Algoma Central Corporation News Release
Algoma Central Corporation – Contracts for three Equinox Class Self-Unloaders become effective.
Wed, 25 Nov 2015
ST. CATHARINES, ON, Nov. 25, 2015 /CNW/ – Algoma Central Corporation (“Algoma” – www.algonet.com) is pleased to announce that the contracts with Uljanik d.d. of Croatia to build three, 740 foot Seaway Max self-unloading bulk freighters have become effective.
Under the terms of the conditional contracts announced by Algoma on September 10, 2015, Uljanik d.d. was required to delivery security for the contractually required construction instalments that is acceptable to Algoma. This security was delivered by the yard and approved by Algoma on November 24, 2015.
“The design work and preliminary construction of the vessels has already begun” said Ken Bloch Soerensen, President and CEO of Algoma. “We now have a total of five ships under construction at the Uljanik Group’s 3Maj shipyard in Rijeka, Croatia and we look forward to working closely with Uljanik on the construction of these vessels,” Mr. Soerensen continued.
On November 19, 2015, Mr. Soerensen and Al Vanagas, Senior Vice-President, Technical for Algoma, accompanied by Canadian Ambassador to Croatia, Daniel Maksymiuk and Gianni Rossanda, President and CEO of Uljanik d.d., met with Croatian President, Kolinda Grabar-Kitarovic in Zagreb to celebrate the new contracts
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