Algoma Central Corporation announces new NovaAlgoma Cement Carriers Limited investment
Algoma Central Corporation announced June 4 that NovaAlgoma Cement Carriers Limited (NACC) has acquired a 25 percent ownership interest in JT Cement, joining KGJ Cement Holdings AS and Erik Thun AB of Sweden in the cement company, which owns a fleet of seven smaller, specialized pneumatic cement carriers.
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. “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,” said Petter Tronstad, Chief Executive Officer of KGJ Cement. “We welcome this opportunity to increase the flexibility available to our valued customers.”