Algoma Central buys 2008 built product tanker

NOVEMBER 9, 2018 — St. Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) reports that it has purchased a 2008 built product tanker that will become the seventh tanker within the Algoma Tankers Limited fleet. It says that the purchase demonstrates its commitment to continuing to safely and efficiently ship petroleum products on the Great Lakes – St. Lawrence Seaway and East Coast.

“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.”