NovaAlgoma Cement Carriers (NACC), a 50/50 joint venture company between Algoma Central Corporation and Nova Marine, has acquired a 25% ownership interest in JT Cement, a company jointly started by Swedish companies KGJ Cement Holdings and Erik Thun.
JT Cement currently owns a fleet of seven smaller specialized pneumatic cement carriers.
NACC believes the investment will expand its global footprint into the Northern European market where KGJ and Thun have a strong presence and will provide additional strength and flexibility to the fleet’s customers.
“This investment will allow us to each apply our experience and knowledge in the pneumatic cement carrier market to create additional shipping solutions to meet the needs of customers. We look forward to working with our new partners to create new opportunities for the JT Cement fleet,” said Ken Bloch Soerensen, president and CEO of Algoma Central Corporation.
The daily operations of the JT Cement fleet will not change as a result of the NACC investment, with the vessels continuing to be commercially managed by KGJ’s office in Bergen, Norway.
