Scandinavian acquisition for Algoma’subsidiary
NovaAlgoma Cement Carrier has taken over 25% into JT Cement which owns 7 small specialized vessels
NovaAlgoma Cement Carriers Limited (NACC) has acquired a 25% ownership interest in JT Cement of Norway thus joining KGJ Cement Holdings AS and Erik Thun AB of Sweden in the cement company which owns a fleet of 7 smaller specialized pneumatic cement carriers servicing major cement providers in Northern Europe.
The investment will expand NACC’s global footprint into the Northern European market where KGJ and Thun have a strong presence and will provide additional strength and flexibility to the fleet’s customers.
“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 CEO of Algoma Central Corporation, a publicly traded company which operates the largest fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers which also owns ocean self-unloading dry-bulk vessels operating in international markets.
The mighty Canadian group is a partner into NACC, a 50/50 joint venture with Nova Marine Holding SA of Luxembourg – belonging to the Italian Romeo Group of shipping companies - dedicated to building a global fleet of cement carriers to support infrastructure projects worldwide.
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.
“The addition of NACC to the ownership group of JT Cement will strengthen our team and provide opportunities for further growth in the Northern European region” said Petter Tronstad, Chief Executive Officer of KGJ Cement. “We welcome this opportunity to increase the flexibility available to our valued customers.”
In January, 2016, Nova Marine Carriers SA and Algoma Central Corporation created NovaAlgoma Cement Carriers, whose fleet comprises pneumatic cement carriers that utilize a compressor and pump system to load and unload cement powder; cement shipping is a regionalized market with smaller vessels servicing large global manufacturers that support infrastructure investment.