NovaAlgoma Cement Carriers, a joint venture between Algoma Central Corporation and Nova Marine Holdings SA (“Nova”) and the world’s leading operator of specialized pneumatic cement carriers, today announced it has entered a definitive agreement with P&O Maritime Logistics (“POML”), a wholly owned subsidiary of DP World, that will see POML acquire a 51% controlling stake in NovaAlgoma’s wholly owned cement assets.
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.
NovaAlgoma was established in 2016 and specializes in the global transportation of dry-bulk commodities, with a focus on cement, using modern vessels equipped with advanced pneumatic handling systems. The Companies 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,” said Gregg Ruhl, President & CEO of Algoma. “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,” concluded Mr. Ruhl.
“We’re excited about the opportunities this partnership with DP World brings,” said Vincenzo Romeo, CEO of Nova. “It will allow us to expand the geographic reach of our fleet and better serve global logistics demands. 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.
Source: BUSINESS WIRE
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