P&O Maritime Logistics (POML), a subsidiary of Dubai-based DP World, has entered into a definitive agreement to acquire a controlling stake in cement carrier operator NovaAlgoma Cement Carriers (NACC).
The transaction is subject to regulatory approvals and is expected to close in the coming months. The existing shareholders, Switzerland's Nova Marine Holding and Canada's Algoma Central Corporation, will retain a significant minority interest. The deal excludes NACC’s joint venture interests in Northern Europe, Indonesia, and Greece. NACC’s current operational leadership will remain in place, according to POML.
Established in 2016, NACC specialises in the global transportation of dry-bulk commodities, particularly cement. DP World stated the acquisition will strengthen its presence in the breakbulk and dry-bulk sectors and broaden its end-to-end supply chain capabilities.
Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, said the goal is to combine his company's "global reach" with NACC's technical and market expertise. Giovanni Romeo, Chairman of NACC, noted that the continued involvement of the existing shareholders reflects their "confidence" in the new partnership.