Greg Wight News

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite approvals of its exhaust gas scrubbing systems installed on its Equinox Class of vessels. The scrubber units, manufactured by Wärtsilä are designed to remove 97% of sulphur oxide emissions generated by vessel engines. The scrubber concept works with fresh water recirculating in a closed-loop system. Sulphur oxides are washed out of the exhaust then neutralized. Contaminants are disposed of at reception facilities in port. All vessel emissions meet exacting IMO, US EPA and Canadian regulatory standards.

Algoma Central Corporation announces the arrival in Canada and the christening of its second Equinox Class bulk cargo vessel, the 'Algoma Harvester'. The christening took place at Pier 26 South in Hamilton Harbour before an audience that included local dignitaries and members of the marine industry. Mrs. Kathy Baske, wife of Jim Baske, the President and CEO of ArcelorMittal Dofasco imparted the traditional blessing. As is customary for these ceremonies, a bottle of champagne was broken against the bow of the ship, a banner revealing the ship's name was unveiled, and Father David Mulholland of the Mission to Seafarers offered prayers and other words of inspiration to the Canadian crew of the ship. Alogma explains that the  Equinox-Class represents the next generation of Great Lakes - St.

The St. Lawrence Seaway Management Corporation (SLSMC) marked the opening of the Seaway’s 56th navigation season today, with the transit of Algoma Central Corporation’s newly built ship, the Algoma Equinox, through Lock 3 of the Welland Canal. The vessel is the first of eight Equinox-class ships that are being purpose-built for trade in the St. Lawrence Seaway. “Algoma Central Corporation’s fleet renewal is a leading example of the unprecedented level of investment that is happening throughout our navigation system,” said Terence Bowles, President and CEO of the SLSMC.

Algoma Central Corporation announced earlier this week that it has received payments totaling $41.7 million from two Chinese banks on refund guarantees related to the cancellation of three ocean tanker shipbuilding contracts which occurred in 2010. In 2007, Algoma, through its wholly owned subsidiary, entered into contracts to build three 16,500 - deadweight ton product tankers in China. Each contract contained provisions that permitted cancellation under certain conditions. These conditions were met in 2010 and Algoma accordingly issued notices of rescission to the shipyard seeking to cancel the contracts and demanding reimbursement of the installments that had been advanced.

Algoma Central Corporation's 'Algoma Equinox', the first in a series of eight Equinox-class ships, has set sail from the Nantong Mingde Heavy Industries shipyard in Nantong, China bound for Canada. The series consists of four gearless bulk carriers and four self-unloading bulk carriers. Algoma will own six of the series, consisting of two gearless bulkers and four self-unloading vessels. CWB Inc., formerly the Canadian Wheat Board, will own the other two gearless bulkers, which will be operated and managed by Algoma.

Algoma Central Corporation (Algoma) wins in its dispute with a Chinese shipyard at a London, UK, Arbitration Tribunal. The tribunal heard the shipbuilding contract dispute involving Algoma Tankers International Inc., a wholly owned subsidiary of Algoma Central Corporation, and found in its favour. In 2007 the Corporation, through its wholly owned subsidiary, entered into contracts to build three 16,500 - deadweight ton product tankers in China. Each contract contained provisions that permitted cancellation under certain conditions. These conditions were met in 2010 and Algoma accordingly issued notices of rescission to the shipyard seeking to cancel the contracts, and demanding reimbursement of the instalments that had been advanced.

Algoma Central Corporation's 'M/V Algobay' renamed  'Radcliffe R. Latimer' in a rededication ceremony in Port Colborne. The self-unloading bulk carrier, which transports commodities such as grain, coal, iron ore and gypsum to ports around the Great Lakes, St. Lawrence Seaway and Atlantic Canada will now be called the M/V Radcliffe R. Latimer. Mr. Latimer, who recently retired from the Algoma Central Corporation board of directors, has an association with the company spanning 46 years and acted as its chairman between 2003-2010. Mr.

The annual Marine Money Rankings, which are designed to measure companies' ability to improve operating efficiency and to create shareholder value, are based on an average of measures including total return to shareholders, return on equity, return on assets, total asset turnover, and price to book ratio. Marine Money Magazine has produced this annual ranking of public marine shipping companies since 1991 and Algoma was placed 32nd on the list in 2010. "Algoma had an outstanding and game-changing year in 2011" says Greg Wight, President and CEO, of Algoma Central Corporation.

Algoma Central Corporation expects to invest close to $400m in Great Lakes shipping as it takes bold steps for the future, Algoma President and Chief Executive Officer Greg Wight said during his keynote address at the Top Hat ceremony marking the 182nd opening of the Welland Canal. “This level of commitment to this industry is unprecedented,” Mr. Wight said. Algoma’s fleet renewal program is starting with the purchase of five new state-of-the-art Equinox Class vessels, with the hope to expand this order. The new Equinox Class was developed in St. Catharines, Ontario by a team of designers at Algoma’s downtown headquarters in partnership with engineers from around the world. Equinox Class ships are the next generation of bulk carriers on the Great Lakes.