Algoma Central Corporation announced it has placed an order with Hyundai Mipo Shipyard in South Korea to build two 37,000 DWT ice class product tanker vessels for a total investment of CAD 127 million. These new ships will be entered on long-term time charters to Irving Oil under Canadian flag, servicing the energy company's refinery in Saint John, New Brunswick, with deliveries to ports in Atlantic Canada and the US East Coast. Delivery of the new vessels is expected during the first quarter of 2025.

Upon arrival in Canada, the vessels will be immediately deployed on the agreed time charter. New vessel highlights: Eco-friendly optimized ice class 1B design; Boston Beam width of 27.4 metres; Methanol ready as per ABS Notations - Methanol Fuel Ready Level 3(S), Methanol Fuel Ready Level 2D (TA, ME); High voltage and shore power (cold-ironing) ready - ABS Notation HVSC-Ready; Enhanced ballasting capabilities to optimize operations in the Bay of Fundy.