Algoma Central and Nova Marine Carriers are looking to expand their partnership and create a global company with a fleet of around 70 short sea vessels.
The two companies said the formation of the new joint venture is subject to due diligence and finalisation of documentation.
To be called Nova Algoma Short-Sea Carriers, the enlarged dry-bulk player will operate vessels that are either owned by the companies or charters by other parties.
If materialised, ths deal would follow up a partnership formed between the Canadian and the Swiss owner in 2016 on cement carriers.
It would also be another step toward the consolidation of the dry-bulk shipping sector.
Nova Marine has been very active in forming joint ventures since last year.
It has teamed up with UK’s Carisbrooke to commercially operate 60 ships while it has also joined forces with Colombia’s Navesco.
Nova Marine was not available for further comment as the deal is still on subjects.
Algoma, which owns the biggest Canadian-flagged fleet, posted a CAD 20.21m ($15.43m) loss in the fourth quarter as it wrote down the value of its bulkers and tankers.
