Algoma Orders Two 37,000 DWT Ice Class Product Tankers For $127 Million CAD From Hyundai Mipo Shipyard

Algoma Central Corporation (“Algoma”) (TSX: ALC), announced it has placed an order with Hyundai Mipo Shipyard in South Korea to build two 37,000 DWT ice class product tanker vessels for a total investment of $127 million CAD.

These new ships will be entered on long-term time charters to Irving Oil under Canadian flag, servicing the energy company’s refinery in Saint John, New Brunswick, with deliveries to ports in Atlantic Canada and the US East Coast.

Algoma
Credits: Algonet

“Strategically unlocking diversified marine shipping opportunities and new partnerships form fundamental pillars that continue to drive our growth and success,” said Gregg Ruhl, President and CEO of Algoma. “With this investment, we will augment our fleet with a new asset class, expand the markets served by our Product Tankers segment and add an important new Canadian customer to our business.

These vessels have been designed to support Irving Oil’s unique operational requirements and with a view towards optimizing the carbon requirements in these trades, now and into the future, possessing optionality for future methanol and shore power capabilities,” concluded Mr. Ruhl.

“We remain committed to providing a safe and secure supply of energy products to our customers,” said Ian Whitcomb, President of Irving Oil.

“This investment highlights our company’s continued commitment to sustainable operations and ensuring the security of energy in the regions we operate.”

Delivery of the new vessels is expected during the first quarter of 2025. Upon arrival in Canada, the vessels will be immediately deployed on the agreed time charter.
New vessel highlights:

• Eco-friendly optimized ice class 1B design
• Boston Beam width of 27.4 metres
• Methanol ready as per ABS Notations – Methanol Fuel Ready Level 3(S), Methanol Fuel Ready Level 2D (TA, ME)
• High voltage and shore power (cold-ironing) ready – ABS Notation HVSC-Ready
• Enhanced ballasting capabilities to optimize operations in the Bay of Fundy

Press Release

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Do you have info to share with us ? Suggest a correction

About Author

Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.

Subscribe To Our Newsletters

By subscribing, you agree to our Privacy Policy and may receive occasional deal communications; you can unsubscribe anytime.

Web Stories

Leave a Reply

Your email address will not be published. Required fields are marked *