NovaAlgoma Cement Carriers (NACC) has upped its stake in its joint venture with Sweden's Erik Thun in a bid to boost its presence in northern Europe.
The company, which is controlled by Canadian shipowner Algoma Central and Swiss bulker player Nova Marine Carriers, said the investment gives it a 50% stake in JT Cement.
Erik Thun retains the remaining half of JT, which controls a fleet of eight specialised pneumatic cement carriers, including three newbuildings.
NACC had previously controlled 25% of JT, which is headquartered in Bergen, Norway.
"We are pleased with this opportunity for NACC to double its investment in JT Cement and look forward to continuing to work with the team at Thun," said Gregg Ruhl, president and chief executive of Toronto-listed Algoma Central.
The financial details of the transaction were not revealed.
JT is focused on the northern European market with cement carriers of 8,000 dwt or less, including a trio of dual-fuel vessels that can run on LNG.
The ships are tied up on long-term employment to provide logistics solutions to major cement producers in the region.
NACC first took a stake in the venture in 2018 as an entry into the northern European market "and to leverage the combined experience and knowledge of our partners to better service our valued customers", Ruhl said.
"Our vision is coming to fruition as we continue to grow from our position of strength in this niche shipping sector and provide reliable, flexible and sustainable logistics solutions to our customers in the region," he said.
NACC said the acquisition will lead to no changes to day-to-day operations at JT, with commercial management of its fleet still managed by its team in Bergen.
