IMO ENVIRONMENTAL REGULATIONS
Are IMO regulations tough enough to keep national governments from imposing stricter measures?

Yes--Mostly
Only partly
No--expect a slew of regional regs!

Marine Log

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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