Cautious optimism at opening of St. Lawrence Seaway

Marine industry executives were cautiously optimistic when the 56th navigation season of the St. Lawrence Seaway opened on March 28th with the transit of Algoma Central Corporation’s newly built ship, the Algoma Equinox, through Lock 3 of the Welland Canal at St. Catharines, Ontario. The 2014 season on the North American waterway got off to its latest start since 2009 as a result of the worst ice conditions in several decades. Canadian and U.S. Coast Guard icebreakers worked feverishly to clear channels for shipping through Seaway locks and on the Great Lakes.

“Algoma Central Corporation’s fleet renewal is a leading example of the unprecedented level of investment that is happening throughout our navigation system,” said Terence Bowles, President and CEO of the SLSMC. “The Seaway alone is spending almost C$500 million on modernizing its infrastructure – the biggest transformation in five decades.” Bowles forecast that cargo volume this year will exceed 38 million metric tons versus just over 37 million tons in 2013. “The U.S. and European economies are improving, and this trend gives us reason to be optimistic,” Mr. Bowles said, adding: “We also expect to play a significant role in exporting Canada’s bumper grain crop to overseas markets.” The Algoma Equinox is the first of eight Equinox-class ships that are being purpose-built for trading in the St. Lawrence Seaway. “The Algoma Equinox carries more cargo, sails faster, consumes significantly less fuel and is the first Great Lakes vessel to be equipped with a scrubbing system that virtually eliminates sulphur oxide from its emissions.  These advancements will benefit communities throughout the region and also ensure that our customers – North American industries and farmers – remain competitive on the global stage,” said Algoma Central Corporation’s President and CEO Greg Wight. In concert with various Canadian domestic and ocean carriers investing C$1 billion in new vessels, the SLSMC is investing C$395 million between 2014 and 2018 to revitalize its locks and structures.  Likewise, the U.S. Saint Lawrence Seaway Development Corporation is mounting a US$92 million effort over a comparable timeframe. Corporation Administrator Betty Sutton said, “The significant investments in Seaway infrastructure are positioning the Great Lakes St. Lawrence Seaway System for future growth.”