Algoma Central Corporation today released its results for the year ended December 31, 2025, reporting that robust momentum continued through resilient performance and strategic fleet growth across global and domestic markets.
Algoma reported revenues of $761 million compared to revenues of $703.4 million in 2024. Net earnings for 2025 were $143 million compared to $91.6 million in 2024. The Company reported 2025 EBITDA of $230.9 million compared to $200.4 million in 2024.
“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
- Domestic Dry-Bulk segment revenue increased 8% to $405million compared to $375 million in 2024, reflecting 10% higher volumes driving an 11% rise in revenue days, and improved freight rates.
- Revenue for the Product Tankers segment increased 20% to $177.8 million compared to $148.3 million in 2024, driven primarily by a larger fleet size. Operating earnings increased to $22 million compared to $9.4 million in 2024.
- Revenue in the Ocean Self-Unloaders segment decreased slightly to $175.5 million compared to $177.2 million 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 $23.5 million compared to $39.5 million in 2024.
- Joint venture equity earnings increased in the year to $98.1 million compared to $37.7 million 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 mini-bulker 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.
2026 perspectives
“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.
(Photo of Algoma vessel heading for Detroit)