AP NEWS

Algoma Central Corporation Announces Purchase of Product Tanker for Domestic Fleet

November 9, 2018

ST. CATHARINES, Ontario--(BUSINESS WIRE)--Nov 9, 2018--Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced the purchase of a 2008 built product tanker which will become the seventh tanker within the Algoma Tankers Limited fleet. The purchase demonstrates Algoma’s commitment to continuing to safely and efficiently ship petroleum products on the Great Lakes – St. Lawrence Seaway and East Coast.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181109005250/en/

(Photo: Business Wire)

“We are extremely pleased to add a vessel to our Algoma Tankers Limited fleet as customer demand continues to strengthen in this segment,” said Ken Soerensen, President and CEO of Algoma.

The 16,958 dwt. vessel will be re-named the Algonorth, after the Company held a “Name the Tanker Contest,” in which all employees were able to take part. The ship is scheduled to depart Gothenburg, Sweden on November 12, 2018 and head for Canada, at which time the vessel is expected to begin operations within the product tanker fleet.

“We have been in the product tanker business for over 20 years,” said Gregg Ruhl, Chief Operating Officer at Algoma. “While it is important that we add this quality asset to our fleet to continue to meet our customers’ needs, the true backbone of Algoma Tankers is our experienced and qualified crews who operate these ships skillfully day and night, 365 days a year,” Mr. Ruhl added.

About Algoma Central

Algoma Central Corporation is a publicly traded company which operates the largest fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which includes a diversified portfolio of dry-bulk fleets operating internationally.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181109005250/en/

CONTACT: Algoma Central Corporation

Ken Bloch Soerensen, +1 905-687-7885

President and CEO

or

Gregg A. Ruhl, +1 905-687-7890

Chief Operating Officer

www.algonet.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: TRANSPORT MARITIME OTHER TRANSPORT AUTOMOTIVE FLEET MANAGEMENT

SOURCE: Algoma Central Corporation

Copyright Business Wire 2018.

PUB: 11/09/2018 07:28 AM/DISC: 11/09/2018 07:27 AM

http://www.businesswire.com/news/home/20181109005250/en

AP RADIO
Update hourly