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commitment to the Great Lakes and St. Lawrence Seaway","\u003Cdiv>\u003Cb>\u003Cstrong>Correction (February 13, 2026):\u003C/strong>\u003Cbr />\u003C/b>An earlier version of this press release stated that the Company had signed a Letter of Intent for four vessels. The LOI is for three vessels, with additional collaboration on vessels currently under discussion. The release has been updated accordingly.\u003Cb>\u003C/b>\u003C/div>\n\u003Cp>\u003Cb>Montreal, Quebec, Canada, February 10, 2026 \u003C/b>\u003Cspan data-contrast=\"auto\">— Fednav Limited, Canada's largest dry bulk shipping group, has signed a letter of intent (LOI) with Oshima Shipbuilding to build three 35,000‑dwt ocean‑going Lakers. The vessels will be constructed at Oshima’s shipyard in Japan, with the first vessel expected to be delivered by mid‑2029.\u003C/span>\u003Cspan data-ccp-props=\"{"201341983":0,"335559739":0,"335559740":240}\"> \u003C/span>\u003C/p>\n\u003Cp>\u003Cspan data-contrast=\"auto\">These Fednav‑Oshima‑designed super‑eco Lakers will be built to specifications similar to vessels delivered earlier this year and are planned to replace older ships. They will achieve at least a 7% improvement in fuel consumption compared with Fednav’s previous generation and at least a 33% improvement over first‑generation models.\u003C/span>\u003Cspan data-ccp-props=\"{"201341983":0,"335559739":0,"335559740":240}\"> \u003C/span>\u003C/p>",{"_modelApiKey":1234,"id":1235,"fnQuote":1236,"fnAuthor":1237},"fn_block_quote","C9txA_ecTceeAXT0rWCn1Q","“This newbuilding program is a strategic investment in our core Great Lakes and St. Lawrence Seaway trades and in the future of our fleet. Working once again with Oshima, these vessels will support our ongoing decarbonization journey while ensuring we continue to deliver safe, reliable, and efficient maritime transportation in our niche markets.” ","Paul Pathy, President and CEO of Fednav",{"_modelApiKey":1229,"id":1239,"fnTitle":241,"fnContent":1240,"fnButton":32},"bq0UcdP-QTWT-GgFW-Srug","\u003Cp>\u003Cspan data-contrast=\"auto\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun SCXW55959440 BCX8\">\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">Fednav is Canada’s largest international dry bulk shipping company. Headquartered in Montreal, it\u003Cspan> \u003C/span>\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">operates\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">\u003Cspan> \u003C/span>a fleet of about 1\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">3\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">0 vessels—half of which are owned—and delivers over 30 million tonnes of cargo annually. With global offices and deep\u003Cspan> \u003C/span>\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">expertise\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\">\u003Cspan> \u003C/span>in Arctic and Great Lakes navigation, Fednav is recognized for its commitment to safety, innovation, and sustainability.\u003C/span>\u003Cspan class=\"NormalTextRun SCXW55959440 BCX8\"> \u003C/span>\u003C/span>\u003Cspan class=\"EOP SCXW55959440 BCX8\" data-ccp-props=\"{"201341983":0,"335559739":0,"335559740":240}\"> \u003C/span>\u003C/p>\n\u003Cp>\u003Cspan class=\"EOP SCXW55959440 BCX8\" data-ccp-props=\"{"201341983":0,"335559739":0,"335559740":240}\">\u003Cspan data-contrast=\"auto\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">For more information, visit\u003Cspan> \u003C/span>\u003C/span>\u003C/span>\u003Ca class=\"Hyperlink SCXW1368835 BCX8\" href=\"http://www.fednav.com/\" target=\"_blank\" rel=\"noreferrer noopener\">\u003Cspan data-contrast=\"none\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun Underlined SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\" data-ccp-charstyle=\"Hyperlink\">www.fednav.com\u003C/span>\u003C/span>\u003C/a>\u003Cspan class=\"LineBreakBlob BlobObject DragDrop SCXW1368835 BCX8\">\u003Cbr class=\"SCXW1368835 BCX8\" />\u003C/span>\u003Cspan data-contrast=\"auto\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">or contact\u003C/span>\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">\u003Cspan> \u003C/span>\u003C/span>\u003Cspan class=\"NormalTextRun SpellingErrorV2Themed SCXW1368835 BCX8\">Sté\u003C/span>\u003C/span>\u003Cspan data-contrast=\"none\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SpellingErrorV2Themed SCXW1368835 BCX8\">fany\u003C/span>\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">\u003Cspan> \u003C/span>Corey\u003C/span>\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">,\u003Cspan> \u003C/span>\u003C/span>\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">Senior Manager,\u003Cspan> \u003C/span>\u003C/span>\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">Communications\u003C/span>\u003C/span>\u003Cspan class=\"LineBreakBlob BlobObject DragDrop SCXW1368835 BCX8\">\u003Cspan class=\"SCXW1368835 BCX8\"> \u003C/span>\u003Cbr class=\"SCXW1368835 BCX8\" />\u003C/span>\u003Cspan data-contrast=\"none\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">438.455.1281\u003C/span>\u003C/span>\u003Cspan data-contrast=\"auto\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">\u003Cspan> \u003C/span>\u003C/span>\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\">|\u003Cspan> \u003C/span>\u003C/span>\u003C/span>\u003Ca class=\"Hyperlink SCXW1368835 BCX8\" href=\"mailto:scorey@fednav.com\" target=\"_blank\" rel=\"noreferrer noopener\">\u003Cspan data-contrast=\"none\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun Underlined SCXW1368835 BCX8\">\u003Cspan class=\"NormalTextRun SCXW1368835 BCX8\" data-ccp-charstyle=\"Hyperlink\">scorey@fednav.com\u003C/span>\u003C/span>\u003C/a>\u003C/span>\u003C/p>",{"_modelApiKey":1242,"id":1243,"fnSmallImageFitContain":323,"fnSmallImage":1244,"fnSmallImageOrientation":323,"fnBigImage":1253,"fnBigImageOrientation":323},"fn_block_two_image","Wc_1zWNpRDmM7vCw0RGFiQ",{"id":1245,"alt":32,"focalPoint":1246,"height":1248,"responsiveImage":1249,"blurUpThumb":1250,"title":32,"url":1251,"width":1252,"video":32,"format":33},"ShWvpleyRRGSBMPbYBBvqA",{"x":1247,"y":161},0.24,2154,{"base64":1250},"data:image/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wCEAAoHBwgHBgoICAgVFg8XDiIcDg0NDhMVDQ0YFxUZGBYVIhUdHysjGh0oHRUWJDUlKC0vMjIyGSI4PTcwPCsxMi8BCgsLDg0OHBAKHDsoIig7LzYwLzU7Oy81Ly8vLzIvLy8vNTUvLy8vLy8vLy8vLy8vLy8vLy8vLy8vLy8vLy8vL//AABEIABEAGAMBIgACEQEDEQH/xAAaAAACAgMAAAAAAAAAAAAAAAAABwIFAQQG/8QAHRAAAgICAwEAAAAAAAAAAAAAAAECBAMRBQY0Mf/EABYBAQEBAAAAAAAAAAAAAAAAAAMEAv/EABkRAAIDAQAAAAAAAAAAAAAAAAABAhExQf/aAAwDAQACEQMRAD8AvF3TDY1KLI2+4xcYxQu6t2rXw7cyOTl6+T5Isc2SKEaGxW7XBUk2wFXm5nVVKEgNIJqNnN5POa2IwAb0RYWEvOgABVgPT//Z","https://www.datocms-assets.com/133417/1770835291-oc25-60.jpg",3061,{"id":1254,"alt":1255,"focalPoint":1256,"height":1258,"responsiveImage":1259,"blurUpThumb":1260,"title":1255,"url":1261,"width":1262,"video":32,"format":33},"WmOmddI4TpKeOVxSE24MFw","Federal William Paul",{"x":146,"y":1257},0.48,4746,{"base64":1260},"data:image/jpeg;base64,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","https://www.datocms-assets.com/133417/1742838877-federal-william-paul.jpg",6191,[1264,1274,1282,1290],{"id":1265,"__typename":1209,"_createdAt":1266,"fnSlug":1267,"fnHero":1268},"XpSwzmqmTSeHr3rVlv3HDg","2026-04-09T13:15:26-04:00","geopolitics-supply-chains-and-the-human-face-of-global-trade",{"fnTitle":1269,"fnCategory":1270},"Geopolitics, supply chains – and the human face of 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market sounding study to strengthen growth at the Port of Churchill",[1297],{"fnTitle":1272,"id":1273},1780460098734]