NovaAlgoma Cement Carriers invests in JT Cement
Published by Claire Cuddihy,
Assistant Editor
Dry Bulk,
Leading Canadian provider of marine transportation services, Algoma Central Corp. (Algoma), has announced that its 50/50 joint venture with Nova Marine Carriers, NovaAlgoma Cement Carriers Ltd (NACC), has acquired a 25% ownership interest in JT Cement (JT Cement). NACC will join KGJ Cement Holdings AS (KGJ) and Erik Thun AB (Thun) of Sweden in the cement company which owns a fleet of seven smaller specialised pneumatic cement carriers.
The investment is to 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.
Ken Bloch Soerensen, President and CEO of Algoma Central Corp, commented: “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.”
“We look forward to working with our new partners to create new opportunities for the JT Cement fleet.”
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,” commented CEO of KGJ Cement, Petter Tronstad. “We welcome this opportunity to increase the flexibility available to our valued customers.”
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/07062018/novaalgoma-cement-carriers-invests-in-jt-cement/
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