MV Algobay Gets New Name after Captain of Industry (Canada)

The M/V Algobay, which is owned by Algoma Central Corporation, was renamed in honour of Radcliffe R. Latimer in a rededication ceremony in Port Colborne yesterday.

The self-unloading bulk carrier, which transports commodities such as grain, coal, iron ore and gypsum to ports around the Great Lakes, St. Lawrence Seaway and Atlantic Canada, will now be called the M/V Radcliffe R. Latimer. Mr. Latimer, who recently retired from the Algoma Central Corporation board of directors, has an association with the company spanning 46 years and acted as its chairman between 2003-2010. Mr. Latimer, who lives in Toronto, has had an illustrious business career including CEO positions with CN Rail and TransCanada Pipelines and as a former chairman of Prudential Assurance Canada.

Greg Wight, CEO of Algoma Central Corporation, said: “Rad has played an important role in the success of Canadian business as well as Algoma Central. It is a privilege to have his name attached to one of our vessels. The Algobay was specifically chosen for this rededication due to Rad’s role in its recent major refurbishment.”

The Algobay was originally constructed in Collingwood Shipyard in 1978. After nearly 30 years of service in the Algoma Central fleet, the vessel underwent a major refit, including re-engining and a forebody conversion project at Chengxi Shipyard in China and returned to service with the company in 2010.

Mr. Latimer was very involved in the deliberation and approval process for the project, which was the beginning of Algoma Central’s domestic dry bulk fleet renewal program. Algoma Central has committed $400 million to 8 new Great Lakes vessels including the Algobay, Algoma Mariner and the six Equinox-class vessels now under construction in China.

Radcliffe Latimer said: “From its start in 1899 as one of the smallest of several dozen fleets, Algoma has systematically built its fleet into the largest on the Great Lakes. It’s now embarked on a massive fleet renewal investment which, with deliveries starting in 2013, will result in major fuel efficiency and substantial improvement in environmental performance. When this investment is finished, Algoma will have not only the largest Great Lakes fleet, but the most productive fleet as well. I am so proud to have been associated with this company for 46 years and so humbled by this honour they have so graciously extended to me.”

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Algoma, October 5, 2012