Algoma reports strong core results and continued fleet growth
(Posted on 10/11/25)
Algoma Central Corporation has reported its results for the three and nine months ended 30 September 2025. Algoma reported third quarter revenues of $228,035, compared to revenues of $204,644 in 2024. EBITDA was $89,739 in the third quarter compared to $75,696 in 2024. All amounts reported are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.
“This quarter marked a milestone for Algoma with the delivery of the Algoma Legacy, the first of three next-generation, methanol-ready self-unloading vessels,” said Gregg Ruhl, President and CEO of Algoma Central Corporation. “The Algoma Legacy underscores our commitment to sustainability and operational excellence and is a symbolic marker as our 100th vessel in our expanding global fleet. We also approved investments in two newbuild 9,500-deadweight mini-bulkers in our global short sea joint venture, NASC, with delivery expected in late 2027. With 100 vessels plus ten now under construction, we are growing our fleet and shaping the next chapter of Algoma’s legacy,” continued Mr. Ruhl.
Financial highlights included:
- Domestic Dry-Bulk segment revenue increased to $131,453 compared to $119,522 in 2024, reflecting improvement in volumes, freight rates and revenue days from one additional vessel. Operating earnings for the segment increased 17% to $38,552 compared to $32,879 in 2024.
- Revenue in the Ocean Self-Unloaders segment increased slightly to $46,277 compared to $45,803 in 2024. This increase was primarily due to an increase in revenue days driven by fewer dry-docking off-hire days when compared to the prior year. Operating earnings decreased 24% to $8,747 from $11,558 in 2024.
- Joint venture equity earnings decreased slightly quarter-over-quarter, with earnings of $6,551 in 2025 compared to $6,856 for the prior year period. Decreased earnings in the cement and mini-bulker fleets were driven by a reduction in available revenue days due to increased dry-dockings across both fleets, while the mini-bulker fleet was impacted by softer market conditions compared to the previous period. The increase in earnings from the product tanker fleet reflects the growth in the fleet size from two vessels in the prior year to eight in the current quarter.
“All our business segments continue to perform well despite market uncertainties,” said Christopher Lazarz, Chief Financial Officer. “In Domestic Dry-Bulk, higher volumes in salt, iron ore, and agricultural products offset lower shipments of construction materials. The replenishment of de-icing salt across the Great Lakes marked a shift from the previous quarter, while ongoing trade uncertainties continued to weigh on aggregate demand. Although iron ore volumes were higher this quarter, we expect them to decline going forward as the effects of U.S. steel tariffs begin to materialize. In Product Tankers, performance remained strong, supported by a larger fleet and fewer non-productive days. Ocean Self-Unloaders also delivered steady results, with increased aggregate volumes and spot cargoes partially offset by lower gypsum and coal shipments,” concluded Mr. Lazarz.
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