(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 new 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 vessels."
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. Lawrence Waterway.
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
Greg D. Wight, FCPA, FCA
President and Chief Executive Officer
Wayne A. Smith
Senior Vice-President, Commercial