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Upper Lakes Group agrees to sell 50 percent share to Canada Steamship Lines
Canada Steamship Lines is expanding its stake in ocean shipping of bulk commodities by agreeing to buy the 50 percent share in Marbulk Canada Inc. held by the Upper Lakes Group Inc. of Toronto.
CSL plans to add Marbulk's eight self unloaders into the pool of ships operated by CSL International of Beverly, Mass., and German shipowner Egon Oldendorff. The pool will operate mainly in the Atlantic, Caribbean and U.S. West Coast, said CSLI President Rod Jones. The deal needs the approval of government regulators and the board of directors of the two companies. Marbulk is based in Salem, …