Algoma buys four veteran dry bulk vessels

All four ships are former U.S. flag lakers that will be transferred to the Canadian registry for service in the Great Lakes-St. Lawrence trade, according to Canadian marine transport services company Algoma Central Corp.    Ontario, Canada-based marine transport services company Algoma Central Corp. has reached an agreement with American Steamship Co. to acquire four vessels for use in the Great Lakes dry bulk market trade, the company has confirmed.
   The vessels purchased were the M.V. Buffalo, M.V. Adam E. Cornelius, S.S. American Valor and S.S. American Victory, Algoma said Dec. 21. Both parties have declined to publicly reveal the purchase price.
   All four ships are former U.S. flag lakers that will be transferred to the Canadian registry for service in the Great Lakes-St. Lawrence trade.
   “Both the M.V. Buffalo and the M.V. Adam E. Cornelius will provide efficient capacity to serve customers in the river-class segment of Algoma’s domestic dry bulk market,” the company explained in a statement. “Both ships will complement the company’s existing fleet to ship salt, aggregates, and other commodities.”
   “The S.S. American Valor and the S.S. American Victory have the potential to be re-powered as motor vessels, converted to articulated tug barges, or have their forebodies mated with existing modern sterns,” Algoma said. “However, no immediate plan for these two vessels has been confirmed.”
   Algoma added that the availability of the vessels not only presented an opportunity to expand its fleet and capacity at what it called “extremely attractive values,” but that the additions also would enhance Algoma’s versatility by giving its customers different cargo sizes and vessel configurations to meet their specific needs. 
   “Delivery of the vessels further solidifies our market position in the river-class segment where we see many opportunities,” Algoma Chief Operating Officer Gregg Ruhl said of the purchase.