Algoma Central Corporation to Purchase Three Petroleum Product Tankers from Chinese Shipbuilder

Toronto-based Algoma Central Corporation, through a wholly-owned subsidiary, has entered into an agreement with the Jiangxi Jiangzhou Union Shipbuilding Co., Ltd. located in Jiangxi, China to construct three double-hulled, IMO II, petroleum product tankers. Delivery of these three 16,500 DWT vessels are scheduled to commence in late 2010 with completion in early 2011. The total cost is approximately US$91 million. Algoma Central Corporation is a Canadian-flag ship owner on the Great Lakes-St. Lawrence Waterway.