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Spring 2010 Bearfacts ALGOMA CENTRAL CORPORATION NEWSLETTER ● SPRING 2010 President’s Message In February 2010, we acquired A very significant and important ownership of the Algoma Dartmouth. event we hope to see come to This vessel has been operated by fruition in 2010 will be the Algoma Tankers under a long-term announcement by the Federal bareboat charter arrangement since Government that they have followed 2009 providing fuel delivery and through with their proposal to waive vessel bunkering service within the the payment of the 25% import duty Halifax Harbour. on the importation of vessels built outside of Canada. Although we are In January 2010, our hotel in Sault well past the proposed January 1, Ste. Marie re-opened as the “Delta 2010 effective date, we continue to Sault Ste. Marie Waterfront Hotel be confident that this positive and Conference Centre”. The government initiative, to eliminate The Corporation‟s 2009 Annual renovation project was a terrific what is effectively a discriminatory Meeting of Shareholders‟ was held in success and we now own the only tax on marine transportation, will St. Catharines on April 30, 2010. At upscale, four star hotel in Sault Ste. result in the appropriate action in the the meeting, I indicated our 2009 Marie. near future. results were disappointing but went on to say that compared to many, The Algobay, the first new addition to The removal of this 25% import duty, our results were not so bad. Once our domestic dry-bulk fleet in many together with the finalization of our again, the benefit of having four years, arrived in Canada to innovative new vessel design and diversified business units was commence its first voyage on specification for both a self-unloader highlighted throughout 2009. February 27, 2010. We are looking and gearless bulk carrier and the forward to welcoming many more completion of our recently With 2009 behind us, we look new additions to our fleet in the near announced banking facility, should forward to the balance of 2010 and future. ensure that we see a significant new beyond with renewed optimism as build order become a reality in 2010. we anticipate improved volumes from Although not new vessels, the many of our customers especially in addition of the three Algoma salties, Changing gears a bit, I would like to the iron and steel sector, petroleum the Algoma Guardian, the Algoma offer congratulations. First, to all products and aggregates sectors. Discovery and the Algoma Spirit to employees for their active This optimism was reflected in our our domestic dry-bulk fleet in 2010 is participation in our attempt to recently announced first quarter an important step toward the achieve our goal of zero incidents. results which were improved by $1.5 upgrading and renewal of our Although not yet achieved, we are million over the comparable 2009 domestic gearless bulker fleet. pleased to note that in 2009 our lost results. More detail on the When we purchased these vessels in time injury frequency per 200,000 Corporation‟s 2009 annual results 2008, it was with the stated intention hours worked for all business units and 2010 1st quarter results and a of making these vessels available to combined was reduced by 9% from copy of my address to shareholders our domestic dry-bulk fleet. We are 2009 and by 22% from 2007. at the recent Annual General pleased that we have been able to Meeting can be found on the Algoma conclude a long-term charter And second, to all employees for website www.algonet.com. arrangement with Seaway Marine their enthusiastic support of the Transport. The vessels will be United Way programs, two cancer Since the last edition of the Bear welcome additions to our domestic fundraising initiatives – Run for the Facts, a number of important and fleet. Cure and Relay for Life as well as significant events have taken place. the most recent involvement in the President’s Message Haiti Relief Fund. In 2009, Three Algoma Directors Retire Algoma employees, combined with the corporate matching At the April 30, 2010 Annual General Meeting of Shareholders‟ program contributed $124,000 three of the Corporation‟s long serving directors did not put their towards these four programs. names forward for re-election. These three directors, Radcliffe Once again, a highlight of the Latimer, who has served as a director since 1982, Bruce Jodrey, year for me was to see this who has served as a director since 1990 and The Honourable Roy continued commitment by the MacLaren, who has served as a director since 2000, have all Algoma employee group to provided wise counsel and support to the Corporation and their making our communities better contributions are appreciated by all. places to live. At the Board of Directors‟ meeting following the Annual General While 2009 was a year of Meeting, the newly constituted Board appointed Duncan Jackman tremendous challenge for many as Chairman of the Board to replace Radcliffe Latimer who had companies, including Algoma served as Chairman since 2003. Central Corporation, our diversified business units and strong customer base has allowed us to emerge from the impacts of the North American recession with a balance sheet that remains strong. This, together with our motivated employee group, strong management group and experienced Board of Directors, puts the Corporation in a very good position to build upon our leadership position in each of our business segments. Chairman Duncan Jackman (left) and Greg Wight (far right) present And please remember, “Safety the retiring Directors, Bruce Jodrey, Radcliffe Latimer and the First”. Honourable Roy MacLaren with recognition plaques for their years of service to Algoma Central Corporation. Toronto Brigantine SAILORS WANTED Toronto Brigantine Inc. is offering a SPECIAL DISCOUNT to family members of individuals who are associated with the Marine Industry on the Great Lakes. It is the Toronto Brigantine’s way of thanking their valued supporters and sharing their vessels and unique training experience with those who share the Great Lakes with them. SIGN UP TO SAIL BY JUNE 30, 2010 Captain Seann O‟Donoughue (R) and Brooke and SAVE $100 Cameron (L) present Julien Cloutier with a $500 scholarship from Algoma. Julien was selected by Visit their website at Toronto Brigantine Inc. (TBI) as the most www.torontobrigantine.org or call their office promising TBI Cadet, who has chosen to pursue at 416-596 7117 to learn how your teenagers post-secondary marine training at a recognized can have an experience of a lifetime! marine institution. 2 Algoma Central Corporation Promotions It is with deepest sympathy that we announce the passing of Algoma’s Scholarship retiree Charles Samuel on Program March 17, 2010. Prior to his retirement, Charles sailed as The objective of Algoma‟s an Able Seaman on the Scholarship Program is to Algoport. Those who sailed provide a monetary award to with him would say he was assist students in securing well known for his tomato their first year of post- sandwiches. He will be missed secondary education. by his friends and family. The program is limited to Algoma would like to students who are dependent congratulate Captain Brian Certificate Upgrades children of Algoma employees. Durnford on his promotion to Francois-Mathieu Dugal to Master in the ATL fleet effective Chief Mate. Eligibility is further limited to January 21, 2010. Gavin Pink to Second Class students who have graduated, Transfers Engineer, Motor Ship. or are about to graduate, from secondary school and have been accepted, on a full-time Chesley Thorne to Master, basis, by a recognized post- Near Coastal. secondary institute. Students Births in Quebec are eligible after CEGEP. This year, applications must be received by the Human Resources Department by June 25, 2010. Algoma is pleased to announce that Graham Lindfield has The completed application will accepted the position of include the package forms, a Manager – Operations and copy of the student‟s official Technical Services effective Third Mate, Michael Parent transcript for the last two years April 1, 2010. Graham‟s plus interim marks for current primary duties will be to and his wife Danielle are proud to announce the birth of their subjects not yet completed, manage Algoma‟s three ocean copies of official applications to going bulkers which are coming second child, Holly who was born on December 21, 2009. recognized post-secondary into lakes service this year. institutes and acceptance Final Sailings letters, an essay describing goals and objectives and It is with much sadness that demonstrating a good balance we announce the passing of between scholastic Bryce Coffin on December 17, achievements, extracurricular 2009. Bryce sailed as a Relief activities and work habits as Able Seaman and as a GP w e l l a s a l e t t e r o f Watchkeeper on numerous recommendation from a school vessels in both the dry-bulk and official or teacher. the ATL fleet. He was hired as a permanent Relief Able Chief Engineer Sergei For complete details on the Seaman on the Algolake in Morozov and his wife Natalia scholarship program and/or 2007. Those who worked with are proud to announce the birth application forms, please him referred to him as „Baha‟ of their first child, daughter contact Judy Ann Savoia at as he was well known for his Alexandra who was born on 905-687-7886 or by email at infectious laugh. He will be February 6, 2010. [email protected]. missed by many. 3 Community Involvement United Way Haiti Relief Algoma is pleased to report that an incredible Most everyone is aware of the horrific devastation $83,421 was raised for the United Way during the caused by the 7.0 magnitude earthquake and 2009 campaign! The total consists of calendar and powerful aftershocks that struck Haiti on January cookbook sales, generous employee donations 12, 2010.
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