PRODUCT TANKER JOINT VENTURE

Furetank and Algoma are entering into a joint venture agreement to construct four climate friendly dual-fuel product tankers to trade in Northern Europe.

Swedish Furetank AB and Canadian Algoma Central Corporation will own 50% each of the joint venture, which is to be named FureBear.

The joint venture, with Furetank as a leader in the Northern European intermediate ice-class product tanker segment, will advance Algoma's presence in international short sea shipping markets and strengthen the company's investment in long-term sustainable shipping solutions.

This investment will enable us to continue on our strategic path to diversify geographically and into niche short-sea markets. Short sea shipping is our core DNA here at Algoma and these specialized, environmentally conscious vessels will fit naturally into our expanding global fleet, said Gregg Ruhl, President and CEO of Algoma Central Corporation.