Canada’s Algoma Central Corporation has commissioned Hyundai Mipo Shipyard in South Korea to build two 37,000 dwt ice-class product tankers in a deal worth around $96m.
The vessels will deliver in the first quarter of 2025 and go on a long-term charter with Irving Oil under the Canadian flag, servicing the energy company’s refinery in Saint John, New Brunswick, with deliveries to ports in Atlantic Canada and the US East Coast.
The units have been designed to be methanol and shore power ready and according to Algoma’s president and chief executive Gregg Ruhl, the investment will augment the company’s fleet with a new asset class, expand the markets served by its product tanker segment and add a new Canadian customer to its business.
Based in Ontario, Algoma owns and operates bulk carriers and tankers on the Great Lakes and St. Lawrence Seaway. The company is targeting carbon emissions reductions of 40% by 2030 and net zero by 2050 across all business units. Together with its compatriot partner CSL, Angloma in February ordered four methanol-ready self-unloading 72,250 dwt bulk carriers at Jiangsu Yangzi-Mitsui Shipbuilding (YAMIC), with the first vessel delivery scheduled for July 2025.
