Algoma targets investments of close to $400 million
Algoma Central Corporation announced today (March 22) that it expects to invest close to $400 million in Great Lakes shipping as it positions itself for the future.
Speaking at the Top Hat ceremony in St. Catharines marking the opening for the 2011 Seaway season on the Welland Canal, Greg Wight, President and CEO of Algoma Central Corporation, stressed: "This level of commitment to this industry is unprecedented. It is now up to all of us to work together to ensure we translate commitment and optimism into reality."
Algoma's fleet renewal program is beginning with the purchase of five new state-of-the-art Equinox Class vessels, with plans to expand on this recent order from a Chinese shipyard.
The five new Equinox vessels, with deliveries starting in 2013, will be joined by two identical freighters purchased by the Canadian Wheat Board. Algoma will manage and operate these ships on the CWB's behalf. (Photo : Algoma Central Corporation)