DP World unit takes controlling stake in NovaAlgoma Cement Carriers

P&O Maritime Logistics (POML), a subsidiary of Dubai-based terminal operator DP World, has decided to acquire a 51% controlling stake in NovaAlgoma Cement Carriers’ (NACC) wholly owned cement assets.

POML and NovaAlgoma Cement Carriers, the cement shipping joint venture between Canada’s Algoma Central Corporation and Italian-Swiss Nova Marine Group, have entered into a definitive agreement for the acquisition.

As informed, the transaction excludes NovaAlgoma’s joint venture interests in Northern Europe, Indonesia, and Greece.

NovaAlgoma will retain a 49% minority interest to be held in a new entity based in Dubai (NACC). There will be no changes to the daily operations of the NACC vessels as a result of the transaction and the fleet will continue to be commercially and technically managed by the current teams, the companies said.

The acquisition is said to strengthen DP World’s presence in the breakbulk and dry-bulk sectors, particularly in infrastructure-related cargo flows.

“This acquisition reflects our commitment to deepening our capabilities in specialised maritime logistics. NovaAlgoma is a world-class operator with strong leadership, and we are excited to welcome them into the DP