Canada-based Algoma Central has entered into an agreement with the Jiangxi Jiangzhou Union Shipbuilding, based in Jiangxi, China to construct three double-hulled, IMO II, petroleum product tankers.

Deliveries of these three 16,500 DWT vessels are scheduled to commence in late 2010 with completion in early 2011 and they are expected to cost approximately $91 million US in total.

These vessels will be operated and employed jointly with Bernhard Schulte, Sloman Neptun and Intrepid Shipping who have ordered a series of sister ships from the same shipyard. Trading areas for the ships are expected to be focused in Europe, the Mediterranean and Asia.