Shipping industry news: P&O Maritime Logistics, a subsidiary of port and logistics giant DP World, has acquired a 51% stake in NovaAlgoma Cement Carriers (NACC), the world’s largest cement vessel operator.
DP World stated that this acquisition expands its footprint in the dry bulk sector, strengthens its end-to-end supply chain capabilities, and enhances services for cargo owners in key growth markets.
The financial details of the deal were not disclosed, and the transaction remains subject to routine regulatory approvals. Under the agreement, the deal excludes NACC’s joint venture interests in Northern Europe, Indonesia, and Greece. Existing shareholders will retain a 49% stake, while P&O Maritime will hold a 51% majority. NACC’s current operational leadership will remain in place.
NACC was established in 2016 as a joint venture between Switzerland’s Nova Marine Holding and Canada’s Algoma Central Corporation, specializing in global cement transportation with operations spanning North America, Europe, South Asia, the Mediterranean, and the Caribbean.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, commented, “This acquisition reflects our commitment to deepening specialized maritime logistics capabilities. NACC is a world-class operator with strong leadership, and we are delighted to welcome them to the DP World family. By combining our global reach and scale with their technical and market expertise, we are positioned to deliver greater value to customers and grow together in this strategically important sector.”
Notably, in July 2024, NACC announced it had signed a 1+2 contract with China’s Zhejiang Xinle Shipbuilding for the construction of 38,000 DWT methanol-ready cement carriers, with delivery expected in 2027.
