Canada’s Irving Oil and Algoma Central Corporation (TSX: ALC) yesterday welcomed the first of two new methanol-ready product tankers into Saint John Harbour, New Brunswick. The vessels will service Canada’s largest refinery
Algoma East Coast.[Photo: Algoma Central]
Canada’s Irving Oil and Algoma Central Corporation (TSX: ALC) yesterday welcomed the first of two new methanol-ready product tankers into Saint John Harbour, New Brunswick. The vessels will service Canada’s largest refinery with deliveries to ports in Atlantic Canada and the U.S. East Coast. The vessels represent a total investment of $127 million by Algoma in partnership with Irving Oil.
The Algoma East Coast and the Algoma Acadian – the latter of which will arrive later this spring – are 37,000 DWT ice class product tanker vessels ordered by Algoma and constructed at the Hyundai Mipo Shipyard in South Korea. Both vessels will be on long-term time charter to Irving Oil under Canadian flag.
“Algoma is excited to welcome the Algoma East Coast, and soon, the Algoma Acadian, to our product tanker fleet,” said Algoma’s president & CEO Gregg Ruhl. “These additions introduce a new asset class to the segment, enhancing our
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