10:20 AM EDT, 07/03/2025 (MT Newswires) -- Algoma Central ( AGMJF ) , trading shy of 52 week highs, on Thursday said that NovaAlgoma Cement Carriers, a joint venture between the company and Nova Marine Holdings, has sealed a deal for P&O Maritime Logistics (POML) to acquire a 51% stake in NovaAlgoma's cement assets. Financial terms were not disclosed.

A statement noted POML is a wholly owned subsidiary of DP World.

Thursday's statement noted the transaction excludes NovaAlgoma's JV interests in Northern Europe, Indonesia, and Greece. NovaAlgoma's 49% minority interest will be held in a new entity based in Dubai. There will be no changes to the daily operations of the NACC vessels and the fleet will continue to be managed by the current teams, the statement said.

NovaAlgoma specializes in the global transportation of dry-bulk commodities, particularly cement. The companies cement assets serve infrastructure markets in North America, Europe, the Mediterranean, South Asia, and the Caribbean.

"This marks an exciting next step for NovaAlgoma and a significant opportunity to grow the business," said Algoma Chief Executive Gregg Ruhl.

The transaction is expected to close in the coming months.

Algoma was last seen unchanged at $16.10, on the Toronto Stock Exchange.