Algoma Central Corporation Announces Contract to Build New Equinox Class Self-Unloading Vessel


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ST. CATHARINES, Ontario – (BUSINESS WIRE) – Algoma Central Corporation (“Algoma” or the “Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that it has entered into a contract with the Yangzijiang Shipyard in Taicang City, China, to build a new Seaway-Max self-unloading vessel for its national dry bulk fleet.

This press release contains multimedia. See the full version here: https://www.businesswire.com/news/home/20210531005035/en/

View from Captain Henry Jackman’s deck as it crosses the Pacific Ocean. (Photo: Business Wire)

The vessel, which has yet to be named, will be the first of the new Equinox 2.0 class, a design that builds on the original Equinox class standards to achieve better fuel efficiency, improved speed at engine power. lower and improved deadweight capacity. The new Equinox 2.0 incorporates a number of design changes including various innovations aimed at reducing weight and a reconfigured stern that incorporates a dual rudder design to increase the size of the cargo hold, resulting in increased cargo hold. vessel capacity of approximately 1,440 metric tons. Other design improvements include improved propeller efficiency and changes in the shape of the cargo holds to improve handling of certain “sticky” cargoes.

“We are very pleased to exercise one of our options at YZJ Shipyard for the first Equinox 2.0 vessel,” said Gregg Ruhl, President and CEO of Algoma. “Our in-house design team is relentless in seeking improvements in the design of our vessels. Every previous Equinox Class ship incorporated modest improvements over its predecessors as we learned more about ships during construction and as they entered service. The changes to this vessel were such an improvement over the previous design that we think adding a version number to the design name makes sense, ”continued Mr. Ruhl.

The new vessel is to replace the Algoma Transport, one of the oldest vessels in Algoma’s dry bulk fleet. Triggering the option now allows Algoma to lock in a building slot with ideal delivery timing. Construction of the vessel will begin at the end of 2022 and the vessel is expected to join the fleet at the start of the 2024 navigation season.

Algoma also reports that Captain Henry Jackman, the company’s new Equinox-class gearless bulk carrier, is making good progress on its return voyage. As previously announced, Algoma took delivery of the vessel in early April and its journey to Canada began on April 29. The delivery trip is going remarkably well, demonstrating that Algoma’s effort to gradually improve the design of the Equinox-class ships is already paying promising dividends. At power settings similar to those used on previous delivery trips, the Captain Henry Jackman has slightly lower daily fuel consumption overall, but makes much better speed. Weather permitting, the ship is expected to arrive in Panama on June 6 and transit through the Canal on June 7, before embarking on the final leg of the delivery journey through the Caribbean and on the east coast of the United States to enter. in the St. Lawrence River. Captain Henry Jackman is expected to arrive in Montreal around June 19 and will join the Algoma Dry Bulk Fleet as an operational vessel following a flag change and the completion of inspections and other Canadianization procedures.

The Captain Henry Jackman and the new Equinox 2.0 ship have significant sustainability benefits that will help Algoma meet its greenhouse gas targets by reducing the amount of emissions per tonne-kilometer of cargo. Investing in new, more sustainable capabilities is only part of what Algoma is doing to be your marine carrier of choice.

For more information, please see the sustainability report on our website at https://www.algonet.com/sustainability/.

About Algoma Central Corporation

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry bulk carriers, gearless dry bulk carriers, cement carriers and tankers. Algoma also owns dry bulk self-unloading ocean-going vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diverse portfolio of dry bulk fleets serving international customers.

Gregg A. Ruhl

President and CEO

905-687-7890

Peter D. Winkley CPA, California

Financial director

905-687-7897

Or visit

www.algonet.com

Source: Algoma Central Society


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