Too bad it won't create Canadian jobs
Algoma to create a global cement carrier fleet
Tuesday, 19 January 2016 17:31
Canada-based Algoma Central Corporation has entered into a joint venture agreement with Nova Marine of Luxembourg to create a specialised global fleet of cement carriers to support infrastructure projects world-wide. Algoma will own 50 per cent of the joint venture, which is to be named NovaAlgoma Cement Carriers (NACC).
The demand for modern efficient cement carriers continues to increase globally. This growth is fueled by demand for infrastructure in developing regions, infrastructure renewal in mature markets, consolidation among major cement producers and by the need to renew an aging fleet.
Under the terms of the agreement, upon the satisfaction of certain conditions, Algoma will acquire a 50 per cent interest in the existing cement carrier fleet owned by Nova, which is comprised of three pneumatic cement carriers now in operation and two additional vessels under construction. The five vessels will be deployed in various regional markets in Asia and Europe.