Algoma Tankers Limited News

Canadian dry-bulk shipper Algoma Central Corporation announced the purchase of a 2008 built product tanker which will become the seventh tanker within the Algoma Tankers Limited fleet.A press release from the provider of marine transportation services said that the purchase demonstrates Algoma’s commitment to continuing to safely and efficiently ship petroleum products on the Great Lakes – St. Lawrence Seaway and East Coast.“We are extremely pleased to add a vessel to our Algoma Tankers Limited fleet as customer demand continues to strengthen in this segment,” said Ken Soerensen, President and CEO of Algoma.The 16,958 dwt. vessel will be re-named the Algonorth, after the Company held a “Name the Tanker Contest,” in which all employees were able to take part.

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.