Algoma Central Corp News

Sixty-Nine prominent shipping industry executives have been elected as new members of ABS. In addition, Rear Admiral David L. Brewer III, Commander, Military Sealift Command, U.S. Navy, was appointed as a member. This brings the ABS worldwide membership to 803. The members, each eminent in their maritime field of endeavor, provide broad governance and oversight of ABS. Members are drawn from various sectors of the marine, offshore and related industries worldwide. M.A. Marcelo P. S.A. Ghazi A. Al-Ibrahim, President, Mideast Shipmanagement Ltd. Giovanni Barbaro, Owner, Pietro Barbaro S.p.A. S.p.A. Giuseppe Bottiglieri, Managing Director, Bottiglieri Di Navigazione, S.p.A. Jae Cheol Byun, President, JSM International Ltd. Dr. Mauro Fernando Orofino Campos, President, Petroleo Brasileiro S.A.

Algoma Central Corp., has struck a deal with China's Jiangxi Jiangzhou Union Shipbuilding Co. Ltd. to build three double-hulled oil product tankers. The tankers will cost $91m to build and will be delivered in late 2010 and early 2011. Algoma Central said the vessels will be operated and employed jointly with Bernhard Schulte, Sloman Neptun and Intrepid Shipping, who have ordered sister ships from the same Chinese shipyard. The new opportunity allows for further diversification of the company within the global shipping industry, Algoma said. Source: The Star

Algoma Central Corp., through a wholly-owned subsidiary, has entered into an agreement with the Jiangxi Jiangzhou Union Shipbuilding Co., Ltd. located in Jiangxi, China to construct three double-hulled, IMO II, petroleum product tankers. Deliveries of these three 16,500 DWT vessels are scheduled to commence in late 2010 with completion in early 2011 and they are expected to cost pproximately $91m in total. These vessels will be operated and employed jointly with Bernhard Schulte, Sloman Neptun and Intrepid Shipping who have ordered a series of sister ships from the same shipyard. Trading areas for the ships are expected to be focused in Europe, the Mediterranean and Asia. Corporation within the global shipping industry.

Algoma Central Corp. has exercised an option through its wholly-owned subsidiary Algoma Tankers Limited to purchase a second double-hulled petroleum product tanker from MedMarineGroup. The vessels are currently under construction in the Eregli Shipyard, Turkey. The vessels will operate in the Great Lakes- St. Lawrence Waterway and Atlantic regions. Delivery of the second ship is scheduled for April 2008 at an approximate cost, including an expected 25% import duty payment of $42 million.

During the annual Marine Club Dinner, Peter Cresswell, president and CEO of Algoma Central Corp., told 1,200 shipping and marine industry executives the future of the Great Lakes-St. Lawrence Waterway is in peril. "Deregulation in both the rail and trucking industries, and U.S. subsidies favoring the Mississippi marine route, have threatened the economic viability of this transportation wonder," Cresswell said. Excessive user fees, over-regulation and duplication were also cited by Cresswell as significant causes of the waterway's competitive frailty. According to Cresswell, regulators need to instead foster a competitive transportation environment where "rail competes with water and water can compete with rail.

During the annual Marine Club Dinner, Peter Cresswell, president and CEO of Algoma Central Corp., told 1,200 shipping and marine industry executives the future of the Great Lakes-St. Lawrence Waterway is in peril. "Deregulation in both the rail and trucking industries, and U.S. subsidies favoring the Mississippi marine route, have threatened the economic viability of this transportation wonder," Cresswell said. Excessive user fees, over-regulation and duplication were also cited by Cresswell as significant causes of the waterway's competitive frailty. According to Cresswell, regulators need to instead foster a competitive transportation environment where "rail competes with water and water can compete with rail.