NovaAlgoma Cement Carriers has confirmed the creation of a new joint venture with a DP World subsidiary in a major deal.
NovaAlgoma Cement Carriers has signed a definitive agreement with P&O Maritime Logistics (“POML”), a wholly owned subsidiary of DP World. Under the term agreement, POML will acquire a 51 per cent controlling stake in NovaAlgoma’s wholly owned cement assets. However, the deal doesn’t include NovaAlgoma’s other interests in Northern Europe, Indonesia, and Greece. NovaAlgoma will retain a 49 per cent minority interest to be held in a new entity based in Dubai.
“This marks an exciting next step for NovaAlgoma and a significant opportunity to grow the business,” Algoma president and chief executive officer Gregg Ruhl said.
“DP World brings strong market presence around the world, including in regions we’ve yet to enter. We’re confident this partnership will open new doors and take NACC to even greater heights.”
NovaAlgoma focuses on the global transportation of dry-bulk commodities, with a focus on cement. It uses modern vessels equipped with advanced pneumatic handling systems. It works in key markets including North America, Europe, the Mediterranean, South Asia, and the Caribbean. NovaAlgoma is a joint venture between Algoma Central Corporation and Nova Marine Holdings SA.
The deal is subject to customary regulatory approvals and is expected to close later this year.
“We’re excited about the opportunities this partnership with DP World brings,” Nova chief executive officer Vincenzo Romeo said.
“It will allow us to expand the geographic reach of our fleet and better serve global logistics demands. NACC’s pneumatic cement carriers play a vital role in supporting the construction industry, delivering cement powder for infrastructure projects, now to even more regions around the world.”
