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50 Canadian port facilities available under asset transfer program

2015-04-28

Greg Wight, President and CEO of Algoma Central Corporation since 2008  recently announced to employees his plan to retire from the Corporation during the 1st quarter of  2015.
Mr. Wight joined the Marine Division of Algoma Central Railway in January 1980 as the Division's Controller. At that time, Algoma's Marine Division owned and operated 12 Great Lakes vessels and had revenues of $66 million.
Today, as CEO, Greg heads an organization that owns and operates 33 Great Lakes vessels and has interests in ocean shipping and real estate. In 2013 the Corporation reported revenues of $500 million.
Mr. Wight  rose steadily in the Company, holding a variety of financial roles, eventually moving to St. Catharines in 1996 following the sale of the Algoma Central Railway and the consolidation of the Company's marine operations in the city.
In addition to his responsibilities at Algoma and a number of positions with industry related organizations
"Come January, I will have been with Algoma for 35 years," Mr. Wight said "and I could not have asked for a better Company or group of people to work with. Algoma has risen to be the largest owner and operator of Canadian flag vessels on the Great Lakes - St. Lawrence Waterway. The Company prides itself on its contribution to the Canadian economy and on the role it plays in the communities in which employees live and work."
Mr. Wight continued, "Algoma is a very strong company that has been recognized as one of Canada's Best Managed Companies in both 2012 and 2013."
"Greg deserves tremendous praise for his contributions to the company", said Duncan Jackman, Chairman of the Board of Directors of Algoma.  "His leadership and focus have been so important to the success of Algoma, particularly during a period of such economic uncertainty.  Greg's accomplishments extend to the fleet renewal program he championed, which leaves Algoma well positioned for future success."
The Board of Algoma has engaged an executive search firm to assist them in the process of selecting Mr. Wight's successor and will consider both internal and external candidates for the role.
(Photo ACC)Greg Wight soon retiring from Algoma

Lisa Raitt, federal Minister of Transport, announced a new Government of Canada program to facilitate the transfer of 50 Transport Canada-owned port facilities to local interests.

The Ports Asset Transfer Program (PATP) is a proactive and structured program that includes engagement, sale and divestiture phases. If a port facility does not sell, the program will offer the port facility for divestiture

Since 1996, through its previous Port Divestiture Program, the government has divested 499 ports, which has resulted in savings to Canadian taxpayers of over $470 million, said a press release on April 24.

Key features of the new Program include: specific timelines for negotiations and transactions with interested parties during the sales and divestiture phases; broader criteria to allow new port operators to expand or improve ports; greater flexibility for continued operations or possible alternate uses; and the ability of Canada Port Authorities to acquire ports.

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Algoma announces
new $160 M investment
in fleet expansion

2015-04-25

Greg Wight, President and CEO of Algoma Central Corporation since 2008  recently announced to employees his plan to retire from the Corporation during the 1st quarter of  2015.
Mr. Wight joined the Marine Division of Algoma Central Railway in January 1980 as the Division's Controller. At that time, Algoma's Marine Division owned and operated 12 Great Lakes vessels and had revenues of $66 million.
Today, as CEO, Greg heads an organization that owns and operates 33 Great Lakes vessels and has interests in ocean shipping and real estate. In 2013 the Corporation reported revenues of $500 million.
Mr. Wight  rose steadily in the Company, holding a variety of financial roles, eventually moving to St. Catharines in 1996 following the sale of the Algoma Central Railway and the consolidation of the Company's marine operations in the city.
In addition to his responsibilities at Algoma and a number of positions with industry related organizations
"Come January, I will have been with Algoma for 35 years," Mr. Wight said "and I could not have asked for a better Company or group of people to work with. Algoma has risen to be the largest owner and operator of Canadian flag vessels on the Great Lakes - St. Lawrence Waterway. The Company prides itself on its contribution to the Canadian economy and on the role it plays in the communities in which employees live and work."
Mr. Wight continued, "Algoma is a very strong company that has been recognized as one of Canada's Best Managed Companies in both 2012 and 2013."
"Greg deserves tremendous praise for his contributions to the company", said Duncan Jackman, Chairman of the Board of Directors of Algoma.  "His leadership and focus have been so important to the success of Algoma, particularly during a period of such economic uncertainty.  Greg's accomplishments extend to the fleet renewal program he championed, which leaves Algoma well positioned for future success."
The Board of Algoma has engaged an executive search firm to assist them in the process of selecting Mr. Wight's successor and will consider both internal and external candidates for the role.
(Photo ACC)Greg Wight soon retiring from Algoma

Algoma Central Corporation has acquired a 2009-built handy size self-unloading ocean class vessel, the Gypsum Integrity, from Gypsum Transportation Limited. The vessel is being renamed the Algoma Integrity. In addition, Algoma announced that it has signed contracts with a subsidiary of Uljanik d.d. of Croatia, for the construction of two new Equinox Class 650 foot self-unloading dry bulk lake freighters.

These contracts are contingent on the delivery by the shipyard of acceptable security for construction instalments required under the contracts.
Algoma's purchase of three coastal class vessels since 2009, combined with the ongoing investment in new Equinox Class ships, brings the Company's overall committed investment in fleet renewal for the domestic dry-bulk fleet to over $560 million.

"We are very pleased to have acquired the Algoma Integrity at this time," said Wayne Smith, Senior Vice-President, Commercial of Algoma. "The ship is well constructed and was designed to carry heavy cargoes. The addition of the Algoma Integrity to our Canadian flag fleet gives us added flexibility to meet the needs of our customers. The Algoma Integrity will eventually be placed in the international pool of self-unloading vessels in which Algoma is a member and has other ocean going self-unloaders participating."

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Federal Marine Terminals celebrates 50 years

2015-04-23

Federal Marine Terminals, Inc. (FMT), a subsidiary of Montreal-based Fednav Limited, Canada's largest ocean-going dry-bulk shipping company, has reached its 50th anniversary.

Incorporated in 1965 in Chicago, FMT is recognized worldwide as an industry leader, with operations along the US East Coast, in the Gulf of Mexico, and on the Great Lakes. Leveraging its experience in stevedoring, terminal handling, and logistics services for all types of dry cargo, FMT offers a seamless supply chain in the markets served.

"FMT is proud to have prospered from its humble beginnings to a successful contender in a very competitive market," Paul Pathy, Chairman of Federal Marine Terminals, said on April 22.

"Through the hard work of our experienced, determined employees to the loyalty of our customers and business partners, and through the solid long-range planning of our management team, we are pleased to be celebrating this milestone anniversary," added Michel Tosini, Executive Vice-President of FMT.

With a well-trained, safety-oriented labour force and a strong management team that employs specialized and efficient gear and equipment, together with award-winning environmental excellence recognition, FMT has delivered a high standard in smooth, reliable, safe, and efficient cargo handling for five decades, the company said.  (photo Fednav)

 
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