Strong results for resilient Algoma
(Posted on 26/02/21)
Algoma Central Corporation, is reporting very strong financial results for 2020, a year in which a global pandemic introduced a number of economic and operating challenges. As a marine transportation company and a provider of critical marine infrastructure, the Company is a key link in its customers' supply chains. Algoma, along with others in the industry, was deemed an essential service and the Company operated throughout the pandemic. In the face of these unprecedented operating conditions, the Company delivered a 16% increase in EBITDA, and a 92% increase in earnings per share (29% increase on an adjusted basis).
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.
"When I reflect on the year here at Algoma, the resiliency of the Algoma team always comes first to my mind,” said Gregg Ruhl, President and CEO of Algoma Central Corporation. "Our teams, both shipboard and shoreside, have had to pivot and adapt countless times this year and I couldn’t be more proud of the hard work, dedication and strength demonstrated by everyone in the Algoma family,” continued Mr. Ruhl. "We reacted to the COVID-19 pandemic early in March and we were able to respond quickly to address the needs of our customers and, as a result, we experienced very strong financial results. Although the year came with its challenges, we successfully deployed our fleet to meet new market demand and we did this all while maintaining our commitment to providing safe, efficient and reliable transportation of essential goods both domestically and around the world.”
Fiscal 2020 business highlights included a favourable mix of trades coupled with strong freight rates drove higher results in the Domestic Dry-Bulk segment. The segment experienced increased volumes in the higher margin grain and salt sectors, while volumes in the iron ore and construction materials sectors were lower than the prior year.
In the Ocean Self-Unloader segment, five dry-dockings were undertaken successfully during the year, despite facing challenges associated with the COVID-19 pandemic, and tight cost control enabled the company to partially offset the impact of weakness in volumes shipped.
The Company completed a refinancing of its senior secured credit facilities in December in advance of mid-2021 scheduled maturities, securing long-dated debt on highly favourable terms.
The Company’s Board of Directors authorized payment of a Special Dividend to shareholders of $2.65 per common share as a result of the re-financing mentioned above. The dividend was paid on January 12, 2021 to shareholders of record on December 28, 2020.
EBITDA, which includes Algoma’s share of joint venture EBITDA, for the year ended December 31, 2020 was $174,063 an increase of 16% or $23,543, compared to the prior year.
Latest News
Greek owners to play key role in nuclear development for maritime sector
(Posted on 29/09/25)“Nuclear energy is stepping forward as a credible long-term solution” stated Christopher... Read more
Columbia leader calls on the maritime industry for alternative fuels reality check
(Posted on 29/09/25)The CEO of leading integrated maritime, logistics, energy, leisure and offshore services platform Columbia... Read more
Record numbers from Indian subcontinent for Sailors’ Society conference
(Posted on 22/09/25)More than 4000 cadets, trainees and ratings from the Indian subcontinent took part in the first of Sailors... Read more
The Swedish Club expands management team
(Posted on 22/09/25)The Swedish Club have announced that it is strengthening its management team to match the pace of its... Read more
Shipowners face Port State Control crackdown on BWTS compliance
(Posted on 22/09/25)BIO-UV Group is advising shipowners to ready themselves for extensive Port State Control inspections... Read more
CORE POWER welcomes agreement to accelerate investment in maritime decarbonisation
(Posted on 16/09/25)The U.S. and the UK have announced a bilateral collaboration to accelerate reactor licensing from three... Read more
Cobelfret accelerates digital transformation with integrated maritime platform
(Posted on 14/09/25)Cobelfret, a leading global dry bulk shipowner and operator based in Singapore, has partnered with Smart... Read more
Support grows for India’s new maritime CCTV rules
(Posted on 14/09/25)Zelim is calling on international regulators and flag states to follow India’s lead on enhancing... Read more
Ionic extends Orca AI to bulker fleet to boost safety
(Posted on 09/09/25)Athens-based Ionic controls a fleet of eight crude tankers and 11 bulkers under its respective wet and... Read more
Columbia and Pan Marine launch Egyptian JV
(Posted on 09/09/25)Columbia Group, a global leader in integrated maritime services, has announced the establishment of... Read more
