Algoma Central has cut a deal with Jangzijiang Shipyard for a new bulker.
The Toronto-traded bulker and tanker owner disclosed in its first-quarter earnings Friday that it exercised a $38m (CAD $50.9m) option with the Chinese shipbuilder to construct a seaway max bulker, due for delivery in 2021.
The company said it made the move prior to the first quarter.
In the first quarter, Algoma posted a $16.9m (CAD 22.8m) loss for the first three months of 2019, greater than the $6.7m it lost over the same period the year prior.
It blamed a strengthening Canadian dollar and higher layup and drydock expenses, despite steady bulker and higher tanker demand.
"I am pleased to say that our three core businesses experienced steady customer demand during the first quarter of 2019," said chief executive Gregg Ruhl. "Improving operational efficiency was our focus over the winter months and the team here at Algoma worked hard preparing our fleet for the opening of the season."
