Algoma Central and Irving Oil welcome first of two new methanol-ready tankers
Written by Nick Blenkey
Algoma East Coast.[Photo: Algoma Central]
Canada’s Irving Oil and Algoma Central Corporation (TSX: ALC) yesterday welcomed the first of two new methanol-ready product tankers into Saint John Harbour, New Brunswick. The vessels will service Canada’s largest refinery with deliveries to ports in Atlantic Canada and the U.S. East Coast. The vessels represent a total investment of $127 million by Algoma in partnership with Irving Oil.
The Algoma East Coast and the Algoma Acadian – the latter of which will arrive later this spring – are 37,000 DWT ice class product tanker vessels ordered by Algoma and constructed at the Hyundai Mipo Shipyard in South Korea. Both vessels will be on long-term time charter to Irving Oil under Canadian flag.
“Algoma is excited to welcome the Algoma East Coast, and soon, the Algoma Acadian, to our product tanker fleet,” said Algoma’s president & CEO Gregg Ruhl. “These additions introduce a new asset class to the segment, enhancing our operational capabilities and expanding the markets we serve. This milestone in our newbuild journey has been incredible to witness, made possible through our collaboration with Irving and the dedication and expertise of our operations team. Both vessels will be deployed immediately upon arrival in Saint John.”
The vessels will support Irving Oil’s unique operational requirements and will support the distribution of energy products to its customers in Canada and the U.S.
“This investment underscores our company’s commitment to providing energy security in the regions where we operate,” says Irving Oil president & CEO Jeff Matthews. “We remain focused on providing a safe and secure supply of energy products to our customers, both today and tomorrow.”
Vessel highlights:
- Volume: 260,000 to 265,000 barrels (bbls)
- Products: Petroleum products (gasoline, diesel, jet fuel)
- Where: Vessel will primarily trade in Eastern Canada, with voyages to U.S. Atlantic Coast
- Construction timeline: Completion in approximately 10 months
- Boston Beam width of 27.4 meters
- Methanol ready as per ABS Notations – Methanol Fuel Ready Level 3(S), Methanol Fuel Ready Level 2D (TA, ME)
- High voltage and shore power (cold-ironing) ready – ABS Notation HVSC-Ready Enhanced ballasting capabilities to optimize operations in the Bay of Fundy
Categories: News
