Algoma a partner in new shipping company

A new global company specializing in short-sea dry bulk shipping is expected to be created as Algoma Central Corp. and Nova Marine Carriers SA, of Lugano, Switzerland, explore an expanded partnership, the two companies announced. The new company, to be called NovaAlgoma Short-Sea Carriers, or NASC, will initially operate a fleet of about 70 bulk vessels with capacities up to 15,000 dwt (deadweight tonnage) in markets worldwide. The fleet will comprise owned ships, chartered vessels and vessels under third-party management contracts. Deadweight tonnage is how much mass a ship is carrying or can safely carry, and does not include the weight of the ship. Creation of the partnership is subject to completion of appropriate due diligence and finalization of definitive documentation, St. Catharines-based Algoma said in the release. Algoma, which operates the largest Canadian flagged fleet of dry and liquid bulk carriers on the Great Lakes – St. Lawrence waterway, originally joined forces with Nova Marine in 2016 to form NovaAlgoma Cement Carriers (NACC) to focus on building a fleet of modern pneumatic bulk vessels to service cement manufacturers. The company has already positioned itself as one of the leaders in this specialized segment, Algoma said. Nova Marine operates a varied fleet of modern bulk carriers and belt self unloading vessels ranging from 5,000 dwt up to 57,000 dwt. With more than one hundred ships under its control, Nova specializes in bulk traffic in the Mediterranean Sea, Atlantic Ocean and Persian Gulf and in Italian cabotage. Algoma also has interests in ocean dry-bulk vessels operating in international markets and provides ship management services for other ship owners.