Photo: Illustration; Image Courtesy: Algoma

Algoma Places Order for Equinox Bulker in China

Canadian shipping company Algoma Central Corporation has exercised an option to build a new Equinox Class bulker in China.

The seawaymax gearless vessel was ordered from Yangzijiang Shipyard and is scheduled to arrive in Canada for the 2021 navigation season.

The option carries a price of USD 38 million and was exercised subsequent to the first quarter of 2019, the company said in its financial report for the period.

For the three months ended March 31, 2019, Algoma Central Corporation delivered an increase of 19% in revenue, reaching CAD 71,853, mainly as a result of high customer demand and the addition of one vessel in the product tanker segment, and full fleet utilization in the ocean selfunloader segment.

Net loss for the first quarter of 2019 expanded to CAD 22,800 from CAD 9,142 reported a year earlier, mainly due to a foreign currency loss in 2019 versus a gain reported in 2018 and higher lay-up and dry-dock expenses in 2019 than in the prior year.

*(CAD 1 = USD 0.74)

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