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July 31, 2007 Algoma exercises Turkish tanker option Canada's Algoma Central Corporation has exercised an option through its wholly-owned subsidiary Algoma Tankers Limited, to purchase a second double-hulled petroleum product tanker from Med Marine Group. The vessels are currently under construction at Med Marine's Eregli Shipyard, Turkey. The vessels will operate in the Great Lakes--St. Lawrence Waterway and Atlantic Canada regions. Delivery of the second ship is scheduled for April 2008 at an approximate cost, including an expected 25 percent import duty payment, of Canadian $42 million (US $39.3 million). With these two additions, Algoma Tankers Limited will own and manage six Canadian-flagged tanker vessels. The corporation also owns a foreign-flag tanker through a wholly owned foreign subsidiary. Including this purchase and the purchase announced on June 15, 2007, approximately Canadian $190 million (US $178 million) has been committed in modernizing the tanker fleet since 2002.
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