P&O Maritime Logistics (POML), a subsidiary of Dubai-based terminal operator DP World, has decided to acquire a 51% controlling stake in NovaAlgoma Cement Carriers’ (NACC) wholly owned cement assets.
POML and NovaAlgoma Cement Carriers, the cement shipping joint venture between Canada’s Algoma Central Corporation and Italian-Swiss Nova Marine Group, have entered into a definitive agreement for the acquisition.
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As informed, the transaction excludes NovaAlgoma’s joint venture interests in Northern Europe, Indonesia, and Greece.
NovaAlgoma will retain a 49% minority interest to be held in a new entity based in Dubai (NACC). There will be no changes to the daily operations of the NACC vessels as a result of the transaction and the fleet will continue to be commercially and technically managed by the current teams, the companies said.
The acquisition is said to strengthen DP World’s presence in the breakbulk and dry-bulk sectors, particularly in infrastructure-related cargo flows.
“This acquisition reflects our commitment to deepening our capabilities in specialised maritime logistics. NovaAlgoma is a world-class operator with strong leadership, and we are excited to welcome them into the DP World family,” Sultan Ahmed bin Sulayem , DP World Group Chairman and CEO, stated.
NovaAlgoma was established in 2016 and specializes in the global transportation of dry-bulk commodities, with a focus on cement, using vessels equipped with advanced pneumatic handling systems. The company’s cement assets serve key infrastructure markets across North America, Europe, the Mediterranean, South Asia, and the Caribbean.
“This marks an exciting next step for NovaAlgoma and a significant opportunity to grow the business,” Gregg Ruhl , President & CEO of Algoma, commented.
“DP World brings strong market presence around the world, including in regions we’ve yet to enter. We’re confident this partnership will open new doors and take NACC to even greater heights,” Ruhl added.
“We’re excited about the opportunities this partnership with DP World brings. It will allow us to expand the geographic reach of our fleet and better serve global logistics demands,” Vincenzo Romeo , CEO of Nova, highlighted.
“NACC’s pneumatic cement carriers play a vital role in supporting the construction industry, delivering cement powder for infrastructure projects, now to even more regions around the world.”
The transaction is subject to customary regulatory approvals and is expected to close in the coming months.
In other news, NACC ordered last year a methanol dual-fuel cement carrier in China. The 38,000 dwt methanol-ready ship, described by the group as ‘the largest cement carrier ever’, is being built by Zhejiang Xingle Shipbuilding and is slated for delivery by the end of 2026.
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The ship will feature a system to generate sustainable electricity on board. In addition to waste heat recovery technology, the RINA-classed vessel will be equipped with a shore power system, a ballast water treatment system, and an air lubrication system, setting a new benchmark for sustainable shipping in the cement industry.
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about 1 year ago
P&O Maritime Logistics (POML), a subsidiary of Dubai-based terminal operator DP World, has decided to acquire a 51% controlling stake in Nova Algoma Cement Carriers’ (NACC) wholly owned cement assets.
