Algoma acquires product tanker

Algoma Tankers, the tanker unit of Canadian owner Algoma Central Corporation, has announced the purchase of a 2010-built product tanker.

The 16,512 dwt vessel will be re-named the Algoterra, and will expand the company’s fleet to eight tankers when delivered in 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,” said Gregg Ruhl, president and CEO of Algoma.

“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,” said Peter Winkley, Algoma’s chief financial officer.

This is the second tanker the company has acquired in just over three months.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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