• 2019 January 19 11:44

    Algoma increases its interest in the ocean self-unloader Pool

    Algoma Central Corporation (“Algoma” or “the Company”), a leading provider of marine transportation services, says it has signed a definitive agreement to acquire the interest held by Oldendorff Carriers GMBH & Co. (Oldendorff) in the CSL International Pool (the Pool) including the three vessels owned by Oldendorff operating in the Pool. As a result of the transaction, Algoma’s interest in the Pool will increase to approximately 40%.

    The Pool consists of 18 self-unloading vessels ranging from handy-sized to panamax and provides specialized shipping services to a range of customers along the coasts of the Americas and in the Caribbean. Algoma currently owns five vessels operating in the Pool. As a result of this transaction, Algoma will acquire the handy-sized m/v Alice Oldendorff, and the m/v Harmen Oldendorff and the m/v Sophie Oldendorff, both of which are panamax vessels, for US$100 million. The deal is expected to close late in the second quarter of 2019.

    “Increasing our participation in the Pool has been a strategic interest for Algoma for some time and the completion of this transaction is aligned with that intent,” said Ken Bloch Soerensen, President and Chief Executive Officer of Algoma. “During 2018, we assumed technical management of our existing Pool ships and opened a new office in Fort Lauderdale with an expanded technical staff. We expect to assume technical management of these three ships seamlessly on closing.”

    Algoma expects to fund the transaction principally from the proceeds of the refund guarantees from the cancellation of four Croatian shipbuilding contracts.

    “Redeploying the proceeds of the refund guarantees in this manner enables us to put those funds to work quickly in a business we know well with attractive returns”, said Peter Winkley, Chief Financial Officer of Algoma. “Although a decision is pending on the replacement of the vessels that were to have been built by Uljanik shipyard, we expect to fund any instalments required on such replacement contracts from operating cash flows and available credit facilities.”

    Algoma has been involved in ocean self-unloaders since 1998 when the Company acquired a 50% interest in Marbulk Canada Inc. (Marbulk), then an independent operator of five self-unloaders converted for ocean use. Marbulk joined the current Pool in 2000. Marbulk’s original ships have now retired and in the intervening years Algoma’s ocean subsidiary, Algoma Shipping Ltd., acquired a direct interest in the Pool, growing its fleet to five vessels prior to this acquisition.

    About Algoma Central

    Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers.  Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which includes a diversified portfolio of dry-bulk fleets operating internationally.




2019 December 7

11:34 AET secures long-term DPST charter contracts with Shell
10:37 Titan LNG tenders for 8000 cbm LNG bunker barge

2019 December 6

18:11 Lithuania aims to ensure state management of „Rail Baltica“ infrastructure
17:55 More operative services of towboats in the Port of Klaipėda
17:28 Acceptance/delivery certificate for Kalas, first rescue tugboat of Project MPSV12
17:06 APM Terminals Gothenburg takes another major step in their journey towards climate neutrality
16:04 Damen Shiprepair Amsterdam MD receives Harbour Medal
15:57 Northern Sea Route cargo traffic totaled 27.59 million tonnes YTD, up almost 70% Y-o-Y
15:26 IAPH Women’s Forum’s initiative “Women in Ports Mentoring Program” now extended to female Harbour Masters
15:03 Seabourn brings a new experience to guests with unique “Bow Lounge”
14:22 Throughput of port Ventspils (Latvia) in 11M’19 grew by 4% to 19.47 million tonnes
14:03 The container terminal at the Port of Gothenburg to be fossil-free by 2020
13:05 Carnival Corporation's Costa Cruises welcomes LNG-powered Costa Smeralda to fleet
12:54 Yacht Zarya with Russian team wins ARC+St.Vicent 2019
12:23 UN maritime agency commits to further action on gender equality
12:01 Jan De Nul sets new sustainability standards for maintenance dredging works in the marinas of Nieuwpoort on the Belgian coast
11:30 Canada Infrastructure Bank invests $300 million in Port of Montreal’s expansion project in Contrecoeur
11:20 Costa Smeralda delivered from Meyer Turku shipyard
11:02 Yang Ming sets up subsidiary in China
10:45 Largest Latvian transit companies represented at 2019 Russian Transport Week
10:17 GTT receives an order from Samsung Heavy Industries for the tank design of two new LNG Carriers
10:12 Joint Russian-Vietnamese exercise underway in Cam Ranh
09:59 MAN Energy Solutions and Orcan Energy agree to collaborate
09:49 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Dec 06
09:30 Brent Crude futures price is down 0.44% to $63.11, Light Sweet Crude – down 0.33% to $58.23
09:14 Baltic Dry Index is down to 1,575 points
08:31 DNV GL awards Hudong-Zhonghua AiP certificate for gas-fueled 25000 TEU containership design

2019 December 5

18:05 ABS, MAN & SDARI join forces to develop ammonia-fueled feeder vessel
17:46 Throughput of Rostov-on-Don port in 11M’19 fell by 7% Y-o-Y to 21.1 million tonnes
17:21 Extraordinary general shareholders meeting of LUKOIL approves interim dividend
17:05 NORDEN enters new biofuel collaboration with Kvasir Technologies
16:28 Cargo traffic on Northern Sea Route can grow to 160 million tonnes by 2035 – Aleksandr Krutikov
16:05 ABS and CATL sign battery research agreement
15:54 Port of HaminaKotka published its statistics for November 2019
15:30 Ministry for Development of Russian Far East and Arctic expects special economic regime to come into force in Arctic in 2020
15:03 DNV GL and Huangpu-Wenchong sign JDP on 5,000 TEU LNG dual-fuel containership
14:49 Global project launched to tackle plastic litter from ships and fisheries
14:33 IMO Assembly approved renewal of Kitack Lim’s appointment as secretary-general of UN body
14:06 Torqeedo powers all-electric harbour water clean-up boat
13:06 YILPORT Puerto Bolívar now operates with four mobile harbor cranes
12:44 Bunker prices increase at the Far East ports of Russia (graph)
12:25 Norfolk, Virginia to host Port & Terminal Technology USA on 21-22 April 2020
12:17 MABUX: Bunker market this morning, Dec 05
12:08 Inmarsat launches Fleet LTE service in the North Sea
11:50 Forum «Arctic: Today and the Future» kicked off in Saint-Petersburg
11:29 “K” Line completes additional development (Phase-2) of “Kawasaki Integrated Maritime Solutions”
11:05 PIL upgrades Redsea Gulf Service and Intra-Redsea Feeder 5
10:37 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
10:01 Bunker sales at port Vladivostok in 11M’19 grew by 53.2% to 1.58 million tonnes
09:36 Brent Crude futures price is down 0.1% to $62.94, Light Sweet Crude – down 0.38% to $58.2
09:18 Baltic Dry Index is down to 1,599 points
09:03 CMA CGM and Total sign a major agreement
06:49 Ocean Yield ASA announces delivery of three LR2 product tankers with long-term charters

2019 December 4

18:30 North Carolina Ports Chief Commercial Officer retires
18:09 Diana Shipping announces time charter contracts for m/v Myrsini with Ausca and m/v Artemis with Koch
17:26 Freight turnover of Neva-Metal (Saint-Petersburg) in 11M’19 fell by 1% Y-o-Y to 2.93 million tonnes
17:09 ABS presents its innovative work at the annual meeting of the ABS South East Asia Regional Committee
16:48 Traficom: new study published on indicative analysis methods used in the control of ships’ ballast water treatment
16:32 Port of Gdynia increased container handling by 13% to 750.439 thousand tons in 10M’2019