Algoma Central Corporation Takes Delivery of the Algoma Sault
Feb 05, 2018
St. Catharines, Ontario (February 5, 2018) — Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that it has taken delivery of the Algoma Sault, the second seaway-max Equinox Class self-unloading bulk carrier from Yangzijiang Shipyard (the “Shipyard”) in China. The vessel departed the shipyard on February 3, 2018 and is expected to arrive in late March, resulting in the ship being available for service in the upcoming navigation season.
The Algoma Sault will be the seventh Equinox Class vessel to join Algoma’s Domestic Dry-Bulk fleet, which now includes four gearless bulkers and three self-unloaders. Five additional vessels are under development contracts.
“The addition of the Algoma Sault to our domestic fleet will further strengthen our position on the Great Lakes and we look forward to her arrival,” said Ken Bloch Soerensen, President and CEO of Algoma. “The Algoma Sault is the second Equinox Class 740-foot self-unloader to be delivered and she will join her sister ship, the Algoma Niagara, in operations this spring,” Mr. Soerensen added.
In addition to the two new 740-foot self-unloaders, the Algoma Conveyer, which the Company acquired in 2017 at auction from the failed Nantong Mingde shipyard, is undergoing refurbishment and final construction at the Shipyard, and is expected to be completed and delivered in early 2019.
Algoma’s Equinox Class vessels bring new technological advancement in fuel efficiency, reducing its environment 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 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 expanded 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.
Ken Bloch Soerensen
Peter D. Winkley, CPA, CA