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Algoma Central Corp. in January bought a brand-new ship off Alibaba’s Taobao.com for about $14-million (U.S.), half the price it paid for similar freighters from the same builder and a record sale for the auction site. (Eric Atkins/The Globe and Mail)
Algoma Central Corp. in January bought a brand-new ship off Alibaba’s Taobao.com for about $14-million (U.S.), half the price it paid for similar freighters from the same builder and a record sale for the auction site. (Eric Atkins/The Globe and Mail)

Algoma hopes new ship will help it build a ‘global presence’ Add to ...

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Even big companies hunt for bargains on China’s version of eBay. Algoma Central Corp. in January bought a brand-new ship from Alibaba’s Taobao.com for about $14-million (U.S.), half the price it paid for similar freighters from the same builder and a record sale for the auction site.

It wasn’t as if Algoma was bidding blind. The company knew the vessel was to be part of Algoma’s pool when it was first ordered by the Canadian Wheat Board in 2010, and the company knew it well.

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