(TSX : ALC)
ST. CATHARINES, ON and LUGANO,
Switzerland, March 2, 2017
/CNW/ - Algoma Central Corporation of St. Catharines, Canada ("Algoma" –
www.algonet.com) and Nova Marine Carriers SA of Lugano Switzerland
("Nova") today announced that they are exploring an expanded
partnership that is expected to lead to the creation of a global
company specializing in short-sea dry bulk shipping. Creation
of the partnership is subject to completion of appropriate due
diligence and finalization of definitive documentation.
The new company, which is to be called NovaAlgoma Short-Sea
Carriers, or NASC, will initially operate a fleet of approximately
70 bulker vessels with capacities up to 15,000 dwt in markets
world-wide. The fleet will comprise owned ships, chartered vessels,
and vessels under third party management contracts.
In 2016, Algoma and Nova joined forces to form NovaAlgoma Cement
Carriers (NACC) to focus on building a fleet of modern pneumatic
bulk vessels to service cement manufacturers. The company has
already positioned itself as one of the leaders in this specialized
segment.
About Algoma
Algoma Central Corporation operates the largest Canadian flag
fleet of dry and liquid bulk carriers on the Great Lakes – St.
Lawrence Waterway, including self-unloading dry-bulk carriers,
gearless dry bulk carriers and product tankers. Algoma also has
interests in ocean dry-bulk vessels operating in international
markets and provides ship management services for other ship
owners.
About Nova
Nova Marine Carriers SA, headquartered in Lugano, Switzerland, operates a varied fleet of modern
bulk carriers and belt self unloading vessels ranging from 5,000
dwt up to 57,000 dwt. With over one hundred ships under
control, Nova specializes in bulk traffic in the Mediterrenean,
Atlantic and Persian Gulf and in Italian cabotage.
SOURCE Algoma Central Corporation
