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NovaAlgoma Cement Carriers buys stake in JT Cement

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Canada: NovaAlgoma Cement Carriers (NACC) has bought a 25% stake in JT Cement. It joins Norway’s KGJ Cement Holdings (KGJ) and Sweden’s Erik Thun (Thun) in ownership of the cement company, which operates a fleet of seven smaller specialised pneumatic cement carriers. The investment is intended to expand NACC's global footprint into the Northern European market where KGJ and Thun have a strong presence. The daily operations of the JT Cement fleet will not change as a result of the NACC investment, with the vessels continuing to be commercially managed by KGJ's office in Bergen, Norway.

"This investment will allow us to each apply our experience and knowledge in the pneumatic cement carrier market to create additional shipping solutions to meet the needs of customers," said Ken Bloch Soerensen, president and chief executive officer (CEO) of Algoma Central Corporation. NovaAlgoma Cement Carriers is a 50/50 joint venture company between Algoma Central Corporation and Luxembourg’s Nova Marine Holding.

In January 2016 Nova Marine Carriers and Algoma Central Corporation created NovaAlgoma Cement Carriers. The fleet comprises pneumatic cement carriers that utilise a compressor and pump system to load and unload cement powder.

Algoma Central Corporation operates a fleet of dry and liquid bulk carriers on the Great Lakes and St Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets.

Last modified on 06 June 2018

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