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Algoma Central Corporation Announces Favourable Outcome in Final Mingde Shipyard Arbitration Claim
Algoma Central Corporation Announces Favourable Outcome in Final Mingde Shipyard Arbitrati...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nAlgoma Central Corporation Announces Favourable Outcome in Final Mingde Shipyard Arbitration Claim\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgoma Central Corporation Announces Favourable Outcome in Final Mingde Shipyard Arbitration Claim\nCanada NewsWire\nST. CATHARINES, ON, July 20, 2016\n\n\n\n(TSX : ALC)\n\n\n\nST. CATHARINES, ON, July 20, 2016 /CNW/ - Algoma Central Corporation (\"Algoma\" – www.algonet.com) announced today that the London, UK  Arbitration Tribunal hearing a contract dispute involving a fourth and final shipbuilding contract between Algoma and Nantong Mingde Heavy Industries Stock Co. Ltd., has found in favour of Algoma. \n\n\"With the resolution of the final refund claim against Mingde decided in our favour, we can now devote our full attention to building the vessels that we have ordered to replace the ones that Mingde did not complete,\" said Ken Bloch Soerensen, President and CEO of the Corporation. \"We have begun collection procedings for this final Mingde refund guarantee and expect to have this matter fully behind us in the near future\" \n\nThe Company entered into contracts in 2010 to build six Equinox Class bulk freighters to replace aging ships in Algoma's domestic dry-bulk fleet. As a result of the bankruptcy of the shipyard, only two of these vessels have been delivered and the Company cancelled the four remaining contracts. Tribunal decisions in Algoma's favour were received on all four cancellations.  \n\nAbout Algoma Central Corporation\n\nAlgoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including 13 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. The Company has announced contracts for seven new Equinox Class  domestic dry-bulk vessels as part of its on-going fleet renewal program. Algoma also owns four ocean dry-bulk vessels operating in international markets and has a 50% in three other oceans dry-bulk vessels. Algoma provides ship management services for...