• 2019 January 20 10:47

    Algoma provides update on status of fleet renewal

    Algoma Central Corporation (“Algoma” or “the Company”), a leading provider of marine transportation services, announced that it has received full refund of all instalment payments made in connection with the now-cancelled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.

    Algoma entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. After considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to a much-publicized attempt to refinance the company and shipyard management was unable to put forward a credible plan that would lead to completion of the remaining hulls. Demands for repayment of the related instalments were made in December 2018 and the banks guaranteeing the repayment of the amounts have now remitted a total of CAD$115 million in full settlement of the claims.

    “While we are extremely disappointed in the failure by the shipyard to complete the vessels on time, the shipyard and its banks have been very cooperative in finalizing the cancellations and refunding the instalments promptly”, said Peter Winkley, Chief Financial Officer of Algoma. “The impact of these transactions, including foreign exchange gains, interest income and other adjustments will be reflected in our fourth quarter earnings, which we expect to issue in early March,” Mr. Winkley continued.

    As a result of the cancellation of these contracts, the Company has taken steps to extend the expiry dates on three existing option contracts held with Yangzijiang Shipyard in China (YZJ) until later in 2019. These options, which provide the Company with a choice to build Equinox Class self-unloaders or gearless bulkers at attractive prices, were to expire at the end of December.

    “The extensions provide Algoma time to assess which type of ship to build, taking into account our current fleet plan and the needs of our customers,” said Gregg Ruhl, Chief Operating Officer of Algoma. “We have developed a strong relationship with YZJ shipyard over the past three years and we have good experience with their ability to deliver a quality new-build on time and on budget,” Mr. Ruhl continued.

    Algoma contracted for the building of two Equinox Class seawaymax self-unloaders by YZJ in 2015 and subsequently enlisted the support of the shipyard to complete two of the partially built Nantong Mingde hulls, which Algoma acquired from that bankrupt shipyard. Three of the four ships have been delivered. The final Nantong Mingde hull, the Algoma Conveyor, is scheduled for delivery in February and is expected to be in service for the 2019 navigation season.

    About Algoma Central

    Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating 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.




2019 February 16

14:42 Höegh’s RoRo solution chosen for 112MT Transformer shipment
13:28 Torqeedo wins Innovation Award at Miami International Boat Show for powerful new inboard electric propulsion system
12:13 Telford Offshore beefs up its fleet
10:26 Chevron inks new LNG agreement with GS Caltex

2019 February 15

18:05 Noble Corporation announces purchase of a second newbuild jackup rig from PaxOcean
16:57 Port of Goole powered by £1 million solar installation
16:26 ABP continues support of Felixstowe Volunteer Coast Patrol Rescue Service
15:30 Sea Cup 2019 preliminaries kick off in Kamchatka
15:04 CNIIMF authorized to confirm conformity of dangerous cargo containers
13:59 Nevsky Shipyard starts cutting metal for cargo-passenger ship of PV22 project
13:32 Murmansk Sea Fishing Port handled 5,500 tonnes fish in Jan’2019, down 48% Y-o-Y
13:08 Fincantieri and Princess Cruises celebrate three construction milestones of three “Royal” class ships at the Monfalcone shipyard
12:45 Dredging under Sea Port Sukhodol project to exceed 7 mln cbm – details to be covered at the Congress
12:08 Port of Oakland import volume increased 9 percent January 2019
11:46 8 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on February 14-15
11:27 Okskaya Sudoverf lays down seventh dry cargo carrier of Project RSD32M
11:08 DNV GL and Metalships & Docks ink class agreement for luxury sailing vessel
10:53 Throughput of Ukraine’s seaports in Jan’19 grew by 3.4% Y-o-Y to 11.19 million tonnes
10:29 Brent Crude futures price is up 0.63% to $64.98, Light Sweet Crude – up 0.57% to $54.72
10:08 EFIP welcomes the adoption of the European Parliament resolution on NAIADES II
09:41 Bunker prices are going up at the port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index up down to 628 points
09:07 ICTSI inaugurates the expansion of its Batumi International Container Terminal
08:07 MAN Energy Solutions wins contract to supply the engines for a new harbour tug in Spain
07:41 Inmarsat announces new initiatives to support maritime, ports and logistics start-ups with Rainmaking and Bluetech

2019 February 14

18:03 Austal's LCS 20 completes acceptance trials
17:44 Royal Navy to discuss the future of unmanned and autonomous naval warfare at SMi's 3rd annual Unmanned Maritime Systems Technology 2019
17:22 Freight turnover of Neva-Metal (Saint-Petersburg) in January 2019 fell by 26% Y-o-Y to about 190,000 tonnes
17:03 MOL Techno-Trade takes part in marine environmental protection program
16:25 VTB acquires 100% of Novorossiysk Grain Terminal from NSCP Group
16:03 Port of Virginia container volume up 8.9% to 134,638 TEU in January 2019
16:03 Expert expects uncertainty on global fuel market next week
15:49 “K” Line’s LNGC makes maiden call from Ichthys LNG Project to Naoetsu LNG Terminal in Japan
15:40 BSTDB to finance construction of Lavna coal terminal under agreement with STLC
15:21 2nd Conference “Dangerous cargoes: new transportation requirements” to be held under the auspices of RF Chamber of Commerce and Industry
15:03 ONE renewes own loading record exceeding 19000TEUs
14:33 Maersk and PBF Logistics LP announce agreement for production and storage of 0.5% sulphur fuel on the U.S. East Coast
14:02 Port of Long Beach volumes decrease 0.1 percent to 657,286 TEU in Jan 2019
13:50 Multipurpose Transshipment Complex to be built in Primorsk
13:32 Port of Los Angeles volumes up 5.4 percent to 852,449 TEUs in January 2019
13:02 Port of Rotterdam throughput volume up to 469.0 million tonnes in 2018
12:46 Supply vessel OCEAN COOPER 2 sinks in Singapore waters
12:25 Baltic Sea Region cruise ports commit to reducing negative ecological impacts
11:27 Bunker prices are flat at the Far East ports of Russia (graph)
11:09 Port of Marseille-Fos to deliver the first phase of the subsea cable landing infrastructure by Q3 2019
10:31 9 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on February 13-14
10:09 GTT receives an order from Samsung Heavy Industries for the tank design of a new LNG Carrier for Minerva Gas
09:44 Brent Crude futures price is up 0.66% to $64.03, Light Sweet Crude – up 0.58% to $54.21
09:25 Baltic Dry Index is up to 608 points
09:08 ABB to power Iceland’s first electric ferry ABB to power Iceland’s first electric ferry

2019 February 13

18:10 Shell and partners start deep-water production at Lula North in Brazil
17:46 OLT Offshore LNG Toscana Regasification Terminal works at almost full capacity
17:23 Excelerate’s Northeast Gateway Deepwater Terminal reached a peak send-out flow rate
16:58 Bunker sales at the port of Singapore in Jan’2019 fell by 8.9% Y-o-Y to 4.12 million tonnes
16:29 II HES and Dredging Forum to address deep-water routes to Sabetta and Novoportovsky terminal
15:57 Port of Singapore throughput in Jan’2019 fell by 2.4% Y-o-Y to 51.93 million tonnes
15:32 Throughput of Russian seaports in Jan'2019 grew by 5.6% Y-o-Y to 67.6 million tonnes of cargo (detalization)
15:05 Bank VTB acquired 50 percent minus one share in United Grain Company
15:04 NYK conducts crisis-response drill with ONE
14:56 DNV GL and Metalships & Docks ink class agreement for luxury sailing vessel