Canada-based shipowners have been on an investment spree in recent years. Fleet owners have been replacing older vessels for two major reasons: higher operating costs associated with older vessels, and growing environmental pressure to make ships that ply the Great Lakes cleaner. In 2012, Canada Steamship Lines (CSL) and Algoma Central started taking delivery of new vessels following orders placed two to three years earlier. The timing of the orders was also motivated by the removal of Canada's 25% import duty on new ships in the late 2000s, a rise in the value of the Canadian dollar, and a collapse in world shipbuilding prices.
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