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March 5, 2017

Algoma and Nova to form dry bulk shipping joint venture

Canada-based Algoma Central and Switzerland's Nova Marine Carriers are set to establish a joint venture (JV) to cater to the short-sea dry bulk shipping sector.

Canada-based Algoma Central and Switzerland's Nova Marine Carriers are set to establish a joint venture (JV) to cater to the short-sea dry bulk shipping sector.

The new JV will be known as NovaAlgoma Short-Sea Carriers (NASC), and will initially operate a fleet of around 70 bulker vessels with capacities up to 15,000dwt worldwide.

The fleet will include owned ships, chartered vessels, and vessels under third-party management contracts.

Formation of NASC is subject to the completion of appropriate due diligence and finalisation of definitive documentation.

Algoma collaborated with Nova to form NovaAlgoma Cement Carriers (NACC) in January last year to develop and build a fleet of modern pneumatic bulk vessels to serve cement manufacturers.

"The new JV will be known as NovaAlgoma Short-Sea Carriers (NASC), and will initially operate a fleet of around 70 bulker vessels with capacities up to 15,000dwt worldwide."

Algoma Central currently operates a fleet of Canadian-flagged dry and liquid bulk carriers, which include self-unloading dry-bulk carriers, gearless dry bulk carriers and product tankers.

The company also has interests in ocean dry-bulk vessels operating in international markets, and provides ship management services for other ship owners.

Nova Marine Carriers also possesses a mix fleet of modern bulk carriers and belt self-unloading vessels ranging from 5,000dwt up to 57,000dwt.

The company provides bulk cargo shipping services in the Mediterranean, Atlantic and Persian Gulf and in Italian cabotage with a fleet of more than 100 ships.

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