Algoma Central Corp and Nova Marine are boosting the fleet of their joint venture NovaAlgoma companies through five vessel purchases.

The Canadian and Swiss firms said the increased investment in the global shortsea operation will see three cement carriers joint from Kristian Gerhard Jebsen Group’s KGJ Cement in northern Europe, as well as two handysize bulkers from Swire Bulk in Singapore.

“We carefully consider each opportunity for growth and these vessel purchases fit perfectly into our long-term plan for sustaining a profitable business alongside our partners at Nova Marine,” Algoma chief executive Gregg Ruhl said.