Algoma Central’s operating unit Algoma Tankers (ATL) has purchased a new 16,512 dwt product tanker that will be the eighth ship in the company’s Great Lakes-based product tanker fleet.
Built in 2010, the tanker will be renamed the Algoterra as part of its transition to ATL ownership.
Algoma president and CEO Gregg Ruhl said: “We expect to take ownership of the Algoterra in mid-March in Europe and she will join our fleet in early April.
“The ship will be the youngest tanker we operate and, as our newest ship, she will be the workhorse of the ATL fleet for many years to come.”
The latest purchase of the tanker will enable Algoma to address the growing needs of its customers for marine-based transportation of petroleum products.
Algoma chief financial officer Peter Winkley said: “With a long-term contract in place with a strong counterparty, we expect this acquisition to be accretive to earnings upon the ship’s arrival in Canada.”
Algoma, which continues to invest in fleet renewal for its domestic fleet, recently delivered the third Seawaymax Equinox Class 740’ carrier, Algoma Conveyor.
Currently en route from China to Canada, the self-unloading dry-bulk carrier vessel will join the 18 vessels of Algoma’s dry-bulk fleet early this year.
It will be the eighth Equinox Class vessel to join Algoma’s domestic dry-bulk fleet since the first vessel, Algoma Equinox, arrived in 2013.
The company operates a fleet of dry and liquid bulk carriers on the Great Lakes – St Lawrence Waterway and also owns ocean self-unloading dry-bulk vessels operating in global markets.