Algoma’s strong momentum continues through strategic fleet growth
(Posted on 11/03/26)
Algoma Central Corporation has reported its results for the year ended 31 December 2025. Algoma reported revenues of $761,056, compared to revenues of $703,444 in 2024. Net earnings for 2025 were $143,025 compared to $91,638 in 2024. The Company reported 2025 EBITDA of $230,987 compared to $200,494 in 2024. All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.
“This year we took delivery of eight vessels and reached a significant milestone in the third quarter with the addition of our 100th vessel to our global fleet,” said Gregg Ruhl, President and CEO of Algoma Central Corporation. “We currently have twelve vessels under construction, six of which are scheduled for delivery in 2026. Internationally, we continue to expand our presence in the global short sea shipping sector through strategic partnerships in new markets. These partnerships are helping establish Algoma as the Marine Carrier of Choice on the global stage and extend the reach of our Bear, born in Sault Ste. Marie, Ontario, around the world. Domestically, we remain focused on strengthening our fleets operating across the bi-national Great Lakes and Canadian and U.S. east coasts. As we approach the opening of the 2026 navigation season, we do so from a forward looking position of resilience and growth, with a continued focus on working together as an industry to enhance the competitiveness and long-term resiliency of the customers and communities we serve,” concluded Mr. Ruhl.
Financial Highlights: Fiscal 2025 Compared to 2024
- Net earnings increased 56% to $143,025 compared to $91,638 in 2024. Basic and diluted earnings per share were $3.53 compared to $2.29 in 2024. Earnings in 2025 include a one-time $71,517 gain representing the Company's share on the sale of an interest in the cement carrier joint venture within the Global Short Sea Shipping segment, while 2024 earnings include a $13,015 impairment reversal, net of related amortization. Excluding these items, earnings decreased 5% to $74,815 compared to $78,623 in 2024.
- Domestic Dry-Bulk segment revenue increased 8% to $405,072 compared to $375,159 in 2024, reflecting 10% higher volumes driving an 11% rise in revenue days, and improved freight rates. Operating earnings for the segment increased 30% to $55,433 compared to $42,678 in 2024.
- Revenue in the Ocean Self-Unloaders segment decreased slightly to $175,520 compared to $177,185 in 2024. This decrease was mainly attributable to reduced revenue days driven by an increase in planned dry-dockings when compared to the prior year. Operating earnings decreased 40% to $23,588 compared to $39,491 in 2024.
- Joint venture equity earnings increased in the year to $98,198 compared to $37,760 for the prior year. Global Short Sea Shipping earnings were buoyed by a one-time gain in the cement carrier joint venture, a reduction in available revenue days due to increased dry-dockings, and the mini-bulker fleet experiencing 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 one vessel at the commencement of the prior year to eight in the current year.
In the Domestic Dry-Bulk segment, grain and salt volumes are expected to increase, partially offset by reductions in the iron and steel sectors, reflecting the impact of tariffs on Canadian steel producers' exports to the United States. Higher grain volumes are anticipated to add revenue days and support continued strength in the agriculture segment. Salt volumes are also expected to improve, driven by increased demand for de-icing salt around the Great Lakes - St. Lawrence region. Construction activity is expected to remain relatively flat as it continues to be influenced by broader economic conditions.
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