Canadian shipowner Algoma Central Corporation has raised more cash for fleet renewal by selling off property.
It has offloaded the Delta Hotels Sault Ste. Marie Waterfront hotel operations and related real estate for net proceeds of CAD 7.5m ($5.58m).
This will be booked in the second quarter.
"The company’s decision to sell its real estate holdings is a result of a new strategic objective to direct capital to the renewal of the domestic dry-bulk fleet and to new opportunities in international shipping," it said.
