Algoma-Nova Marine JV buys 5 ships
Shipping companies Algoma Central Corporation and Nova Marine have increased investment in their short sea shipping joint ventures, NovaAlgoma, by acquiring five vessels.
As informed, Nova Algoma is acquiring three cement carriers from KGJ Cement in Northern Europe and two Handy-size bulk carriers from Singapore’s Swire Bulk Holdings.
The first of the three cement vessels, the NACC Providence, previously named the Glory Atlantic, was delivered in early February to NovaAlgoma Cement Carriers Limited (NACC). The second ship will follow in March and the third is expected to be delivered in late June, according to the JV partners.
The two Handy-size bulk carriers, to be named the Sider Athena and the Sider Bear will join the NovaAlgoma Bulk Holdings fleet in late April and will be commercially managed by Nova Marine.
The vessels are joining NovaAlgoma’s already diversified vessel portfolio, which includes cement carriers, mini-bulkers and Handy-size bulk carriers.
“We carefully consider each opportunity for growth and these vessel purchases fit perfectly into our long-term plan for sustaining a profitable business alongside our partners at Nova Marine,“ Gregg Ruhl, President and CEO of Algoma Central Corporation, commented.
“The three cement carriers will support increasing cement requirements and significant global infrastructure investments. The two Handy-size vessels will be part of our active international sales and purchase vessel platform, which has delivered strong returns since 2018.”
“The cement carriers will supply additional capacity for NovaAlgoma Cement Carriers and provide tailored and flexible short sea logistics solutions for our customers in this market,” Vincenzo Romeo, Chief Executive Officer at Nova Marine, said.
“Working together with our partners at Algoma, we continually review market conditions and add incremental investments so we can strategically evolve with fluctuations in industry demand.”
NovaAlgoma Cement Carriers JV operates specialized pneumatic cement vessels worldwide. Once the above transactions close, NACC is expected to be the largest and most diverse fleet of specialized cement carriers operating globally.
NovaAlgoma Bulk Holdings operates Handy-size bulk carriers worldwide. The vessels are part of a platform that pursues international sales and purchase opportunities in the Handy-size market.
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