Algoma Central Corporation Named One of Canada's Best Managed Companies
Mar 04, 2013
Algoma Central Corporation (“Algoma”) is proud to be named as one of Canada’s Best Managed Companies for 2012. The winners were announced today by co-sponsors The National Post, Canadian Imperial Bank of Commerce, Queen’s School of Business, and Deloitte LLP.
Canada’s Best Managed Companies, the country’s leading business awards program recognizing excellence in Canadian-owned and –managed companies with revenues over $10 million, was established in 1993. Every year the program announces 50 winners from the hundreds of companies that compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices.
“We are extremely pleased to be selected by the judges as one of Canada’s Best Managed Companies” said Greg Wight, Algoma President and CEO. “Following a game-changing 2011, Algoma’s shore-side and shipboard personnel came together with One Vision, One Purpose and as One Team to drive the Corporation forward to further success in 2012. I am proud of the hard work and dedication of each and every one of our over 2,000 employees. Without them, this award would not have been possible.”
Algoma’s fleet of 33 dry-bulk and product tanker vessels is the largest Canadian-owned and –flagged fleet operating on the Great Lakes and St. Lawrence Waterway. The Corporation’s strategic vision is delivering continual growth in shareholder value while operating in a sustainable manner and always being governed by its core value and is the guidepost by which it is managed.
Achieving sustainability means managing with a long-term perspective on the impact of day-to-day operating decisions and on long-term investment decisions. For instance, Algoma is currently investing $300 million in six new state-of-the-art Equinox Class dry-bulk vessels that bring an expected 45% reduction in emissions per tonne-kilometre. as a result of more efficient engines, a hull form that produces less resistance through the water and the significant increase in carrying capacity. In addition, the installation of exhaust gas scrubbers will remove 97% of sulphur oxide emissions generated by the main engines and auxiliary generators. The Equinox Class, when delivered, will fully meet our stated objective of improving the efficiency of our fleet while at the same time reducing our environmental footprint. The first ship in the Class, fittingly named the Algoma Equinox, was launched at the shipyard in China on December 24, 2012 and is expected to be in service in Canada in mid-2013.
About Algoma Central Corporation
Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 19 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets. Algoma owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.
- 30 -
This press release may include forward-looking information within the meaning of applicable securities laws including information concerning the business and future results of Algoma. Forward-looking statements in this press release include statements about the purchase of vessels by Algoma. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release and are based on current expectations. Algoma undertakes no obligation to update forward-looking information, other than as required by law, or to comment on analyses, expectations or statements made by third-parties in respect of Algoma, its financial or operating results or its securities. Algoma cautions that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future results could be affected by a number of factors, many of which are beyond Algoma’s control, including economic circumstances, technological changes, weather conditions and the material risks and uncertainties identified by Algoma and discussed on pages 13 to 17 of Algoma’s Annual Information Form for the year ended December 31, 2011, which is available on SEDAR at www.sedar.com.