

(Posted on 04/11/24)
Algoma Central Corporation has reported its results for the three and nine months ended September 30, 2024. Algoma reported third quarter revenues of $204,644, compared to revenues of $205,888 in 2023. Net earnings for the 2024 third quarter were $39,914 compared to net earnings of $35,745 for the same period in 2023. All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.
"Following a challenging second quarter, it's encouraging to see stability in demand this quarter, along with promising signs of continued improvement as we approach year-end," said Gregg Ruhl, President and CEO of Algoma Central Corporation. "Our Product Tanker segment is performing well, with the fleet at full utilization, including one vessel added to the domestic fleet this year. Our Ocean Self-Unloader segment has also seen stronger earnings, driven by increased on-hire days in the Pool and stable rates. In the Domestic Dry-Bulk segment, securing additional iron ore cargoes with a new customer helped offset the continuation of lower construction and salt volumes. Looking ahead to the end of 2024, customer demand remains stable although some weak spots persist. With a larger grain crop this year, grain volumes in the fourth quarter are expected to be very strong. As we move into the winter months, we remain optimistic that salt cargo demand will improve from our key customer in this sector," continued Mr. Ruhl.
Financial highlights include
Algoma Central Corporation is a global provider of marine transportation that owns and operates dry and liquid bulk carriers, serving markets throughout the Great Lakes - St. Lawrence Seaway and internationally. Algoma is aiming to reach a carbon emissions reduction target of 40% by 2030 and net zero by 2050 across all business units with fuel efficient vessels, innovative technology, and alternate fuels.
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