TBA GroupBühler GmbHTelestackPort of South LouisianaThe Wolfson Centre for Bulk Solids Handling Technology TOC Events
  • TOC Events
  • Port of Stockton
  • Multimodal 2022
  • Cleveland Cascades Ltd
  • Vigan
  • Port of South Louisiana

Solid results for Algoma

Solid results for Algoma

(Posted on 02/03/20)

Algoma Central Corporation, has announced its results for the year ended December 31, 2019. Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers, and product tankers. Algoma also owns ocean self- unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.

Operating earnings for 2019 grew 26% compared to fiscal 2018 operating earnings.

Fiscal 2019 highlights include:

Completed the mid-year acquisition of three vessels in the ocean self-unloader business, bringing the number of Algoma vessels in the fleet to eight. The larger fleet size contributed to a 46% increase in operating earnings, driven by growing customer demand, higher volumes and improved freight rates.

  • Increased Product Tanker fleet capacity by 32% with the addition of a seventh full-size tanker early in the year, more than tripling segment operating earnings. Continued high customer demand led to a 34% increase in segment revenue, which was met, in part, with continued use of outside chartered capacity.
  • Capitalized on improvement in market rates on nearly 40% of Domestic Dry-Bulk segment volumes, offsetting the decrease in fleet capacity of one ship. Earnings were lower in the segment as a result of increased winter lay-up and dry-dock spending compared to 2018. The Company is committed to ensuring fleet reliability and longevity.

"We experienced solid results overall in fiscal 2019 and despite a few challenges, I am really pleased with the outcome," said Gregg Ruhl, President and CEO of Algoma. "This was a busy first year as President and CEO; we took delivery of our eighth Equinox Class vessel, purchased three ocean self-unloaders and one product tanker and began construction of another two vessels. Additionally, we renewed several key customer contracts with favourable outcomes and we are already seeing positive results as a consequence. I want to thank everyone at Algoma for all of their hard work setting us up for a successful future" continued Mr. Ruhl.

Consolidated revenue in 2019 was CAN$567,908, an increase of 12% compared to $508,201 reported in 2018. The increase in revenue was primarily a result of having additional vessels in operation, improved rates and strong customer demand in both the Product Tanker and Ocean Self-Unloader segments. In the Domestic Dry-Bulk segment, revenue decreased primarily due to lower fuel costs, which are passed through to customers as part of the freight rate. While dry-bulk volumes were lower overall due to the reduction in capacity compared to 2018, this was largely offset by strong freight rates as a result of favourable contract renewals.

Net earnings for 2019 were $24,159, a decrease of $26,784 compared to 2018. Earnings in 2018 include an after tax gain of $10,214 on certain shipbuilding contract cancellations whereas earnings in 2019 include a $15,542 impairment provision related to the Company's investment in the NovaAlgoma Short Sea Carrier joint venture. Adjusting for these two items, net earnings were down $1,028 compared to 2018.

At this time the Company is not experiencing any impact from the Coronavirus outbreak or the pipeline protests.

Latest News

ClassNK certifies NAPA Fleet Intelligence and Performance Monitoring and Optimization

(Posted on 25/05/22)

Leading Classification Society ClassNK has certified NAPA Fleet Intelligence and NAPA Performance Monitoring... Read more


Idwal report feature enables further insight for owners and financiers

(Posted on 25/05/22)

Idwal has announced that all inspection reports will now also include a data comparison feature that... Read more


IOMSR expands Greek fleet with four bulk carriers

(Posted on 18/05/22)

The Isle of Man Ship Registry is expanding its Greek fleet with an agreement to flag four bulk carriers... Read more


Women climbing the maritime career ladder, but more can be done

(Posted on 18/05/22)

Women are advancing up the Caribbean maritime career-ladder into senior positions – although more... Read more


ClassNK releases PrimeShip-HULL 2022 for new structural rules

(Posted on 12/05/22)

Leading classification society ClassNK has released its design support system “PrimeShip-HULL... Read more


International segments drive solid Algoma performance

(Posted on 05/05/22)

Algoma Central Corporation has reported its results for the three months ended March 31, 2022. Revenues... Read more


Report highlights INTERCARGO members’ commitment to quality

(Posted on 05/05/22)

The International Association of Dry Cargo Shipowners (INTERCARGO) has launched the thirteenth edition... Read more


ClassNK issues AiP for ammonia-ready LNG-fuelled bulk carrier

(Posted on 27/04/22)

Leading Classification Society ClassNK has issued an Approval in Principle (AiP) for the design of an... Read more


Inmarsat combats rising maritime cybercrime with fleet secure UTM

(Posted on 27/04/22)

Inmarsat, the world leader in global, mobile satellite communications, has launched Fleet Secure Unified... Read more


Bulk shipping offering between UAE and Bangladesh

(Posted on 20/04/22)

AD Ports Group has announced that its feeder service, SAFEEN Feeders, has signed a long-term trade facilitation... Read more


Sailors SocietyViganPort of StocktonCleveland Cascades LtdVan AalstCimbria
  • Bühler GmbH
  • Cimbria
  • Van Aalst

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping