In Canada, international energy company Irving Oil Ltd and compatriot Algoma Central Corporation (Algoma), a global provider of marine dry- and liquid bulk shipping services throughout the Great Lakes – St. Lawrence Region and internationally, have recently welcomed the first of two new methanol-ready product tankers into St. John Harbour, New Brunswick (NB).
The vessels will service Canada’s largest refinery with deliveries to ports in Atlantic Canada and the US East Coast.
The vessels represent a total investment of CA$127 million by Algoma in partnership with Irving Oil.
The Algoma East Coast and the Algoma Acadian – the latter of which will arrive later this spring – are 37,000 DWT ice-class product tanker vessels ordered by Algoma and constructed at the Hyundai Mipo Shipyard in South Korea.
Both vessels will be on long-term time charter to Irving Oil under the Canadian flag.
Algoma is excited to welcome the Algoma East Coast and soon, the Algoma Acadian, to our product tanker fleet. These additions introduce a new asset class to the segment, enhancing our operational capabilities and expanding the markets we serve. This milestone in our newbuild journey has been incredible to witness, made possible through our collaboration with Irving and the dedication and expertise of our operations team. Both vessels will be deployed immediately upon arrival in Saint John, said Gregg Ruhl, President & CEO of Algoma.
The vessels will support Irving Oil’s unique operational requirements and will support the distribution of high-quality energy products to its valued customers in Canada and the United States.
This investment underscores our company’s commitment to providing energy security in the regions where we operate. We remain focused on providing a safe and secure supply of energy products to our customers, both today and tomorrow, said Jeff Matthews, President & CEO of Irving Oil.
