Algoma Central Corporation continues to grow product tanker business with the acquisition of two additional vessels

Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that the Company has acquired two 2009 built, 16,600 dwt product tankers from Norway’s Knutsen OAS Shipping.

“We identified an opportunity to secure high-quality ice-class product tankers suitable for trading in Canada and in Northern Europe. These additions will strengthen our capacity to deliver reliable service to our valued customers,“ said Gregg Ruhl, President and CEO of Algoma.

The vessels will initially be on bareboat charters back to the sellers. Following completion of their bareboat charters later this year, Algoma plans to begin trading one vessel in the Company’s Canadian fleet and one in Europe.

About Algoma Central Corporation

Algoma Central Corporation is a global provider of marine transportation that owns and operates dry and liquid bulk carriers, serving markets throughout the Great Lakes St. Lawrence Seaway and internationally. Algoma is aiming to reach a carbon emissions reduction target of 40% by 2030 and net zero by 2050 across all business units with fuel efficient vessels, innovative technology, and alternate fuels. Algoma truly is Your Marine Carrier of Choice™. Learn more at www.algonet.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240117981680/en/

Gregg A. Ruhl Algoma Central Corporation President & CEO 905-687-7890

J. Wesley Newton Algoma Central Corporation EVP, Strategy & Business Development 905-687-7836