Algoma continues property sell-off to fund acquisitions

Algoma continues property sell-off to fund acquisitions

Canadian owner Algoma Central Corporation continues to sell off property assets to fund its fleet renewal plan. The company has announced the sale Huntington Square, a retail plaza located in St. Catharines, for $10.7m.

In April, the company also collected $26.4m from the sale of three office buildings.

Algoma said the company’s decision to sell its real estate holdings is a result of a new strategic objective to direct capital into the renewal of its domestic dry bulk fleet and new opportunities in international shipping.

Algoma has a joint venture with Switzerland’s Nova Marine Carriers operating a fleet of around 70 bulkers internationally, while locally it operates 21 dry bulk carriers and six product tankers on the Great Lakes – St. Lawrence Waterway.

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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