Algoma has acquired the product tanker Algoterra. The ship arrived at Pier 9 Sunday morning, and crews went right to work painting out her old name.
Built in 2010 as the Louise Knutsen, the ship was renamed Louise K for the delivery trip. The ship also becomes the newest tanker in Algoma’s fleet which was built between1998-2008. Algoma took posession of the ship in Amsterdam on April 1. Algoma has been on a buying spree as of late, acquiring the product tanker AlgoNorth late last year.
Algoma today announced the signing of a agreement to acquire the interest held by Oldendorff Carriers in the CSL International Pool including the three vessels owned by Oldendorff operating in the Pool. As a result of the transaction, Algoma’s interest in the Pool will increase to approximately 40%.
The Pool consists of 18 self-unloading vessels ranging from handy-sized to panamax and provides shipping services along the coasts of the Americas and in the Caribbean. Pool vessels frequently carry gypsum from Halifax to the US. Algoma currently owns five vessels operating in the Pool. As a result of this transaction, Algoma will acquire the handy-sized m/v Alice Oldendorff, and the m/v Harmen Oldendorff and the m/v Sophie Oldendorff, both of which are panamax vessels, for US$100 million. The deal is expected to close late in the second quarter of 2019.
On the 17th Algoma stated they expect to fund the transaction principally from the proceeds of the refund guarantees from the cancellation of four Croatian shipbuilding contracts. the next Day they announced they had received a full refund of all installment payments made in connection with the now-cancelled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.
Algoma entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. After considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to the shipyard being unable to put forward a plan that would lead to completion of the remaining hulls. Demands for installment refunds were made in December 2018 and the banks have now remitted a total of CAD$115 million in full settlement of the claims.
Algoma also extended the expiry dates on three existing option contracts held with Yangzijiang Shipyard in China (YZJ) until later in 2019. These options to build Equinox Class self-unloaders or gearless bulkers at attractive prices, were to expire at the end of December.
Algoma contracted for the building of two Equinox Class seawaymax
self-unloaders by YZJ in 2015 and subsequently enlisted the support of
the shipyard to complete two of the partially built Nantong Mingde
hulls, which Algoma acquired from that bankrupt shipyard. Three of the
four ships have been delivered. The final Nantong Mingde hull, the
Algoma Conveyor, is scheduled for delivery in February and is expected
to be in service for the 2019 navigation season.
Algoma recently purchased the Swedish registered tanker Ramira, and registered it in Canada as AlgoNorth. The 2008 Turkish built tanker is scheduled to sail on the 12th from Goteborg Sweden for Canada. as the ship is registered in Halifax, its likely this will be the first stop.
A Products tanker, she is 135 meters long =, and similar in size to the other products tankers Algoma operates.
the YM Modesty (above) Entered the basin this morning around 11am to tie up at Fairview cove. Once clear of the narrows, the Algoma Integrity (below) Sailed outbound for Baltimore from National Gypsum.
The bulker RADCLIFFE R. LATIMER spent a few days tied up at Pier 25/26 before moving to National Gypsum Mid afternoon. built in 1978 as Algobay, she also was chartered to CSL from 94-97 as Atlantic Trader. She was rebuilt in China in 2008/09 and took her current name in 2012.
The Bulker Barkald, recently made a run from Halifax to Philidephia. While in the City of brothery love, She took a new name – CSL Reliance, but Maintained her Bahamas registry. She returned to National Gypsum yesterday with her new Identity.
She was built in Oshima, Japan in 2002 she was owned by the Torvald Klaveness Group of Oslo. Until November 2015 when CSL purchased her and Trilium Class vessel Balto. Both ships operates in the CSL International pool with ships of CSL Americas, Oldendorff Carriers, Marbulk Shipping Inc and Algoma Shipping Inc.
Under similar deals at the same time, Marbulk, which is owned 50/50 by CSL and Algoma, Purchased Balder (now Venture) and Algoma purchased Balchen (Now Algoma Vision) and Baldock (Now Algoma Value) from the Torvald Klaveness Group
this post is a bit late.. Algoma Hansa tied up at pier 34 in Late July. As the sole foreign flagged tanker in the Algoma fleet, she was purchased with her sister vessel who would become Algosea. Algoma Hansa operated in an international pool of tankers, and was modified for seaway service during her 2013 routine drydocking. She was Canadian registered on July 31.
I caught her this past friday, performing a fire drill.