Algoma Central Corporation Announces Delivery of the Algoma Innovator
Dec 15, 2017
St. Catharines, Ontario (December 15, 2017) — Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that it has taken ownership of the Algoma Innovator from the Uljanik d.d. shipyard in Croatia.
The vessel is part of the Company’s Equinox 650’ class of self-unloading dry-bulk lake freighters and is the first new forward mounted boom ship to be built in 45 years. The vessel has been engineered to be a leader in the river class business; it’s forward mounted boom will permit cargo to be delivered into niche spaces allowing greater access and flexibility to customers.
The winter season in the North Atlantic does not provide safe conditions for a transit voyage by a lake freighter; consequently, the vessel is scheduled to depart Croatia mid February, 2018 to be ready for the opening of the St. Lawrence Seaway in late March. In addition, it is expected to come home with a cargo on board.
“Although we have taken delivery, we need to ensure conditions are optimal for the crew to sail home safely”, said Ken Bloch Soerensen, President and CEO of Algoma. “We look forward to having the Algoma Innovator join our fleet for the 2018 season. The flexibility and efficiency of this vessel will advance Algoma further in the marine industry allowing us to continually meet the needs of our customers”, Mr. Soerensen added.
Algoma’s Equinox Class vessels bring new technological advancements in fuel efficiency, reducing its environmental footprint and its forward-thinking design has made Algoma a frontrunner in the marine industry. The Company’s dedication to fleet renewal coupled with its commitment to customer satisfaction has empowered it to grow both domestically and abroad.
About Algoma Central
Algoma Central Corporation is a publicly traded company which operates the largest Canadian flag fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets. Algoma has begun an expansion into international short-sea markets through it 50% interests in NovaAlgoma Cement Carriers and NovaAlgoma Short-Sea Carriers. Algoma Central trades on the Toronto Stock Exchange under the symbol “ALC”. For more information, please visit www.algonet.com.
For further information please contact:
Ken Bloch Soerensen
Peter D. Winkley, CPA, CA