Algoma and Nova plan short sea bulk partnership

MARCH 3, 2017 — Canada’s Algoma Central Corporation and Nova Marine Carriers SA of Lugano Switzerland say they are exploring an expanded partnership that is expected to lead to the creation of a global company specializing in short-sea dry bulk shipping.

The new company, which is to be called NovaAlgoma Short-Sea Carriers, or NASC, will initially operate a fleet of approximately 70 bulker vessels with capacities up to 15,000 dwt in markets world-wide. The fleet will comprise owned ships, chartered vessels, and vessels under third party management contracts.

In 2016, Algoma and Nova joined forces to form NovaAlgoma Cement Carriers (NACC) to focus on building a fleet of modern pneumatic bulk vessels to service cement manufacturers. The company has already positioned itself as one of the leaders in this specialized segment.

Creation of the new partnership is subject to completion of appropriate due diligence and finalization of definitive documentation