Canadian owner Algoma Shipping has completed the acquisition of the interest of Oldendorff Carriers in the CSL International Pool, including the three vessels owned by Oldendorff operating in the pool.
Algoma first announced the deal in January.
As a result of the transaction, Algoma’s interest in the pool has increased to approximately 40%.
The three vessels, handysize bulker Alice Oldendorff and panamax bulkers Harmen Oldendorff and Sophie Oldendorff, have brought Algoma’s ocean going self-unloader fleet to eight vessels operating in the pool.
“Deploying our capital to grow our position in the ocean self-unloader business is strategic and positions Algoma well for pool growth that we foresee in the years ahead,” said Peter Winkley, chief financial officer of Algoma.
“We know this business and these ships well and with customer demand remaining strong, we believe this is a good time to increase our investment in a business that has generated strong returns for us in the past,” added Winkley.
