• 2019 September 22 15:16

    Algoma announces agreement to acquire Croatian-built dry-bulk carrier

    Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, says it has reached an agreement with 3Maj Brodogradiliste d.d. of Croatia (“3Maj” or the “Shipyard”) under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.

    The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties. Algoma took delivery of the Algoma Innovator, a sister ship and the first ship built under a two-vessel contract, near the beginning of the 2018 navigation season. Algoma cancelled the contract for the second ship along with the contracts for three Seaway-max self-unloading vessels in 2018 as a result of the financial problems at the Shipyard.

    Under this new contract, 3Maj will complete the vessel with financing provided by the Croatian Bank for Reconstruction and Development (HBOR) and has committed to a delivery date of September 15, 2020. Algoma will pay the agreed price of the vessel at delivery, subject to certain penalties for late delivery, including a cancellation right if delivery is delayed beyond an agreed date.

    "We want to extend our sincere thanks to the Government of Croatia for their support of this project and the Shipyard," said Gregg Ruhl, President & CEO of Algoma.  "The Croatian government worked closely with the Shipyard's management to navigate a complicated process and successfully coordinate the interests of suppliers and workers to complete hull 733, which will be named Algoma Intrepid."

    Algoma Intrepid will join her sister ship Algoma Innovator, which entered service in early 2018, as the newest and most efficient river class vessels to enter the Great Lakes market in nearly 40 years. Both ships feature forward-mounted booms permitting cargo to be delivered at hard to reach docks typical of our short sea customers.

    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 owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.




2019 October 16

13:20 Carnival Cruise Line to add fourth ship in Galveston
12:12 Hapag-Lloyd to apply a Peak Season Surcharge from North Europe to East Asia
11:51 WMU and AHHIC cooperate on marine insurance
11:33 Gazprom Neft establishes a Singapore subsidiary company to develop its international marine lubricants business
11:20 Intensive training on port management and efficiency held in France
10:57 IMO visited United Kingdom to assess country's implementation of special maritime security measures
10:14 LUKOIL enters Ghasha project for extraction of hydrocarbons in UAE
10:01 MPA of Singapore to strengthen collaboration on cyber resilience and response at the 5th Port Authorities Roundtable
09:59 APM Terminals Gothenburg to double rail volumes by 2022
09:52 Brent Crude futures price is up 0.19% to $58.85, Light Sweet Crude – up 0.13% to $52.88
09:36 Baltic Dry Index is down to 1,898 points
09:18 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
08:43 Award-winning yachts honored at Cannes - Azimut, Benetti, and Galeon
08:35 MABUX: Bunker Market this morning, Oct 16

2019 October 15

18:37 MOL conducts tabletop drill based on an incident simulation involving containership
18:07 Fincantieri announces delivery of the fourth Royal Princess class ship at the Monfalcone shipyard
17:55 Tatarstan and Gazprom sign action plan for implementation of pilot project on using LNG powered ships
17:36 Keppel delivers fourth jackup rig to Borr Drilling
17:06 Maritime and Port Authority of Singapore revokes Inter-Pacific Petroleum Pte Ltd’s bunker craft operator licence
16:49 Hudson Shipping Lines joins the Trident Alliance as a member
16:26 PGNiG: a new oil and gas discovery in the Norwegian Sea
15:32 Port of Kiel announces conclusion of cruise season with turnover of cruise passengers having grown by 33.6% YoY
15:04 TechnipFMC awarded subsea contract for PetroVietnam Gas’ Nam Con Son 2 Phase 2 Gas pipeline development in Vietnam
14:35 Deltamarin provides RMC with design services for the Tallink ferry project
14:31 Port of HaminaKotka and Steveco jointly constructed pulp terminal in Kotka’s Mussalo Harbour
13:57 Shore power to improve air quality and reduce noise in Port and City of Tallinn
13:20 “Wind Barriers at the Freeport of Riga” project receives Annual Riga Architecture Award
12:54 Krasnoye Sormovo delivers Pola Pelagia, yet another dry cargo carrier of Project RSD59
12:18 Bunker prices are flat at the Far East ports of Russia (graph)
11:55 Khabarovsk Shipyard launched pontoon dock gate for city protection against floods
11:09 Amendments to IMO's Ballast Water Management Convention enter into force on 13 October 2019
10:56 Trade Port Posiet handled 4.4 million tonnes of cargo in 9M’2019, up 4% YoY
10:37 World Maritime University delivered its Maritime Business Integrity and Corruption Awareness Seminar
10:09 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
09:38 Brent Crude futures price is down 0.76% to $58.9, Light Sweet Crude – down 0.67% to $53.23
09:32 MABUX: Bunker market this morning, Oct 15
09:22 Baltic Dry Index is down to 1,916 points
09:14 Jan De Nul helps to boost Mauritania’s iron ore export
08:59 CMA CGM announces FAK rates from Asia to North Africa

2019 October 14

18:06 Neptune Energy acquires North Sea assets from Energean
17:57 Rosatom set to have its plan for development of NSR infrastructure till 2035 to be approved by RF Gov't before year end
17:35 2020 Bulkers enters into a time charter agreement for Bulk Shanghai
17:21 Bronka port to handle cargo of up to 500 tonnes
17:05 CMA CGM announces FAK rates from Asia to the Mediterranean
16:50 Names given to first two super trawlers of Russian Fishery Company
16:35 Sasol invests in first South African-owned chemical tanker through Nduna Maritime
16:05 Norsepower signs service agreement with Wärtsilä to strengthen global wind propulsion service network
15:53 Teekay Corporation announces 3.5-year contract for the Hummingbird Spirit FPSO
15:42 Mexico sets high priority on IMO legal conventions
15:13 Rotterdam container placed on ‘Noah’s Train’
14:15 Philippine Ports Authority hires additional port police personnel
13:56 Some services in Russian ports to be excluded from the list of regulated services
13:11 Journey to 2050, Decarbonization, Digitalization and the Future of Safety Debated at ABS Taiwan Committee
12:38 Average wholesale prices for М-100 HFO down to RUB 12,473 in RF spot market
12:15 Cunard and Fincantieri start the construction of new cruise ship
11:22 IMO’s training workshop on handling of dangerous goods held in San José, Costa Rica
11:00 MARSA App to improve marine traffic and vessel service management for vessels calling at Abu Dhabi Ports
10:09 Greek Committee of Planning and Development of Ports approves € 611.8 mln investment plan for port of Piraeus
09:57 North Sea Port on course for new annual record
09:34 Brent Crude futures price is down 0.51% to $60.2, Light Sweet Crude – down 0.59% to $54.38