NovaAlgoma Cement Carriers acquires 25% of JT Cement

NovaAlgoma Cement Carriers acquires 25% of JT Cement
05 June 2018

Algoma Central Corporation (ACC) has announced that NovaAlgoma Cement Carriers Ltd (NACC) has acquired a 25 per cent ownership interest in JT Cement, which operates a fleet of seven smaller pneumatic cement carriers, which also include Norway-based KGJ Cement Holdings and Erik Thun of Sweden as stakeholders.

"This investment will allow us to each apply our experience and knowledge in the pneumatic cement carrier market to create additional shipping solutions to meet the needs of customers," said Ken Bloch Soerensen, president and CEO of Algoma Central Corporation. "We look forward to working with our new partners to create new opportunities for the JT Cement fleet."

"The addition of NACC to the ownership group of JT Cement will strengthen our team and provide opportunities for further growth in the Northern European region," said Petter Tronstad, CEO of KGJ Cement. "We welcome this opportunity to increase the flexibility available to our valued customers."

NACC is a 50:50 joint venture company between ACC and Nova Marine. Daily business for JT Cement will remain unchanged with operations being directed from KGJ's office in Bergen, in Norway.

Published under Cement News