TelestackPort of South LouisianaViganGeneva DryTMS Awards 2023Van Aalst
  • Port of South Louisiana
  • Sailors Society
  • Vigan
  • Bühler GmbH
  • Telestack
  • TMS Awards 2023

Algoma’s new NACC investment

(Posted on 08/06/18)

Algoma Central Corporation, a leading provider of marine transportation services, has announced that NovaAlgoma Cement Carriers Limited (NACC), has acquired a 25% ownership interest in JT Cement (JT Cement), joining KGJ Cement Holdings AS (KGJ) and Erik Thun AB (Thun) 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.”

In January, 2016, Nova Marine Carriers SA and Algoma Central Corporation created NovaAlgoma Cement Carriers. The fleet comprises pneumatic cement carriers that utilize a compressor and pump system to load and unload cement powder. This operation is very clean, with essentially no discharge to the atmosphere. Cement shipping is a regionalized market with generally smaller vessels servicing large global manufacturers that support infrastructure investment. 

 JT Cement, based in Bergen, Norway, operates a fleet of seven specialized cement carriers primarily servicing major cement providers in Northern Europe. 

Algoma Central Corporation is a publicly traded company which operates the largest fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets. Algoma has expanded into international short sea markets through it 50% interests in NovaAlgoma Cement Carriers and NovaAlgoma Short Sea Carriers. Algoma Central trades on the Toronto Stock Exchange under the symbol “ALC”. 

Latest News

Maritime industry leaders to explore ammonia as marine fuel on US West Coast

(Posted on 29/03/24)

American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services... Read more


MMS raises awareness over improper use of antibiotics on board vessels

(Posted on 29/03/24)

Leading provider of medical support services for crews, Marine Medical Solutions (MMS), is concerned... Read more


ESL to sell Supramaxes

(Posted on 25/03/24)

ESL Shipping, a leading carrier of dry bulk cargoes in the Baltic region, has signed a memorandum of... Read more


Sustainable fuels can reach cost parity with fossil fuels by 2035

(Posted on 25/03/24)

New Wärtsilä analysis shows EU ETS and FuelEU Maritime will close price gap, creating policy... Read more


Swedish Club delivers firm foundation for future growth

(Posted on 25/03/24)

The Swedish Club reported positive results for 2023, combined with an emphasis on supporting its members... Read more


DNV establishes Tanker and Bulker Expert Team in China

(Posted on 18/03/24)

DNV has established a Tanker and Bulker Expert Team based in Shanghai. With strong global demand and... Read more


ClassNK notation for improvements in living and working environment

(Posted on 18/03/24)

ClassNK has granted its “ELW” (Excellent Living and Working Environment) notation to &ldquo... Read more


Boers: crews' health should not be sacrificed while at out sea

(Posted on 15/03/24)

Leading crew change specialist Boers Crew Services says the industry should be collaborating more to... Read more


Wärtsilä simulator technology for Sharjah Maritime Academy

(Posted on 15/03/24)

Technology group Wärtsilä has supplied its latest simulator technology to the prestigious... Read more


ASL rebrands as Adhira Shipping and Logistics and expands range of logistics services

(Posted on 10/03/24)

Adhira Shipping and Logistics (ASL) has launched an integrated suite of logistics and transportation... Read more


CimbriaSailors SocietyBühler GmbHPort of StocktonTBA Group
  • Van Aalst
  • Geneva Dry
  • Cimbria

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping