Algoma to build three oil tankers

The Canadian shipping company Algoma Central Corp., which operates on the Great Lakes, says it has struck an agreement with the Jiangxi Jiangzhou Union Shipbuilding Co. Ltd. in Jiangxi, China, to build three double-hulled oil tankers. The tankers will cost $91 million to build and the three vessels will be delivered in late 2010 and early 2011. Trading areas for the ships are expected to be focused in Europe, the Mediterranean and Asia.