Algoma Central has closed a $100m deal with Oldendorff Carriers, bumping up its stake in the CSL International Pool while grabbing a trio of ships in the process.
The Canadian shipowner announced on Wednesday it now owns 40% of the pool, which counts Marbulk Shipping and CSL Americas as members.
Additionally, Toronto-traded Algoma acquired the 48,000-dwt Algoma Verity (ex-Alice Oldendorff, built 2000), the 42,033-dwt Algoma Valour (ex-Harmen Oldendorff, built 2005) and the 41,428-dwt Algoma Victory (ex-Sophie Oldendorff, built 2000).
The deal was first announced in January.
Financial details were not disclosed. The deal means Algoma now owns eight of the 19 ocean-going self-unloading vessels in the CSL International Pool.
“Deploying our capital to grow our position in the ocean self-unloader business is strategic and positions Algoma well for Pool growth that we foresee in the years ahead,” Algoma chief financial officer Peter Winkley said in a statement.
“We know this business and these ships well and with customer demand remaining strong, we believe this is a good time to increase our investment in a business that has generated strong returns for us in the past."
