Algoma Orders Tankers in China

Thursday, September 13, 2007
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. This opportunity allows for further diversification of the Corporation within the global shipping industry.

The Corporation owns and manages four Canadian-flagged product tankers with delivery of an additional two tankers scheduled for the first half of 2008. The Corporation also owns a foreign-flag product tanker through a wholly-owned foreign subsidiary. It is expected this foreign-flag product tanker will also be operated and employed jointly with the Bernhard Schulte, Sloman Neptun, Intrepid Shipping and Algoma group commencing in late 2008.

In addition to product tankers the Corporation owns 19 Canadian flagged dry-bulk vessels that operate on the Great Lakes – St. Lawrence Waterway as part of a 35 vessel fleet that is managed by Seaway Marine Transport, a partnership with an unrelated party. The Corporation owns two ocean-going self-unloaders through a wholly-owned foreign subsidiary and an interest in five ocean-going self unloaders through a joint venture. These seven vessels are part of a 28 vessel, ocean-going, self-unloader commercial pool.

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.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Second Tanker Waits to Load Oil at Libya's Reopened Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

The World's Most Expensive Jones Act Tanker

The series highlighting the world's most expensive active vessels from online ship intelligence and information service VesselsValue.com focuses this week on the most expensive tanker vessel,

Coast Guard

Ecuador Coastguard Orders Damen Patrol Boats

Damen announced it has recently signed a contract with AstillerosNavalesEcuatorianos (Astinave) to construct two Damen Stan Patrols (Spa) 5009 for the Ecuadorian Coastguard.

MN 100: Brunswick Commercial and Government Products

420 Megan Z. Ave Edgewater, FL 32132 Telephone: 386 423 2934 E-mail: kelsey.nemeth@whaler.com Website: www.brunswickcgp.com CEO/President: Huw Bower Number

Revision Proposed for Fishing Vessel Cargo Regs

The U.S. Coast Guard (USCG) proposed revisions to its regulations for commercial fishing vessels carrying flammable or combustible liquid cargos in bulk. The

 
 
Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1229 sec (8 req/sec)