Algoma Buys Two Product Tankers from Knutsen

Algoma Central Corporation announced it has acquired two 2009 built, 16,600 dwt product tankers from Norway’s Knutsen OAS Shipping.

“We identified an opportunity to secure high-quality ice-class product tankers suitable for trading in Canada and in Northern Europe. These additions will strengthen our capacity to deliver reliable service to our valued customers,” said Gregg Ruhl, President and CEO of Algoma.

The vessels are believed to be the Liv Knutsen an Eli Knitsen, built by China's Jiangan Shipyard Corp.

The vessels will initially be on bareboat charters back to the sellers. Following completion of their bareboat charters later this year, Algoma plans to begin trading one vessel in the company’s Canadian fleet and one in Europe.