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Algoma Central Corporation Announces Joint Venture to Create a Global Cement Carrier Fleet
Algoma Central Corporation Announces Joint Venture to Create a Global Cement Carrier Fleet...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nAlgoma Central Corporation Announces Joint Venture to Create a Global Cement Carrier Fleet\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 Joint Venture to Create a Global Cement Carrier Fleet\nCanada NewsWire\nST. CATHARINES, ON, Jan. 15, 2016\n\n\n\n(TSX : ALC)\n\n\n\nST. CATHARINES, ON, Jan. 15, 2016 /CNW/ - Algoma Central Corporation (\"Algoma\" – www.algonet.com) today announced that it has entered into a joint venture agreement with Nova Marine Holding SA of Luxembourg and its subsidiaries (together – \"Nova\") to create a specialized global fleet of cement carriers to support infrastructure projects world-wide. Algoma will own 50% of the joint venture, which is to be named NovaAlgoma Cement Carriers or NACC. \n\n\"We are very excited about the opportunity this investment with Nova presents,\" said Ken Soerensen, President and CEO of Algoma.  \"NACC is an excellent example of a global short-sea shipping business that shares many characteristics with our domestic dry-bulk business. In fact,\" Mr. Soerensen continued, \"Algoma currently provides technical and operations management services for three cement carrying vessels on the Great Lakes on behalf of major cement producers.\" \n\nThe demand for modern efficient cement carriers continues to increase globally.  This growth is fuelled by demands for infrastructure in developing regions, by infrastructure renewal in mature markets, by consolidation among major cement producers and by the need to renew an aging fleet.   \"We are very pleased to be able to work with our experienced partner, Nova, in this segment\" Wayne Smith Senior VP, Commercial of Algoma said. \"We see opportunities in both existing markets and globally for the renewal of cement carrier vessels.\" \n\nUnder the terms of the agreement, upon the satisfaction of certain conditions precedent, Algoma will acquire a 50% interest in the existing cement carrier fleet owned by Nova and comprising three pneumatic cement carriers now in operation and two additional vessels unde...