Algoma Central buys another tanker

NEWS RELEASE

ALGOMA CENTRAL CORP.

************************* ST. CATHARINES, ON - (July 30) - The Corporation has exercised an option through its wholly-owned subsidiary Algoma Tankers Limited, to purchase a second double-hulled petroleum product tanker from MedMarine Group.

The vessels are currently under construction in the Eregli Shipyard, Turkey. The vessels will operate in the Great Lakes - St. Lawrence Waterway and Atlantic Canada regions. Delivery of the second ship is scheduled for April 2008 at an approximate cost, including an expected 25 percent import duty payment, of $42 million.

Including these two additions, Algoma Tankers Limited will own and manage six Canadian-flagged tanker vessels.

The corporation also owns a foreign-flag tanker through a wholly owned foreign subsidiary.

Including this purchase and the purchase announced on June 15, 2007, approximately $190 million has been committed in modernizing the tanker fleet since 2002 and positioning Algoma Tankers to be our customers' first choice in marine transportation.

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