Algoma Central Corporation and Nova Marine Carriers SA Announce a New Initiative in Global Short-Sea Shipping

(TSX : ALC)

ST. CATHARINES, ON and LUGANO, Switzerland, March 2, 2017 /CNW/ - Algoma Central Corporation of St. Catharines, Canada ("Algoma" – www.algonet.com) and Nova Marine Carriers SA of Lugano Switzerland ("Nova") today announced that they are exploring an expanded partnership that is expected to lead to the creation of a global company specializing in short-sea dry bulk shipping.  Creation of the partnership is subject to completion of appropriate due diligence and finalization of definitive documentation.

The new company, which is to be called NovaAlgoma Short-Sea Carriers, or NASC, will initially operate a fleet of approximately 70 bulker vessels with capacities up to 15,000 dwt in markets world-wide. The fleet will comprise owned ships, chartered vessels, and vessels under third party management contracts.

In 2016, Algoma and Nova joined forces 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.

About Algoma

Algoma Central Corporation operates the largest Canadian flag fleet of 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. Algoma also has interests in ocean dry-bulk vessels operating in international markets and provides ship management services for other ship owners.

About Nova

Nova Marine Carriers SA, headquartered in Lugano, Switzerland, operates a varied fleet of modern bulk carriers and belt self unloading vessels ranging from 5,000 dwt up to 57,000 dwt.  With over one hundred ships under control, Nova specializes in bulk traffic in the Mediterrenean, Atlantic and Persian Gulf and in Italian cabotage.

SOURCE Algoma Central Corporation

Ken Bloch Soerensen, President and Chief Executive Officer, Algoma Central Corporation, [phone]; Vincenzo Romeo, Chief Executive Officer, Nova Marine Carriers SA, [phone]

Related Links

http://www.algonet.com