Algoma Central Corporation Announces Departure of Algoma Strongfield from China

(TSX : ALC)

ST. CATHARINES, ON, April 3, 2017 /CNW/ - Algoma Central Corporation  ("Algoma" – www.algonet.com)  today announced that the Algoma Strongfield has completed preparations and has now begun its delivery voyage to Canada. The ship is expected to enter service as part of the Algoma Bulker Pool in June.

The Algoma Strongfield will make the journey to Canada under foreign flag and will be re-flagged and crewed by Canadian seafarers when she reaches Canada. The ship will join its Equinox Class sister ships, the Algoma Equinox, the Algoma Harvester, along with the G3 Marquis, owned by G3 Canada Limited and will service the Company's agriculture and iron ore trades.  

"We are looking forward to the Algoma Strongfield's arrival in Canada this summer," said Ken Bloch Soerensen, Algoma President and CEO.  "The completion and delivery of this ship was delayed by the bankruptcy of the shipyard at which she was being built; however, liquidation of the shipyard enabled us to acquire the vessel at an attractive price," Mr. Soerensen continued.

The Algoma fleet now includes four of the original Equinox Class series of gearless bulker carriers. Seven additional Equinox Class vessels, including two 650' self-unloaders and five 740' self-unloaders are currently under construction. Two of these ships are scheduled to be delivered in time to enter service during 2017.

About Algoma

Algoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry bulk carriers and product tankers. Algoma also has interests in ocean dry-bulk vessels operating in international markets and provides ship management services for other ship owners.

SOURCE Algoma Central Corporation

For further information: Ken Bloch Soerensen, President and Chief Executive Officer, +1 905-687-7885; Peter D. Winkley, CPA, CA, Chief Financial Officer, +1 905-687-7897

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http://www.algonet.com

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