Strong momentum continues in 2025 through resilient performance and strategic fleet growth across global and domestic markets.
 
St. Catharines, Ontario March 5, 2026 – Algoma Central Corporation has reported its results for the year ended December 31, 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 for the Product Tankers segment increased 20% to $177,832 compared to $148,347 in 2024, driven primarily by a larger fleet size. Operating earnings increased to $22,046 compared to $9,406 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 minibulker 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.
“Algoma continued to demonstrate market resilience amid global uncertainty in 2025,” said Christopher Lazarz, Chief Financial Officer. “In Domestic Dry-Bulk, higher iron ore and salt volumes, along with spot grain activity, drove increased revenue days. We are expecting iron ore volumes to decline in 2026 as the impact of U.S. steel tariffs materializes. Demand for salt and grain is anticipated to remain strong, supported by replenishment needs for de-icing salt across the Great Lakes region and higher volumes with an existing grain customer. In Product Tankers, performance remains strong, supported by a larger fleet following the addition of two vessels in the second quarter of 2025. Off-hire days increased due to five planned dry-dockings in the Ocean Self-Unloaders segment, compared to two in the previous year,” concluded Mr. Lazarz.