Canada’s Algoma Central Corporation and Swiss-based Nova Marine have bolstered their short sea shipping joint venture, NovaAlgoma, by acquiring three cement carriers from KGJ Cement and two handysize bulk carriers from Swire Bulk Holdings.
The first of the three cement carriers, the NACC Providence, previously named the Glory Atlantic, was delivered in early February. The second vessel will follow in early March and the third is expected to be delivered in late June.
The two handy bulkers, to be named the Sider Athena and the Sider Bear will join the NovaAlgoma Bulk Holdings fleet in late April and will be commercially managed by Nova Marine.
“We carefully consider each opportunity for growth and these vessel purchases fit perfectly into our long-term plan for sustaining a profitable business alongside our partners at Nova Marine,” said Gregg Ruhl, president and CEO of Algoma. “The three cement carriers will support increasing cement requirements and significant global infrastructure investments. The two handy-size vessels will be part of our active international sales and purchase vessel platform, which has delivered strong returns since 2018,” concluded Ruhl.