TORONTO, Sept. 11 /CNW/ - The Corporation, through a wholly-owned
subsidiary, has entered into an agreement with the Jiangxi Jiangzhou Union
Shipbuilding Co., Ltd. located in Jiangxi, China to construct three
double-hulled, IMO II, petroleum product tankers.
Deliveries of these three 16,500 DWT vessels are scheduled to commence in
late 2010 with completion in early 2011 and they are expected to cost
approximately $91 million U.S. in total.
These vessels will be operated and employed jointly with Bernhard
Schulte, Sloman Neptun and Intrepid Shipping who have ordered a series of
sister ships from the same shipyard. Trading areas for the ships are expected
to be focused in Europe, the Mediterranean and Asia. This opportunity allows
for further diversification of the Corporation within the global shipping
The Corporation owns and manages four Canadian-flagged product tankers
with delivery of an additional two tankers scheduled for the first half of
2008. The Corporation also owns a foreign-flag product tanker through a
wholly-owned foreign subsidiary. It is expected this foreign-flag product
tanker will also be operated and employed jointly with the Bernhard Schulte,
Sloman Neptun, Intrepid Shipping and Algoma group commencing in late 2008.
In addition to product tankers the Corporation owns 19 Canadian flagged
dry-bulk vessels that operate on the Great Lakes - St. Lawrence Waterway as
part of a 35 vessel fleet that is managed by Seaway Marine Transport, a
partnership with an unrelated party.
The Corporation owns two ocean-going self-unloaders through a
wholly-owned foreign subsidiary and an interest in five ocean-going self
unloaders through a joint venture. These seven vessels are part of a 28
vessel, ocean-going, self-unloader commercial pool.
The Corporation also owns a diversified fabrication, ship and engine
repair operation and commercial real estate.
For further information:
For further information: Tim S. Dool, President and Chief Executive
Officer, (905) 687-7878; Greg D. Wight, Executive Vice President and Chief
Financial Officer, (905) 687-7850