Algoma Central Corp. Wins Chinese Contract to Supply Tanker Forebody

Ontario-based Algoma Central Corp., through a wholly-owned subsidiary, has concluded an agreement with Chengxi Shipyard located in Jiangyin, China to construct a Panamax sized ocean-going self-unloading forebody and to attach this new forebody to the aft-end of a Panamax tanker. The completed vessel is to be delivered in June 2007 and is expected to cost approximately US$45 million. Algoma Central is a ship owner on the Great Lakes-St. Lawrence Waterway.