Latest acquisition complies with November 2018 buy of 2008 developed, 16,958 dwt items vessel, currently called Algonorth
Algoma Tankers Limited (ATL), a running system ofSt Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) has actually bought of a 2010-built item vessel that will certainly come to be the 8th ship in Algoma’s Great Lakes based item vessel fleet.
The 16,512 dwt vessel will certainly be re-named the Algoterra as component of its shift to ATL possession.
“We expect to take ownership of the Algoterra in mid-March in Europe and she will join our fleet in early April. The ship will be the youngest tanker we operate and as our newest ship, she will be the workhorse of the ATL fleet for many years to come,” stated Gregg Ruhl, President as well as CHIEF EXECUTIVE OFFICER of Algoma.
This newest acquisition complies with the firm’s November 2018 buy of a 2008 developed, 16,958 dwt items vessel, currently called Algonorth.
Algoma claims that the purchase of a 2nd tanker vessel in simply over 3 months shows its readiness to spend to fulfill the expanding demands of our consumers for marine-based transport of oil items.
“With a long-term contract in place with a strong counterparty, we expect this acquisition to be accretive to earnings upon the ship’s arrival in Canada,” stated Peter Winkley, Algoma’s Chief Financial Officer.
