Global: P&O Maritime Logistics (POML), a subsidiary of Dubai-based terminal operator DP World, will acquire a 51% controlling stake in NovaAlgoma Cement Carriers’ wholly owned cement assets, according to Offshore Energy news. POML has entered a definitive agreement with NovaAlgoma Cement Carriers, the joint venture between Canada’s Algoma Central Corporation and Italian-Swiss Nova Marine Group.
The deal excludes NovaAlgoma’s joint venture interests in Northern Europe, Indonesia and Greece. NovaAlgoma will retain a 49% minority interest to be held in a new entity based in Dubai (NACC). Vessel operations will remain unchanged under current commercial and technical management, the companies said. NovaAlgoma's cement assets serve key infrastructure markets across North America, Europe, the Mediterranean, South Asia and the Caribbean.
Nova CEO Vincenzo Romeo said “We’re excited about the opportunities this partnership with DP World brings. It will allow us to expand the geographic reach of our fleet and better serve global logistics demands.” He added “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.”
