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Shipping company invests $500 million in new ships

Canada's biggest Great Lakes- St. Lawrence Seaway shipping company is on a $500-million shipbuilding binge to renew a significant number of its aging fleet.

Algoma Central Corporation's Greg Wight spoke about it this week to Georgian College marine school cadets and at the 122nd annual International Shipmasters Association conference in Owen Sound.

Wight, the company president and chief executive officer, said the long-term future of the industry had been far less certain only a few years ago.

"Nobody was re-investing in the industry --if you were it was piecemeal on fixing older ships," he said Saturday morning in an interview over coffee.  more...