The Canadian shipping company Algoma Central Corporation has decided to sell a part of its real estate portfolio in an effort to inject more funds into the renewal of its domestic dry bulk fleet.
As part of the company’s new strategic objective, the capital from the sale would also be directed “to new opportunities in international shipping.”
Namely, Algoma has sold Ridley Square in St. Catharines, the third property sold from the company’s real estate portfolio, for USD 14.1 million.
“The proceeds from the sale of our properties will enable new growth for the company in an ever evolving marine industry,” Ken Bloch Soerensen, President and CEO of the company, said.
A gain on the sale of the property will be reported in the company’s fourth quarter results, according to Algoma.
The shipping firm operates dry and liquid bulk carriers on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry bulk carriers and product tankers.
As part of its on-going fleet renewal program Algoma earlier announced contracts for seven new Equinox Class domestic dry bulk vessels.