Jiangxi Jiangzhou Union Shipbuilding Co Ltd News

Algoma Central Corp., has struck a deal with China's Jiangxi Jiangzhou Union Shipbuilding Co. Ltd. to build three double-hulled oil product tankers. The tankers will cost $91m to build and will be delivered in late 2010 and early 2011. 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. The new opportunity allows for further diversification of the company within the global shipping industry, Algoma said. Source: The Star

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. Corporation within the global shipping industry.