ALGOMA CENTRAL CORPORATION Announces Lake Freighter Construction Contract

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[{"type":"text","content":"\r\n\r\n\r\n\r\n Dec. 21, 2010 (Canada NewsWire Group) -- \r\n\r\n#ReleaseContent TABLE\r\n{\r\n BORDER-COLLAPSE: collapse\r\n}\r\nTR.cnwUnderlinedCell TD\r\n{\r\n BORDER-BOTTOM: #000000 1px solid\r\n}\r\nTR.cnwDoubleUnderlinedCell TD\r\n{\r\n BORDER-BOTTOM: #000000 3px double\r\n}\r\nTR.cnwBoldUnderlinedCell TD\r\n{\r\n BORDER-BOTTOM: #000000 3px solid\r\n}\r\nTD.cnwUnderlinedCell\r\n{\r\n BORDER-BOTTOM: #000000 1px solid\r\n}\r\nTD.cnwDoubleUnderlinedCell\r\n{\r\n BORDER-BOTTOM: #000000 3px double\r\n}\r\nTD.cnwBoldUnderlinedCell\r\n{\r\n BORDER-BOTTOM: #000000 3px solid\r\n}\r\n#ReleaseContent TABLE.cnwBorderedTable TD\r\n{\r\n BORDER-RIGHT: black 1px solid;\r\n PADDING-RIGHT: 2px;\r\n BORDER-TOP: black 1px solid;\r\n PADDING-LEFT: 2px;\r\n PADDING-BOTTOM: 2px;\r\n BORDER-LEFT: black 1px solid;\r\n PADDING-TOP: 2px;\r\n BORDER-BOTTOM: black 1px solid;\r\n BORDER-COLLAPSE: collapse\r\n}\r\n#ReleaseContent TABLE TD\r\n{\r\n PADDING-RIGHT: 2px;\r\n PADDING-LEFT: 2px;\r\n PADDING-BOTTOM: 2px;\r\n PADDING-TOP: 2px\r\n}\r\n\r\nTORONTO, Dec. 21 /CNW/ - Algoma Central Corporation announced today that it has entered into a contract with Nantong Mingde Heavy Industries, a shipyard located in the Yangtze Delta area of China, for the construction of four new maximum St. Lawrence Seaway-sized dry bulk lake freighters. The contract also provides for the purchase of two additional vessels at the Corporation's option.\r\nThis construction project, in which the Corporation expects to invest $205 million, provides for the construction of one gearless bulk freighter and three self-unloading bulk freighters. The first ship is expected to enter service in 2013 with the remaining ships to follow through mid-2014.\r\nUpon their arrival, the vessels will be chartered to Seaway Marine Transport, which will deploy them in their dry bulk trade on the Great Lakes - St. Lawrence Waterway. These new vessels will replace existing ones that are approaching the end of their economic lives. Seaway Marine Transport, a partnership with an unrelated company, is the largest operator of dry-bulk vessels on the Waterway.\r\n\r\nAbout Algoma Central Corporation\r\n\r\nAlgoma Central Corporation owns Canada's largest domestic fleet of vessels operating on the Great Lakes - St. Lawrence Waterway. This fleet consists of twelve self-unloading and seven gearless bulk car...

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