Algoma Central Corporation Announces the Algoma Innovator is Headed for Canada
Feb 23, 2018
St. Catharines, Ontario (February 23, 2018) — Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that the recently completed Algoma Innovator, the first of two new Equinox Class 650’ self-unloading dry-bulk freighters has commenced its voyage from Croatia to Canada. The vessel departed the 3 Maj shipyard in Croatia on February 23, 2018 and is expected to arrive in mid-March carrying a cargo of bauxite.
The Algoma Innovator will be the sixth Equinox Class vessel added to the Company’s domestic fleet and will be joined by the Algoma Sault in operations this spring, bringing the total vessels in the Class to seven; comprising four gearless bulkers and three self-unloaders. Five additional vessels are under development contracts.
“With the addition of the new class-leading vessels to our domestic fleet, the 2018 navigation season is already turning out to be an exciting one” said Ken Bloch Soerensen, President and CEO of Algoma. “The Algoma Innovator will be a leader in the river-class segment and we look forward to being able to offer more flexibility to our customers.”
Algoma has another four ships under development at the 3 Maj Shipyard with a fifth ship under construction at Yangzijiang shipyard in China.
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 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