Algoma Buys Tanker form MedMarine Group

Tuesday, July 31, 2007

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.

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