Algoma orders two methanol-ready ice-class product tankers

Chamber of Shipping > Blog > News > Local > Algoma orders two methanol-ready ice-class product tankers

Algoma Central Corporation, a Canadian shipping company placed an order worth CAD 127 million (USD 96 million) with Hyundai Mipo Shipyard in South Korea to construct two methanol-ready product tankers. These ice-class vessels will be under long-term time charters to Irving Oil, a Canadian energy company, and will transport products to Irving’s refinery in Saint John, New Brunswick, serving ports in Atlantic Canada and the U.S. East Coast.

The new vessels are part of Algoma Central’s strategy to expand its fleet and enter new markets while considering carbon requirements. The tankers are expected to be delivered in the first quarter of 2025 and will be immediately deployed under Irving Oil’s time charter. The vessels are designed with eco-friendly features, methanol fuel readiness, high voltage and shore power capabilities, and enhanced ballasting capabilities for optimal operations in the Bay of Fundy. The investment reflects Irving Oil’s commitment to sustainable operations and ensuring energy supply in the regions they operate.

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