Algoma, Nova Marine Form JV

Pic:  Algoma Central Corporation

By Aiswarya Lakshmi

Canada-based Algoma Central Corporation and
Switzerland's Nova Marine Carriers SA have announced that they
are exploring an expanded partnership that is expected to lead to
the creation of a global company specializing in short-sea dry
bulk shipping.

Creation of the partnership is subject to completion of
appropriate due diligence and finalization of definitive
documentation.

The new company, which is to be called NovaAlgoma Short-Sea
Carriers, or NASC, will initially operate a fleet of
approximately 70 bulker vessels with capacities up to 15,000 dwt
in markets world-wide.

The fleet will comprise owned ships, chartered vessels, and
vessels under third party management contracts.

In 2016, Algoma and Nova joined forces to form NovaAlgoma Cement
Carriers (NACC) to focus on building a fleet of modern pneumatic
bulk vessels to service cement manufacturers. The company has
already positioned itself as one of the leaders in this
specialized segment.

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.

Nova Marine Carriers SA, headquartered in Lugano, Switzerland,
operates a varied fleet of modern bulk carriers and belt self
unloading vessels ranging from 5,000 dwt up to 57,000 dwt.

Mar 2, 2017

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