SAULT STE. MARIE, ON, Sept. 24, 2013 /CNW/ - Algoma Central Corporation announced today that it will name one of its new environmentally-advanced Equinox Class vessels after the City of Sault Ste. Marie.
Greg Wight, President and CEO of Algoma Central Corporation, revealed the news as part of a keynote speech delivered at a luncheon hosted by the Sault Ste. Marie Chamber of Commerce on the future of Great Lakes-Seaway shipping.
Wight said: "We want to pay tribute to the long-standing relationship that has existed between our company and Sault Ste. Marie and to recognize the important role that marine shipping plays within this community. Accordingly, I am pleased to announce that Algoma Central will be naming one of its new Equinox Class vessels the 'Algoma Sault'."
Algoma Central Corporation owes its formative years to Sault Ste. Marie. It was first incorporated in the city back in 1899 as the Algoma Central Railway Company, which created a rail line from Sault Ste. Marie to the main Canadian Pacific rail line for the transport of iron ore and timber. Algoma Central, which is now headquartered in St. Catharines, has evolved into the largest Canadian-flag shipowner in the Great Lakes with 32 Canadian flag vessels.
The company continues to have a strong connection to Sault Ste. Marie through its substantial downtown property developments, including the Station Mall, Station Tower, Station 49 and the Delta Sault Ste. Marie Waterfront Hotel & Conference Centre.
The Algoma Sault is expected to arrive to trade in the Great Lakes-Seaway region for the beginning of the 2015 navigation season.
Algoma Central, and its customer the Canadian Wheat Board, have invested close to $500 million in 10 new vessels. Two of these ships are already trading in the Great Lakes and eight Equinox Class ships are under construction in China. The first Equinox Class vessel, the Algoma Equinox, is expected to arrive in the Great Lakes in November 2013.
These new lakers, which will carry a variety of cargoes that North American industry depends upon, including grain, iron ore, coal, construction materials and salt, are equipped with the latest technology to make them significantly more efficient and environmentally-friendly than any existing vessels.
Wight said: "The Equinox Class will carry more cargo, at higher speeds using less fuel; resulting in a 45% reduction in greenhouse gases. Algoma will also be installing exhaust gas scrubbing systems for the eight new Equinox Class vessels that will virtually eliminate sulfur oxide emissions."
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 19 self-unloading dry-bulk carriers, six 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 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.
A recently published economic impact study, commissioned by Marine Delivers, demonstrates the significant role that the Great Lakes / Seaway system plays in supporting the Canadian and U.S. economies. Some 227,000 jobs and $35 billion in economic activity are supported by the movement of goods within the Great Lakes / St. Lawrence Waterway. For more information, including access to the full text of the economic impact study, please consult the www.marinedelivers.com website.
Image with caption: "The Algoma Sault will be the second new self-unloading Equinox Class bulk carrier to join the Algoma fleet (photo illustration) (CNW Group/Algoma Central Corporation)". Image available at: http://photos.newswire.ca/images/download/20130924_C8229_PHOTO_EN_30948.jpg
SOURCE: Algoma Central Corporation
For further information:
Greg D. Wight, FCA
President and Chief Executive Officer
Wayne A. Smith
Senior Vice President, Commercial
And follow us on Twitter @AlgomaCentral