(TSX : ALC)
ST. CATHARINES, ON, May 13, 2014 /CNW/ - Algoma Central Corporation
("Algoma" - www.algonet.com) is pleased to announce that it has taken delivery of the second of
eight news Equinox class lake bulk carriers from Nantong Mingde
shipyard in China. The ship, named the Algoma Harvester, is being prepared for the long voyage to Canada and is expected to
leave China shortly.
When it arrives in Canada this summer, the Algoma Harvester will join its sister ship, the Algoma Equinox, as part of Algoma's 32-vessel Canadian flagged Great Lakes fleet. The
2014 shipping season is off to a late start following the very harsh
winter weather and record ice conditions on the Great Lakes. The
addition of the Algoma Harvester will provide much needed capacity to help meet the needs of Canadian
grain farmers to get last year's record crop to market.
"We are looking forward to the Algoma Harvester's arrival in Canada this summer," said Greg Wight, Algoma President and
CEO. "We continue to be pleased with our decision to develop an
innovative and advanced vessel and our commitment to sustainability is
evident in the performance we are achieving from the Equinox Class
Algoma is investing $300 million to construct six state of the art
Equinox class vessels and CWB Inc. is constructing an additional two
Equinox class vessels that will be managed by Algoma as part of the
fleet serving our customers in and around the Great Lakes / St.
The Equinox Class represents the next generation of Great Lakes - St.
Lawrence Waterway bulk cargo vessels. The ships have been designed to
optimize fuel efficiency and operating performance thus minimizing
environmental impact. A 45% improvement in energy efficiency over
Algoma's current fleet average is expected, resulting from the use of a
modern Tier II compliant engine, increased cargo capacity, and improved
hull form. In addition, a fully integrated IMO approved exhaust gas
scrubber will remove 97% of all sulphur oxides from shipboard
emissions. The use of exhaust gas scrubbers represents the first
application of an IMO approved integrated scrubber on a Great Lakes -
St. Lawrence vessel class.
About Algoma Central Corporation
Algoma Central Corporation owns and operates the largest Canadian flag
fleet of dry and liquid bulk carriers operating on the Great Lakes -
St. Lawrence Waterway, including 18 self-unloading dry-bulk carriers,
seven gearless dry bulk carriers and seven product tankers. Algoma also
has interests in ocean dry-bulk and product tanker vessels operating in
international markets. Algoma provides ship management services for
other ship owners and owns a diversified ship repair and steel
fabricating facility active in the Great Lakes and St. Lawrence regions
of Canada. In addition, Algoma owns and manages commercial real estate
properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.
Image with caption: "Algoma Harvester leaving for sea trials. (CNW Group/Algoma Central Corporation)". Image available at: http://photos.newswire.ca/images/download/20140513_C8083_PHOTO_EN_40233.jpg
SOURCE: Algoma Central Corporation
For further information:
Greg D. Wight, FCPA, FCA
President and Chief Executive Officer
Wayne A. Smith
Senior Vice-President, Commercial