Diverse vessel and market portfolio provides resilience for Algoma
(Posted on 11/08/25)
Algoma Central Corporation has reported its results for the three and six months ended June 30, 2025. Algoma reported second quarter revenues of $211,715, compared to revenues of $180,968 in 2024. Net earnings for the 2025 second quarter were $32,883 compared to net earnings of $17,464 in 2024. EBITDA was $72,582 in the second quarter compared to $48,406 in 2024. All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.
“During the second quarter, four newbuild vessels entered service across our domestic dry-bulk, domestic product tanker, and FureBear fleets,” said Gregg Ruhl, President & CEO of Algoma Central Corporation. “With these additions, we now hold ownership interests in 98 vessels, with ten more under construction—three of which are scheduled for delivery in the third quarter. This continued fleet growth is very exciting, but more importantly, it reinforces our diversification and strengthens our resilience in the face of ongoing global uncertainty. As we approach our 126th anniversary in August, we take pride in our historical ability to navigate through economic highs and lows. Following the quarter’s end, NovaAlgoma Cement Carriers Limited, our joint venture with Nova Marine Holdings SA, entered a definitive agreement with P&O Maritime Logistics, a DP World subsidiary, for the sale of a 51% controlling interest in NovaAlgoma’s wholly owned cement assets. This strategic transaction expands our global reach and aligns us with another strong partner," continued Mr. Ruhl.
Financial Highlights for the second quarter 2025 compared to second quarter 2024 included the domestic dry-bulk segment revenue increasing to $123,607 compared to $103,931 in 2024, reflecting improvement in volumes, freight rates and revenue days from two additional vessels. As a result, operating earnings for the segment increased 67% to $26,642 compared to $15,924 in 2024.
Revenue in the Ocean Self-Unloaders segment increased slightly to $45,320 compared to $42,818 in 2024. This increase was primarily due to an increase in revenue days driven by fewer dry-docking off-hire days, combined with higher volumes and increased rates. Operating earnings increased 65% to $10,475 from $6,361 in 2024.
"Core performance remained strong, with reported revenues rising across our marine segments," said Christopher Lazarz, Chief Financial Officer at Algoma Central Corporation. "In Domestic Dry-Bulk, higher volumes in iron ore and agriculture offset lower shipments in salt and construction materials. A new iron ore customer and growth in export grain provided momentum, though supply issues constrained salt volumes, and trade uncertainty tempered aggregate demand. In Product Tankers, a larger fleet and fewer dry-dockings contributed to continued strength and improved utilization. Ocean Self-Unloaders benefited from robust Pool performance and higher base freight rates. Meanwhile, Global Short Sea Shipping saw stronger equity earnings, particularly in the mini-bulker and cement fleets, and our FureBear joint venture continues to perform well with seven of ten newbuild vessels now in service," concluded Mr. Lazarz.
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