Canadian shipowner and operator Algoma Central reported a net loss of CAD 19 million in Q1 2017. In Q1 2017, Algoma Central reported a revenue of CAD 48.7 million. Algoma Central’s total revenue increased by 20% due to salt cargoes. CEO Ken Bloch Soerensen led Algoma Central anticipates a sustainable growth in dry bulk earnings. Toronto Stock Exchange-listed Algoma Central’s earnings of ocean self-unloaders with Marbulk joint venture were down 76%.
Canadian shipowner and operator Algoma Central accumulated more capital for fleet renewal by selling off Delta Hotels Marie Waterfront for around $5 million. Canadian shipowner and operator Algoma Central’s determination to exchange its real estate is a consequence of a distinct strategic goal. In April 2017, Algoma Central deposited around $19 million from trading office property and all cash will be utilized for fleet renewal.