Algoma Shipping, subsidiary of Algoma Central Corporation, sealed a deal to acquire the 40% interest held by Oldendorff Carriers in the CSL International Pool plus three Oldendorff-owned vessels operating in the pool.
Canada’s Algoma Shipping has added handysize Algoma Verity (formerly Alice Oldendorff) and panamaxes Algoma Valour and Algoma Victory (formerly Harmen Oldendorff and Sophie Oldendorff respectively) operating in the pool.
Algoma is paying $100.5m for the three ships.
Read more: Oldendorff sells three CSL Pool self-unloaders to Algoma for $100.5m
“Deploying our capital to grow our position in the ocean self-unloader business is strategic and positions Algoma well for pool growth that we foresee in the years ahead,” said Peter Winkley, cfo of Algoma.
“We know this business and these ships well and with customer demand remaining strong, we believe this is a good time to increase our investment in a business that has generated strong returns for us in the past,” Winkley added.
The finalisation of the deal sees Algoma having eight self-unloaders operating in the CSL Pool and CSL having 10, with Oldendorff effectively exiting the pool.
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