Algoma Central purchases 3 bulk carriers

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

19 Mar 2008

Algoma Central Corp. has expanded its fleet with the purchase of three ocean-going bulk carriers from a Norwegian company for $38 million.The three handysize sister vessels, each with a carrying capacity of 34,000 tonnes - small enough to fit through the St. Lawrence Seaway - were built in eastern Europe in 1986 and 1987.The purchase from Viken Shipping AS of Bergen was conducted through Algoma Central subsidiary Seaway Marine Transport, the company said Monday.The vessels now operate under long-term charter agreements with Fednav International Ltd. Algoma plans to take over these contracts until they expire, then have Seaway Marine Transport operate the ships in Canadian-flag service.Algoma owns two ocean-going self-unloaders and has an interest in five others. It also owns five product tankers and has announced construction of five more product tankers in China.In addition to ocean shipping, it has 19 dry-bulk vessels on the Great Lakes and St. Lawrence.