New Canadian Tankers to Transport Oil to East Cost Ports
Algoma Central Corporation, traditionally known for its dry bulk shipping, has introduced the first of two new tankers in collaboration with Irving Oil. These tankers will supply oil to Canada's largest refinery, delivering to ports in Atlantic Canada and the U.S. East Coast.
The first tanker, Algoma East Coast, arrived in St. John, New Brunswick on April 28, after completing inspections and being added to the Canadian shipping registry. The second tanker, Algoma Acadian, is currently en route in the Indian Ocean and is expected to arrive later this spring. Both vessels, built at Hyundai Mipo Shipyard in South Korea, represent a joint investment of C$127 million (US$92 million) by Algoma and Irving Oil.
Algoma's President & CEO Gregg Ruhl highlighted the significance of the new tankers, stating that they bring a fresh asset class to the company, boosting operational efficiency and broadening market reach. He praised the milestone in their newbuild journey, attributing its success to the partnership with Irving Oil and the commitment and skill of their operations team.
Algoma Central Corporation boasts a fleet of 96 vessels, with 11 more under construction. The company operates both dry and liquid bulk carriers, serving essential industries in the Great Lakes-St. Lawrence Region and beyond. Algoma's domestic dry-bulk fleet is the largest in the Great Lakes-St. Lawrence Seaway system.
The new additions are 37,000 dwt ice-class product tankers, chartered long-term to Irving Oil, replacing two older ships. These tankers will primarily load products in Saint John for delivery to Halifax, Charlottetown, and St. John's, with occasional trips to U.S. Atlantic Coast ports and other locations like Quebec and Montreal. Each tanker can carry between 260,000 and 265,000 barrels of gasoline, diesel, jet fuel, and other products.
Designed for future adaptability, the tankers are methanol fuel-ready and equipped for high voltage and shore power. They also feature enhanced ballasting capabilities to optimize operations in the Bay of Fundy.