NovaAlgoma Cement Carriers Ltd has entered a definitive agreement with P&O Maritime Logistics (POML), a DP World subsidiary, for POML to acquire a 51 per cent controlling stake in NovaAlgoma’s wholly owned cement assets.
NovaAlgoma is a joint venture between Algoma Central Corp and Nova Marine Holdings SA, will retain a 49 per cent minority interest in the assets through a new entity based in Dubai. The transaction excludes NovaAlgoma’s joint venture interests in northern Europe, Indonesia and Greece.
According to the company’s statement, daily operations of the NACC vessels will remain unchanged, with the current teams continuing to manage the fleet both commercially and technically.
The cement assets involved in the transaction serve infrastructure markets across North America, Europe, the Mediterranean, south Asia and the Caribbean, using vessels equipped with pneumatic handling systems specialised for transporting dry-bulk commodities.
"DP World brings strong market presence around the world, including in regions we’ve yet to enter," said Gregg Ruhl, president and CEO of Algoma.
Vincenzo Romeo, CEO of Nova, stated the partnership "will allow us to expand the geographic reach of our fleet and better serve global logistics demands."
The transaction, subject to regulatory approvals, is expected to close in the coming months, according to the press release statement.
