Mainstay Maritime Inc announce it has entered into a definitive agreement to sell its three Canadian operating companies and associated fleet of six Canadian-flagged vessels to Algoma Central Corporation.
Mainstay, formerly Rand Logistics, Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes. The transaction includes Lower Lakes Towing Ltd. and its associated operating companies (collectively, 'Lower Lakes'), as well as six associated Canadian-flagged vessels: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo.
"We are incredibly proud of the shore and vessel team who built Lower Lakes into the respected Canadian maritime operator it is today and grateful for each team member's contributions," said Greg Binion, CEO of Mainstay Maritime. "Algoma is an excellent steward for Lower Lakes, with deep experience and a long history of operational excellence in maritime shipping on the Great Lakes. For Mainstay, this transaction represents a natural step in Mainstay's evolution for the long-term benefit of all our constituencies – allowing us to sharpen our focus on the US Jones Act market, increase our reinvestment in our US flagged fleet, and position the company to meet the growing needs of our customers."
"Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes' vessels and experienced team," said Gregg Ruhl, President & CEO at Algoma. "With a long history on the Great Lakes, we understand what it takes to deliver safe, dependable marine transportation and this acquisition enhances our ability to provide exceptional marine transportation services to our customers across the Great Lakes-St. Lawrence Seaway. Mainstay Maritime's commitment to safety, reliability, and high-quality service aligns with our operational values and we intend to maintain the highest level of safety and respect as we welcome the Lower Lakes team into the Bear Family."
The transaction is subject to customary closing conditions and is expected to close Q1 2026.