NovaAlgoma Cement Carriers Buys Stake in JT Cement
- Business & Finance
NovaAlgoma Cement Carriers has acquired a 25% ownership interest in JT Cement, joining KGJ Cement Holdings and Erik Thun AB in the Norway-based cement company which owns a fleet of seven smaller specialized pneumatic cement carriers.
As explained, the investment will expand NACC’s global footprint into the Northern European market where KGJ and Thun have a strong presence.
“This investment will allow us to each apply our experience and knowledge in the pneumatic cement carrier market to create additional shipping solutions,” Ken Bloch Soerensen, President and CEO of Algoma Central Corporation, said.
“We look forward to working with our new partners to create new opportunities for the JT Cement fleet,” Soerensen added.
The daily operations of the JT Cement fleet will not change as a result of the NACC investment, with the vessels continuing to be commercially managed by KGJ’s office in Bergen, Norway.
“The addition of NACC to the ownership group of JT Cement will strengthen our team and provide opportunities for further growth in the Northern European region,” Petter Tronstad, Chief Executive Officer of KGJ Cement, commented.
In January 2016, Nova Marine Carriers SA and Algoma Central Corporation created NovaAlgoma Cement Carriers. The fleet comprises pneumatic cement carriers that utilize a compressor and pump system to load and unload cement powder.