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Algoma Laker Sinks in Pacific

Algoma Laker Sinks in Pacific
CANADIAN shipowner Algoma Central Corporation says its Lakes bulker Algoport, jointly owned with Seaway Marine Transport, broke up in heavy seas in the Pacific Ocean on 6 September while under tow en route to the Chengxi Shipyard in China.

ALGOMA LAKER SINKS IN PACIFIC

CANADIAN shipowner Algoma Central Corporation says its Lakes bulker Algoport, jointly owned with Seaway Marine Transport, broke up in heavy seas in the Pacific Ocean on 6 September while under tow en route to the Chengxi Shipyard in China.

The company says: ?There were no injuries, loss of life or environmental impact. The vessel's aft end was to be refurbished and fitted to a new forebody currently under construction at the shipyard.?

It adds: ?The Corporation expects to record a gain of approximately $2 million in the third quarter of 2009 as the insurance proceeds will exceed the net book value of the Algoport. The insurance proceeds will be used to source an alternate aft end to attach to the forebody under construction and it is expected there will be no material cash impact to the corporation as a result. ?

Algoma Central Corporation in a partnership with non-associated company Seaway Marine Transport, operates the largest dry-bulk fleet on the Great Lakes and St Lawrence Seaway. In addition Algoma Tankers operates seven product tankers throughout the Great Lakes to the Eastern Seaboard and has five more under construction that will join its one existing international product tanker and 18 additional product tankers owned by Hanseatic Tankers.

www.TurkishMaritime.Com.tr

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