Algoma Orders Tankers

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