER STAHL |
