Algoma, Nova to Form Short-Sea Shipping Company
- Business & Finance
Shipping companies Algoma Central Corporation and Nova Marine Carriers SA revealed that they are exploring an expanded partnership to create a global company specializing in short-sea dry bulk shipping.
The new company, to be called NovaAlgoma Short-Sea Carriers (NASC), would initially operate a fleet of approximately 70 bulker vessels with capacities up to 15,000 dwt in markets worldwide.
The fleet will comprise owned ships, chartered vessels, and vessels under third party management contracts, the duo said in a statement.
“Creation of the partnership is subject to completion of appropriate due diligence and finalization of definitive documentation,” Algoma and Nova explained.
In 2016, the two companies joined forces to form NovaAlgoma Cement Carriers (NACC) to focus on building a fleet of pneumatic bulk vessels to service cement manufacturers.
Canada-based Algoma operates a fleet of dry and liquid bulk carriers on the Great Lakes – St. Lawrence Waterway, including self-unloading dry bulk carriers, gearless dry bulk vessels and product tankers.
Nova, headquartered in Lugano, Switzerland, operates a fleet of bulk carriers and belt self-unloading vessels ranging from 5,000 dwt up to 57,000 dwt.