Canada’s Algoma Central Corporation is responding to softening markets by taking six vessels out of operation. It would “retire” five bulkers and a products tanker that have reached the end of their economic lives. It blamed a drop in rates due to stiff competition in the domestic bulker business and a drop in volumes carried by tankers and ocean-going dry cargoships. Algoma currently has 13 self-unloading bulkers, seven gearless bulkers and six products tankers.
