NovaAlgoma Cement Carriers Establishes New JV With DP World
LUGANO, Switzerland — NovaAlgoma Cement Carriers Limited ('NovaAlgoma'), a joint venture between Algoma Central Corporation ('Algoma' – TSX: ALC) and Nova Marine Holdings SA ('Nova') and the world's leading operator of specialized pneumatic cement carriers, today announced it has entered a definitive agreement with P&O Maritime Logistics ('POML'), a wholly owned subsidiary of DP World, that will see POML acquire a 51% controlling stake in NovaAlgoma's wholly owned cement assets.
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The transaction excludes NovaAlgoma's joint venture interests in Northern Europe, Indonesia, and Greece. NovaAlgoma will retain a 49% minority interest to be held in a new entity based in Dubai ('NACC'). There will be no changes to the daily operations of the NACC vessels as a result of the transaction and the fleet will continue to be commercially and technically managed by the current teams.
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NovaAlgoma was established in 2016 and specializes in the global transportation of dry-bulk commodities, with a focus on cement, using modern vessels equipped with advanced pneumatic handling systems. The Companies cement assets serve key infrastructure markets across North America, Europe, the Mediterranean, South Asia, and the Caribbean.
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'This marks an exciting next step for NovaAlgoma and a significant opportunity to grow the business,' said Gregg Ruhl, President & CEO of Algoma. 'DP World brings strong market presence around the world, including in regions we've yet to enter. We're confident this partnership will open new doors and take NACC to even greater heights,' concluded Mr. Ruhl.
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'We're excited about the opportunities this partnership with DP World brings,' said Vincenzo Romeo, CEO of Nova. 'It will allow us to expand the geographic reach of our fleet and better serve global logistics demands. NACC's pneumatic cement carriers play a vital role in supporting the construction industry, delivering cement powder for infrastructure projects, now to even more regions around the world.'
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The transaction is subject to customary regulatory approvals and is expected to close in the coming months.
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About Algoma
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Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes-St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice ™. Learn more at www.algonet.com.
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About Nova
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Nova Marine Carriers is a global leader in maritime logistics, offering efficient and reliable bulk shipping solutions across key international markets. Headquartered in Lugano (Switzerland) and several offices all over the world, the company operates a fleet of over 200 vessels—including mini-bulkers, handysize, supramax, self-unloaders, cement carriers, and barges—with a total capacity of 1.5 million DWT. In 2024 alone, Nova Marine completed over 2,000 voyages, transporting more than 26 million metric tons of cargo.
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About DP World
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DP World is a global leader in end-to-end supply chain solutions, enabling smarter trade to create growth and prosperity worldwide. Operating in 79 countries with a team of over 115,000 people, DP World integrates ports, marine services, logistics, and technology to deliver efficient, future-ready supply chains. Through innovation and digital transformation, the Company is reimagining global trade, minimizing disruption, maximizing flow, and changing what's possible for their customers and communities.
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Contacts
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Media Contacts
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Gregg A. Ruhl
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Algoma Central Corporation
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905-687-7890
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