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Algoma reports strong increase in consolidated revenue

2019-03-07

McKeil Marine's Evans Spirit  won the International Bulk Journal's 2016 Ship of the Year Award during the IBJ's Salute to Excellence in the Maritime Bulk Industry gala awards ceremony in London, UK on November 21.
"It's a fantastic way to closeout our 60th anniversary year: having a vessel named after our founder, Evans McKeil, win this prestigious international award," said Steve Fletcher, President and CEO of McKeil Marine.
Acquired by McKeil in 2015, the Evans Spirit is a cargo ship with the shallow draught characters of a tug and barge; however, compared to a tug-and-barge unit, she can transport approximately 40 per cent more cargo about 50 per cent faster on a very similar amount of fuel.  She is in service throughout the Great Lakes and St. Lawrence River.
Evans Spirit was shortlisted for 2016 Ship of the Year competing with three other vessels: CS Bright, Mitsui OSK Lines, Japan;  Damen Shipyards, Netherlands; and MN Baroque, Swiss Marine, Switzerland. The award is presented to the owner, operator or builder of an outstanding individual bulk ship. Judged on operational efficiency, design innovation, safety and environmental protection, the Evans Spirit was selected as winner. (Photo Paul Beesley).

Algoma Central Corporation, a leading provider of marine transportation services based in St. Catharines, Ontario, today announced its results for the year ended December 31, 2018, highlighted by a 12 % increase in consolidated revenue to $508.2 million versus $453 million in 2017.

Revenue increased as a result of improved rates in the Domestic Dry-Bulk and Ocean Self-Unloaders segments and increased customer demand in the Product Tankers segment, Algoma said. Domestic dry bulk revenue totaled $297.6 million versus $278 million in 2017.

"Fiscal 2018 was an exciting year at Algoma," said Gregg Ruhl, President and CEO of the Company. "Despite some challenges, we achieved a number of things which will advance us towards the strategic goals we set in 2015. Our success and growth would not have been possible without the hard work and dedication of the Algoma team and our loyal customers."

The company added three new Equinox Class vessels to operations in 2018, the Algoma Niagara, theAlgoma Sault and the Algoma Innovator. Additionally, the Algoma Buffalo and the Algoma Compass were acquired from American Steamship Company late in 2017; both vessels began operations at the start of the 2018 navigation season.

 

 

Algoma Tankers Limited  purchased a 2008-built product tanker which became the seventh tanker in the ATL fleet. The vessel was re-named the Algonorth and began operations at the end of December.

Global Short Sea Shipping segment revenues increased 24% compared to 2017. The Company has a 50% interest in three joint ventures and revenue from the Global Short Sea Shipping segment is not included in the consolidated revenue figure.

NovaAlgoma Short Sea Carriers and Peter Döhle Schiffahrts-KG, announced the creation of DNA Shipping, a commercial agreement to pursue consolidation and growth within the multi-purpose project vessel (MPP) and 13,500 to 15,000 mini-grabber dry-bulk markets.
A new joint venture, NovaAlgoma Bulk Holdings, was created. NABH has interests in four deep-sea bulkers operating internationally and is managed out of Lugano, Switzerland.

Subsequent to year end, Algoma entered into an agreement to acquire three vessels from Oldendorff Carriers GMBH & Co. which operate in the CLSI Pool and entered into an agreement to acquire a 2010-built product tanker.

Net earnings from continuing operations, which excludes income from discontinued real estate operations in 2017, was $50.9 million ($1.32 per share) in 2018 compared to $34.9 million ($0.90 per share) for 2017. Earnings in 2018 include a gain of $10.2 million related to the cancellation of four shipbuilding contracts.

 
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