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Press release from CNW Group

Algoma Central Corporation - M/V Algobay Renamed After Captain of Industry

Thursday, October 04, 2012

Algoma Central Corporation - M/V Algobay Renamed After Captain of Industry17:12 EDT Thursday, October 04, 2012ALC-TPORT COLBORNE, ON, Oct. 4, 2012 /CNW/ - The M/V Algobay, which is owned by Algoma Central Corporation, was renamed in honour of Radcliffe R. Latimer in a rededication ceremony in Port Colborne today.The self-unloading bulk carrier, which transports commodities such as grain, coal, iron ore and gypsum to ports around the Great Lakes, St. Lawrence Seaway and Atlantic Canada, will now be called the M/VRadcliffe R. Latimer.  Mr. Latimer, who recently retired from the Algoma Central Corporation board of directors, has an association with the company spanning 46 years and acted as its chairman between 2003-2010.  Mr. Latimer, who lives in Toronto, has had an illustrious business career including CEO positions with CN Rail and TransCanada Pipelines and as a former chairman of Prudential Assurance Canada.Greg Wight, CEO of Algoma Central Corporation, said: "Rad has played an important role in the success of Canadian business as well as Algoma Central.  It is a privilege to have his name attached to one of our vessels. The Algobay was specifically chosen for this rededication due to Rad's role in its recent major refurbishment."The Algobay was originally constructed in Collingwood Shipyard in 1978.  After nearly 30 years of service in the Algoma Central fleet, the vessel underwent a major refit, including re-engining and a forebody conversion project at Chengxi Shipyard in China and returned to service with the company in 2010.Mr. Latimer was very involved in the deliberation and approval process for the project, which was the beginning of Algoma Central's domestic dry bulk fleet renewal program.  Algoma Central has committed $400 million to 8 new Great Lakes vessels including the Algobay, Algoma Mariner and the six Equinox-class vessels now under construction in China.Radcliffe Latimer said: "From its start in 1899 as one of the smallest of several dozen fleets, Algoma has systematically built its fleet into the largest on the Great Lakes. It's now embarked on a massive fleet renewal investment which, with deliveries starting in 2013, will result in major fuel efficiency and substantial improvement in environmental performance.  When this investment is finished, Algoma will have not only the largest Great Lakes fleet, but the most productive fleet as well.  I am so proud to have been associated with this company for 46 years and so humbled by this honour they have so graciously extended to me."About Algoma CentralAlgoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 19 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets. Algoma owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.A recently published economic impact study, commissioned by Marine Delivers, demonstrates the significant role that the Great Lakes / Seaway system plays in supporting the Canadian and U.S. economies.  Some 227,000 jobs and $35 billion in economic activity are supported by the movement of goods within the Great Lakes / Seaway waterway. For more information, including access to the full text of the economic impact study, please consult the www.marinedelivers.com website.Image with caption: "(From Left) Algoma Central CEO Greg Wight, The Honourable H.N.R. Jackman, Ava Sergio, Jacqueline Latimer, Radcliffe Latimer, Chief Engineer Kaz Mankiewicz, Captain Clarence Vautier stand in front of the renamed vessel following a ceremony in Port Colborne October 4th (CNW Group/Algoma Central Corporation)". Image available at: http://photos.newswire.ca/images/download/20121004_C4572_PHOTO_EN_18935.jpgSOURCE: Algoma Central CorporationFor further information: Greg D. Wight, FCA President and Chief Executive Officer 905-687-7850 Peter D. Winkley, CA Vice President, Finance and Chief Financial Officer 905-687-7897