Algoma Inks Deal to Buy Four Bulker Oldies
- Business & Finance
Canadian provider of marine transportation services Algoma Central Corporation has reached an agreement with American Steamship Company (ASC) to acquire four river-class vessels.
The company is to acquire the 1978-built M.V. Buffalo, the 1973-built M.V. Adam E. Cornelius, the 1953-built S.S. American Valor and the 1943-built S.S. American Victory.
“The availability of these vessels presented an opportunity to expand Algoma’s vessel fleet and capacity at extremely attractive values,” the company explained.
Buffalo and Adam E. Cornelius will provide capacity for the river-class segment of Algoma’s domestic dry bulk market.
American Valor and American Victory have the potential to be re-powered as motor vessels, converted to articulated tug barges, or have their forebodies mated with existing modern sterns, according to Algoma. However, no immediate plan for these two vessels has been confirmed.
“Delivery of the vessels further solidifies our market position in the river-class segment where we see many opportunities,” Gregg Ruhl, Chief Operating Officer at Algoma, commented.
All four ships are former US flag lakers that will be transferred to the Canadian registry for service in the Great Lakes – St. Lawrence trade.