Algoma sells property assets to fund fleet renewal

Algoma sells property assets to fund fleet renewal

Canadian owner Algoma Central Corporation has announced the sale of properties collectively known as Corporate Park, which includes three office buildings, in St. Catharines.

The net proceeds from the sale of the properties are $26.4m.

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

In March, Algoma formed a dry bulk shipping joint venture with Switzerland’s Nova Marine Carriers. The new company NovaAlgoma Short-Sea Carriers will intinally operate a fleet of approximately 70 bulkers including owned ships, chartered vessels, and vessels under third-party management contracts.

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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