Irving Oil and Algoma Central Corporation welcomed the first of two new product tankers into Saint John Harbour today. The vessels will service Canada’s largest refinery with deliveries to ports in Atlantic Canada and the U.S. East Coast. The vessels represent a total investment of $127 million by Algoma in partnership with Irving Oil.
The Algoma East Coast and the Algoma Acadian – the latter of which will arrive later this spring – are 37,000 DWT ice class product tanker vessels ordered by Algoma and constructed at the Hyundai Mipo Shipyard in South Korea. Both vessels will be on long-term time charter to Irving Oil under Canadian flag.
“Algoma is excited to welcome the Algoma East Coast, and soon, the Algoma Acadian, to our product tanker fleet,” says Algoma’s President & CEO Gregg Ruhl. “These additions introduce a new asset class to the segment, enhancing our operational capabilities and expanding the markets we serve. This milestone in our newbuild journey has been incredible to witness, made possible through our collaboration with Irving and the dedication and expertise of our operations team. Both vessels will be deployed immediately upon arrival in Saint John,” concluded Mr. Ruhl.
The vessels will support Irving Oil’s unique operational requirements and will support the distribution of high-quality energy products to its valued customers in Canada and the U.S.
“This investment underscores our company’s commitment to providing energy security in the regions where we operate,” says Irving Oil President & CEO Jeff Matthews. “We remain focused on providing a safe and secure supply of energy products to our customers, both today and tomorrow.”
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