Canadian firm Algoma Central Corporation and Italian shipower Nova Marine Holding, based in Luxembourg, have formed a joint venture which will create a fleet of cement-carrying ships.
Each company will hold a 50% stake in the new entity which will be named NovaAlgoma Cement Carriers (NACC). Algoma will acquire a 50% interest in the existing cement carrier fleet owned by Nova and the vessels will be deployed in various regional markets in Asia and Europe.
Ken Soerensen, president and CEO of Algoma, commented: “NACC is an excellent example of a global short-sea shipping business that shares many characteristics with our domestic dry-bulk business.”
Vincenzo Romeo, CEO of Nova Marine Holding SA, added: “The cement business is becoming more global and consolidated. We are excited by the prospects of this venture because it aims to create a dedicated group to serve the cement industry in its global logistic needs.”
Algoma operates a fleet of dry and liquid bulk carriers on the Great Lakes – St. Lawrence Waterway, including 18 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. It also has interests in ocean-going dry bulk carriers.
Nova has a fleet of more than 50 vessels and a wealth of experience in cement carrying.
With additional reporting by Nicola Capuzzo.