Algoma Innovator heads for Canada

Algoma Innovator is first forward mounted boom self unloader built in 45 years

FEBRUARY 23, 2018 — St. Catharines, Ontario, headquartered Algoma Central Corporation (TSX: ALC) reports that the recently completed Algoma Innovator, the first of two new Equinox Class 650-foot-long self unloading dry bulk freighters, is headed for Canada.

The vessel departed the 3 Maj shipyard in Rijeka, Croatia today and is expected to arrive in mid-March carrying a cargo of bauxite.

Algoma Central took delivery of the vessel from the shipbuilder back in December, but deferred the delivery voyage, saying that “the winter season in the North Atlantic does not provide safe conditions for a transit voyage by a lake freighter” and the vessel would depart Croatia in time to be ready for the opening of the St. Lawrence Seaway.

The Algoma Innovator will be the sixth Equinox Class vessel added to the company’s domestic fleet and will be joined by the Algoma Sault in operations this spring, bringing the total vessels in the class to seven; comprising four gearless bulkers and three self-unloaders. Five additional vessels are under development contracts.

“With the addition of the new class-leading vessels to our domestic fleet, the 2018 navigation season is already turning out to be an exciting one,” said Ken Bloch Soerensen, President and CEO of Algoma. “The Algoma Innovator will be a leader in the river-class segment and we look forward to being able to offer more flexibility to our customers.”

Algoma has another four ships under development at the 3 Maj Shipyard, with a fifth ship under construction at Yangzijiang shipyard in China.