TORONTO, June 15 /CNW/ - The Corporation, through its wholly-owned
subsidiary Algoma Tankers Limited, has entered into an agreement with
MedMarine Group for the purchase of a double-hulled petroleum product tanker
under construction in the Eregli Shipyard, Turkey.
The vessel replaces the single-hulled Algonova which was sold in January
2007 and will operate in the Great Lakes-St. Lawrence Waterway and Atlantic
Delivery of the ship is scheduled for February 2008 and is expected to
cost approximately $42 million.
Algoma Tankers Limited owns and manages four Canadian-flagged tanker
vessels. The Corporation also owns a foreign-flag tanker through a wholly
owned foreign subsidiary. Since 2002, approximately $150 million has been
invested in modernizing the tanker fleet and positioning Algoma Tankers to be
our customers' first choice in marine transportation.
For further information: Tim S. Dool, President and Chief Executive
Officer, (905) 687-7888; Greg D. Wight, Executive Vice President and Chief
Financial Officer, (905) 687-7850