Algoma Central Corporation announced that 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.
According to the company, 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.
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.
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. This investment highlights our company’s continued commitment to sustainable operations and ensuring the security of energy in the regions we operate”, said Ian Whitcomb, President of Irving Oil.
As informed, 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.
