TORONTO, June 3 /CNW/ - Algoma Central Corporation renamed their dry-bulk
carrier, the Motor Vessel Algoville to the Motor Vessel Tim S. Dool. The ship
was rededicated honouring the former President and Chief Executive Officer on
the occasion of his retirement from that position. Tim Dool continues as a
Director on the Board of the Algoma Central Corporation.
The rededication ceremony was held near Lock 1 on the Welland Canal on
the morning of June 3, 2008. During the ceremony, which was attended by Tim
Dool's family and friends, and employees from Algoma Central, Greg Wight,
President and Chief Executive Officer of Algoma Central Corporation
congratulated Tim Dool on his 31 years of service to the Corporation, saying:
"In the process of leading Algoma Central Corporation to the proud position it
holds today, Tim Dool has provided leadership, support and encouragement to
all of Algoma's valued employees. Thanks to Tim Dool, Algoma Central
Corporation is a dynamic Canadian company with a truly global presence."
Sponsor, Ellen Dool, wife of Tim Dool, rededicated with the words: "I
rededicate this ship, the Motor Vessel Tim S. Dool. May God guard her, and
guide her, and keep all those who sail in her." After the new name of the ship
was revealed, the traditional bottle of champagne was then smashed against the
The 31,182 deadweight tonne, 730-foot gearless bulk vessel was recently
re-engined with a modern fuel efficient and environmentally friendlier main
engine. Sailing under the Algoma Central house flag, she is operated by Seaway
Marine Transport of St. Catharines, Ontario.
The Corporation owns 19 Canadian flag dry-bulk vessels that operate on
the Great Lakes - St. Lawrence Waterway as part of a 35 vessel fleet that is
managed by Seaway Marine Transport (SMT), a partnership with an unrelated
party. As previously announced, the partners entered into agreements to
construct two maximum seaway size self-unloading forebodies and to attach
these new forebodies to the aft-ends of the Algobay and Algoport.
The Corporation has previously announced its membership in the Hanseatic
Tankers joint venture. Hanseatic Tankers plans to employ and operate 18 -
16,500 DWT and 6 - 25,000 DWT product tankers; the Corporation will own three
and two vessels, respectively. Trading areas for the ships are expected to be
focused in Europe, the Mediterranean and Asia. The Corporation also owns a
foreign-flag product tanker through a wholly-owned foreign subsidiary. It is
expected this foreign-flag product tanker will also be operated and employed
as part of Hanseatic Tankers commencing in late 2008.
The Corporation owns and manages four Canadian-flag product tankers with
delivery of an additional two product tankers, the Algonova and AlgoCanada,
scheduled for the second half of 2008.
The Corporation owns two ocean-going self-unloaders through a
wholly-owned foreign subsidiary and an interest in five ocean-going self
unloaders through a joint venture. These seven vessels are part of a 29
vessel, ocean-going, self-unloader fleet that is commercially managed by CSL
The Corporation also provides diversified ship repair, diesel engine
repair services and fabrication services to ship-owners and industrial
customers throughout the Great Lakes - St. Lawrence Waterway.
The Corporation, through a wholly-owned subsidiary, also owns and manages
commercial real estate properties in Sault Ste. Marie, St. Catharines and
For further information: Greg D. Wight, President and Chief Executive
Officer, (905) 687-7850; David G. Allen, Vice President, Finance and Chief
Financial Officer, (905) 687-7897