Algoma Central Corporation announced that it has entered into a joint venture agreement with Nova Marine Holding SA and its subsidiaries to create a specialized global fleet of cement carriers to support infrastructure projects world-wide. Algoma will own 50% of the joint venture, which is to be named NovaAlgoma Cement Carriers or NACC. Under the terms of the agreement, upon the satisfaction of certain conditions precedent, Algoma will acquire a 50% interest in the existing cement carrier fleet owned by Nova and comprising three pneumatic cement carriers now in operation and two additional vessels under construction.

These five vessels are and will be deployed in various regional markets in Asia and Europe.