Great Lakes-Seaway gain new investments

The shipping industry of the St. Lawrence Seaway recently gained new investments from ship ports and operators.

Even though commodity price pressures affected the total tonnage volumes coming through the St. Lawrence Seaway during September, ongoing investment has kept the shipping industry going.

For example, the Seaway has seen ongoing growth in shipments dedicated to domestic sectors, including agriculture, salt mining, construction, and manufacturing. This sustained growth is occurring in spite of slower coal and iron ore industries.

The Port of Monroe recently gained a loan worth $3 million for improvements dedicated to updating larger vessels with more shipping capacity, and McKeil Marine, which operates barges and tugs between the United States and Canada, has added a bulker ship to its fleet.

In addition, Algoma Central Corporation has confirmed its commitment to update its fleet through a conditional contract for three new Seaway-max 740-ft self-unloading ships.

“These latest ships will have all the environmental advances and efficiency of our new Equinox-class and are essential to supporting the competitiveness of our industry and our customers,” Wayne Smith, senior Vice-President, Commercial, Algoma Central Corporation, told TI Daily News. “Algoma is continuing discussions with other parties on further fleet renewal opportunities."