Algoma, Nova Create Cement Carrier JV

Image Courtesy: Nova Marine

Canada’s Algoma Central Corporation has entered into a joint venture agreement with Nova Marine Holding SA of Luxembourg and its subsidiaries to create a specialized global fleet of cement carriers.

Under the deal, Algoma will own 50% of the joint venture, which is to be named NovaAlgoma Cement Carriers or NACC.

“We are very excited about the opportunity this investment with Nova presents,” said Ken Soerensen, President and CEO of Algoma.

“NACC is an excellent example of a global short-sea shipping business that shares many characteristics with our domestic dry-bulk business,” Soerensen continued.

As disclosed, the move is driven by the increasing demand for modern efficient cement carriers as infrastructural projects gain momentum in developing regions, by infrastructure renewal in mature markets, by consolidation among major cement producers and by the need to renew an aging fleet.

Under the terms of the agreement, Algoma will acquire a 50% interest in the existing cement carrier fleet owned by Nova and comprising three pneumatic cement carriers now in operation and two additional vessels under construction. These five vessels are and will be deployed in various regional markets in Asia and Europe.

“The cement business is becoming more global and consolidated. We are excited by the prospects of this venture because it aims to create a dedicated group to serve the cement industry in its global logistic needs,” said Vincenzo Romeo, CEO of Nova Marine Holding SA.

Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >