Algoma Central

Toronto Stock Exchange-listed Algoma Central, led by CEO Gregg Ruh, has announced its best first-quarter performance in five years. This improvement comes despite the typically slow season, which is bolstered by the strong operation of its self-unloading bulk carriers. The company, a prominent Canadian owner and operator of bulk carriers, product tankers, and self-unloaders based in St. Catharines, reported a loss of $12.6 million for the first quarter of 2024. However, such losses are expected for Algoma Central during this period, as many of its Great Lakes trades are hindered by ice. Nonetheless, these recent figures signify an improvement from previous years. 1-May-2024


Increased expenses led to a decrease in annual earnings for Algoma Central, a prominent shipowner and operator listed on the Toronto Stock Exchange. The Canadian firm Algoma Central is known for its significant contributions to the maritime industry, specializing in the transportation of bulk commodities across the Great Lakes and St. Lawrence Seaway. The company anticipates that a strategic plan for renewing its fleet will contribute to enhanced operational performance in the future. Algoma Central Corp, with its headquarters in St. Catharines and a robust presence in shipowning and operating, disclosed a 30% reduction in net profit for the entire year, as escalating operational costs eclipsed revenue gains. This downturn reflects the challenges faced in the maritime sector, including fluctuating market conditions and increased competition. Gregg Ruhl, the CEO of Algoma Central, commented that the most recent financial outcomes emphasize the company’s resilience and ability to adapt amid these challenges. For the year 2023, Algoma Central registered a net profit of $61.3 million USD, a testament to its enduring market presence despite financial headwinds. Furthermore, Algoma Central announced that its annual revenue saw a modest increase of slightly over 6% compared to the previous year, reaching $535.4 million USD. This revenue growth indicates a positive trajectory in the company’s operations, buoyed by strategic investments in fleet modernization and expansion, along with a focus on enhancing service offerings to meet the evolving needs of its customers. Algoma Central’s commitment to sustainability and innovation is also evident in its efforts to incorporate environmentally friendly technologies and practices within its operations, positioning the company as a leader in the sustainable maritime transportation sector. 28-February-2024


Toronto Stock Exchange-listed shipowner and operator Algoma Central’s worldwide short-sea shipping division profits from a thriving mini-dry bulk market. Subsequent to economic predicaments, the total earnings for Q2 2023 saw a decrease, cites Chief Executive Officer, Gregg Ruhl. St. Catharines-based shipowner and operator Algoma Central’s global short-sea transportation sector experienced an augmentation in profits for Q2 2023, largely attributable to a flourishing mini-dry bulk market. The department, boasting ownership of 18 bulk carriers of under 15K DWT and joint interests in 18 cement carriers also under 15K DWT with Nova Marine Carriers, based in Luxembourg, netted a revenue of $3.8 million. 10-August-2023


Toronto Stock Exchange-listed shipowner and operator Algoma Central has entrusted Hyundai Mipo Shipyard in South Korea with the fabrication of two 37K DWT ice-class product tankers, a transaction approximated at a grand $96 million. Two 37K DWT ice-class product tankers are slated for debut in the initial quarter of 2025, subsequently entering an extensive charter with Irving Oil under the emblematic Canadian ensign. Two 37K DWT ice-class product tankers’ primary duty will be to facilitate the energy conglomerate Irving Oil’s refinery in the quaint city of Saint John, New Brunswick, ensuring punctual consignments to harbours spanning Atlantic Canada and the US Eastern seaboard. Innovatively crafted to be compatible with methanol and shore power, Algoma Central Corporation’s esteemed president and CEO, Mr. Gregg Ruhl, articulates that this substantial venture will enrich their naval repertoire, broaden the horizons of their product tanker division, and introduce a fresh Canadian patronage. Headquartered in the picturesque Ontario, Algoma Central Corporation proudly commands a fleet of bulk carriers and tankers navigating the expansive Great Lakes and the St. Lawrence Seaway. St. Catharines-based shipowner and operator Algoma Central has set its gaze upon a commendable reduction in carbon footprints, aiming for a 40% diminution by 2030, and envisioning a pristine net zero by the midpoint of the century, 2050. In harmonious collaboration with their Canadian counterpart, CSL, Algoma Central Corporation, in the brisk month of February, commissioned four methanol-accommodating self-discharging 72K DWT bulk carriers at Jiangsu Yangzi-Mitsui Shipbuilding (YAMIC), with the inaugural bulk carriers’ christening anticipated in July 2025. 19-June-2023


FureBear, a distinguished collaboration between Furetank and Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation, in alliance with Larsson Shipping, has acquired 2008 built tanker 16K DWT MT Fure Skagen (ex MT Algonort). MT Fure Skagen (ex MT Algonort) acquired by Algoma Central Corporation in 2018 from Furetank’s esteemed Gothia Tanker Alliance associate, Rederi AB Älvtank, for a princely sum of $13.5 million, has voyaged from Canadian shores to ply the waters of Northern Europe. Destined to sail under the Faroe Island ensign, MT Fure Skagen (ex MT Algonort) will be under the joint aegis of FureBear and Larsson Shipping, with its commercial ventures steered by Furetank Chartering, a linchpin of the Gothia Tanker Alliance. Sweden-based Furetank Chartering, in unison with St. Catharines-based shipowner and operator Algoma Central, has made a significant investment in a fleet of eight 17K DWT product carriers at the esteemed China Merchants Jinling Shipyard in Yangzhou. The maiden vessel of this fleet is anticipated to grace the seas later this annum. Lars Höglund, the esteemed Chief Executive of Furetank, remarked that the incorporation of Fure Skagen is poised to augment the offerings of the 50/50 joint venture, ensuring a seamless transition and synergy as they ardently await the arrival of the new vessels from the Vinga series, currently being crafted in Chinese dockyards. 19-February-2023


Toronto Stock Exchange-listed shipowner and operator Algoma Central in partnership with CSL have commissioned four (4) methanol-compatible self-discharging bulk carriers from Jiangsu Yangzi-Mitsui Shipbuilding (YAMIC). This four (4) methanol-compatible self-discharging bulk carriers order has been lodged at the collaborative venture of China’s eminent Yangzijiang Shipbuilding and Japan’s renowned Mitsui E&S Shipbuilding. The transaction is divided amongst St. Catharines-based shipowner and operator Algoma Central and CSL, who collectively establish the CSL International Consortium. In continuous pursuit of excellence, Canadian Great Lakes operator Algoma Central Corporation is confidently reinvesting in a commercial sector that has consistently borne fruit for the company. Algoma Central Corporation’s unwavering trust in the enduring partner and in YAMIC’s impeccable reputation for superior craftsmanship and punctual deliveries of these niche assets remains steadfast. Such a collaborative procurement underscores Algoma Central Corporation’s enduring pledge to cater to charterers in a secure and environmentally-responsible manner, harnessing our transoceanic flotilla. Both Toronto Stock Exchange-listed shipowner and operator Algoma Central and CSL preserving the prerogative to commission a further duo of bulk carriers, each anticipated to surpass their predecessors with a staggering 40% efficiency elevation. 18-February-2023


In a strategic collaboration, Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has joined forces with the Swiss-based Nova Marine to fortify their short sea shipping alliance, NovaAlgoma. This alliance, NovaAlgoma, has been reinforced by the acquisition of three distinguished cement carriers from KGJ Cement and a pair of handysize bulk carriers from Swire Bulk Holdings. The initial cement carrier, christened the MV NACC Providence (ex MV Glory Atlantic), graced its new owners in the early days of February. Its counterpart is slated to follow in the dawn of March, while the third esteemed andysize bulk carrier is anticipated for a late June delivery. The pair of handysize bulk carriers, christened as the MV Sider Athena and the MV Sider Bear, are set to grace the NovaAlgoma Bulk Holdings armada come late April. Their commercial endeavors will be orchestrated under the keen eye of Nova Marine. St. Catharines-based shipowner and operator Algoma Central Corporation CEO Gregg Ruhl remarked that with meticulous scrutiny, Canadian Great Lakes operator Algoma Central Corporation evaluate every avenue for expansion. These recent acquisitions seamlessly align with our vision of maintaining a prosperous venture in concert with Algoma Central Corporation’s esteemed collaborators at Nova Marine. The trio of cement carriers stand poised to cater to the burgeoning cement demands in light of immense global infrastructural undertakings. Meanwhile, the pair of handysize bulk carriers will bolster Algoma Central Corporation’s dynamic international sales and procurement ship framework, which has consistently yielded robust returns since the year 2018. 14-March-2022


Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has opted to commission the construction of dry bulk carriers at Yangzijiang Shipyard. The forthcoming Equinox 2.0 Class from Canadian Great Lakes operator Algoma Central Corporation is a refined progression of the original Equinox Class, meticulously crafted to accentuate fuel economy, achieve superior velocity at diminished engine prowess, and elevate deadweight capacity. This Equinox 2.0 version embodies myriad design alterations, encompassing a multitude of weight-reducing innovations and a revamped stern integrating a dual-rudder design. Such modifications augment the bulk carrier’s cargo space, amplifying its capacity. Further enhancements encompass a revamp of the propeller for heightened efficiency and the morphing of cargo chambers to adeptly manage certain challenging cargoes. This state-of-the-art dry bulk carrier is slated to supersede the Algoma Transport, a venerable member of the Algoma dry bulk armada. The ship’s inception will commence in the twilight of 2022, with an anticipated induction into the fleet marking the inception of the 2024 navigation epoch on the Great Lakes, the focal point of Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation’s endeavours. Algoma Central Corporation proudly possesses and directs the preeminent armada of dry and liquid bulk carriers navigating the Great Lakes – St. Lawrence Waterway. Beyond this, St. Catharines-based shipowner and operator Algoma Central Corporation retains oceanic self-discharging dry bulk carriers plying international waters and boasts a shared 50% stake in NovaAlgoma. 1-June-2021


Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has incurred a penalty of $500,000 in a US judiciary, consequent to their confession of discharging untreated oily residue into Lake Ontario. The American Department of Justice (DOJ) articulated that personnel aboard the MV Algoma Strongfield transgressed the US Clean Water Act in 2017, liberating roughly 45,000 litres of the contaminated water into the vast expanse of the Lake Ontario. James Kennedy, the esteemed attorney for the Western District of New York, proclaimed that the Clean Water Act stands as a bulwark to preserve our invaluable natural endowments, encompassing the unparalleled gem of the Great Lakes. 15-April-2021


Toronto Stock Exchange-listed shipowner and operator Algoma Central has successfully culminated the restructuring of its paramount secured credit provisions, originally set to conclude in 2021. These refreshed credit arrangements encompass a sum of $217.6 million, secured through a discreet placement. The revenues garnered from this fresh issuance are designated for the settlement of the impending paramount secured notes, the extant revolving bank credit covenant, underwriting the St. Catharines-based shipowner and operator Algoma Central’s ambitious capital outlay initiatives, and the broader corporate endeavors. “In recent times, the capital arena has shown immense allure, proffering a chance to diminish our capital expenditure and prolong the due date of Algoma Central’s extensive obligations, concurrently obviating potential refinance perils that might have surfaced had the renewal been postponed to the subsequent year,” articulated Peter Winkley, the eminent Chief Financial Officer of Algoma Central Corporation. Currently, Canadian Great Lakes operator Algoma Central Corporation boasts possession of a magnificent fleet of 36 vessels, a composite of dry bulk carriers, and refined product tankers. 13-December-2020


Toronto Stock Exchange-listed shipowner and operator Algoma Central has consummated a $100 million transaction with Oldendorff Carriers, thereby augmenting its shares in the CSL International Pool and concurrently acquiring a triumvirate of bulk carriers. St. Catharines-based shipowner and operator Algoma Central proclaimed on Wednesday that the company’s ownership now constitutes 40% of the pool, with notable affiliates including Marbulk Shipping and CSL Americas. Moreover, Algoma Central acquired the 2000 built handysize bulk carrier 48K DWT MV Algoma Verity (ex MV Alice Oldendorff), 2005 built handysize bulk carrier 42K DWT MV Algoma Valour (ex MV Harmen Oldendorff), 2000 built handysize bulk carrier 42K DWT MV Algoma Victory (ex MV Sophie Oldendorff). Initial announcements of this transaction were made in January. While monetary specifics remain concealed, the agreement signifies that Toronto Stock Exchange-listed shipowner and operator Algoma Central now possesses eight (8) out of the 19 self-discharging bulk carriers within the CSL International Pool. “Allocating our financial resources to amplify our standing in the self-unloading sector is a tactical move, positioning Algoma Central favorably for anticipated pool expansion in the forthcoming years,” articulated Algoma Central ‘s Chief Financial Officer, Peter Winkley. Being deeply acquainted with this industry and self-unloading bulk carriers, and considering the enduring robust customer demand, Algoma Central is persuaded that now is an opportune moment to augment our commitment to a venture that has yielded substantial dividends in yesteryears. 11-June-2019


Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has consummated an agreement with sthe hipowner and operator Oldendorff to secure the German entity’s stake in the illustrious CSL International Pool, encompassing three self-discharging bulk carriers active within the consortium. This transaction augments St. Catharines-based shipowner and operator Algoma Central Corporation’s stake in the consortium to an impressive 40%, simultaneously acquiring the handysize bulk carrier MV Alice Oldendorff and panamax bulk carrier MV Harmen Oldendorff and MV Sophie Oldendorff. Valued at a remarkable $100 million, the agreement is poised for culmination during the second fiscal quarter of 2019. Canadian Great Lakes operator Algoma Central Corporation CEO Ken Bloch Soerensen stated that the augmenting Algoma Central’s involvement in the CSL International Pool has persistently been a strategic endeavor for Algoma Central Corporation, and the fruition of this deal resonates seamlessly with the company’s aspirations. In the preceding year, Algoma Central Corporation undertook the technical stewardship of the company’s existing consortium vessels and inaugurated a new bureau in Fort Lauderdale, bolstered by a more expansive technical brigade. Algoma Central Corporation anticipates integrating the technical oversight of these trio vessels effortlessly upon the deal’s completion. Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation intimated that the financial backing for this transaction would chiefly derive from the yields of reimbursement assurances stemming from the termination of four shipbuilding compacts with the Croatian establishment, Uljanik. Consequent to this agreement, German shipowner and operator Oldendorff retains ten self-discharging bulk carriers, complemented by an additional duo set for their maiden voyage in 2021. 17-January-2019


The esteemed Pula-based Croatian shipyard, Uljanik, has regrettably missed another pivotal shipbuilding contract. Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has formally and singularly terminated the contract for crafting a vessel designed for the conveyance of bulk cargo equipped with a self-discharging mechanism destined for the Great Lakes. St. Catharines-based Canadian shipowner and operator Algoma Central Corporation’s proclamation further elucidates that, heeding the prospective buyer’s solicitation concerning the aforementioned project, all operations had been put on an interim halt and the tangible construction phase remains uncommenced. This setback isn’t the sole concern for Uljanik. As of October 2nd, the firm’s financial reservoirs were immobilized for the second instance within a brief span. Uljanik, in an official declaration to the Zagreb securities market, expressed that the discussions with the consortium of enforcement creditors are in progress, aiming to reinstate the account’s active status. Earlier that September, Siem Shipping of Norway rescinded an order for quartet car carriers, attributing this decision to the lamentable incapacity of the beleaguered Croatian shipbuilding entity to deliver the ship in congruence with the stipulated agreement. 3-October-2018


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%. 6-May-2017


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. 25-May-2017


Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has gracefully collaborated with the Italian shipowner and operator Nova Marine Holding to forge a sophisticated venture destined to birth a fleet dedicated to the conveyance of cement. Algoma Central Corporation and Nova Marine Holding shall bequeath equal shares, precisely 50%, to this newly conceived establishment christened as NovaAlgoma Cement Carriers (NACC). In this elegant alliance, St. Catharines-based shipowner and operator Algoma Central is poised to procure half of the prevailing cement carrier fleet under Nova Marine Holding’s stewardship, ensuring their strategic deployment across assorted regional mrkets of Asia and Europe. NovaAlgoma Cement Carriers (NACC) epitomizes a quintessential global short-sea shipping enterprise, bearing significant semblance to Algoma Central’s domestic dry-bulk venture. CEO Vincenzo Romeo-led Nova Marine Holding SA remarked that the cement sector is undergoing a grand transformation towards globalization and amalgamation. The aspirations tethered to NovaAlgoma Cement Carriers (NACC) are boundless, for it endeavors to establish a dedicated consortium catering to the expansive logistical requisites of the worldwide cement industry. Canadian Great Lakes operator Algoma Central Corporation boasts command over an impressive fleet navigating the Great Lakes – St. Lawrence Waterway, inclusive of 18 self-discharging dry-bulk ships, a septet of gearless dry bulk carriers, and an additional seven product tankers. Algoma Central Corporation’s influence also extends to oceanic dry bulk carriers. Nova Marine Holding SA, with its impressive fleet surpassing 50 ships, holds an invaluable reservoir of expertise in cement transportation. 15-January-2016


St. Catharines-based shipowner and operator Algoma Central declared on Monday the appointment of their new CEO following the imminent departure of Mr. Greg Wight. The renowned stalwart of the shipping industry, Mr. Ken Bloch Soerensen, is slated to assume the esteemed roles of both President and CEO come April, as articulated by Duncan Jackman, the distinguished chairman of Canadian Great Lakes operator Algoma Central Corporation’s board. Toronto Stock Exchange-listed shipowner and operator Algoma Central’s fleet comprising 31 ships, dominates the Great Lakes-St. Lawrence Waterway in both dry and liquid bulk transportation. Furthermore, Algoma Central’s ventures also extend into ocean dry-bulk ships. Algoma Central’s financial report from the previous annum reflects an impressive revenue of $503 million.
By the culmination of 2016, Algoma Central’s fleet is poised to be enriched with five additional Equinox Class ships. Mr. Ken Bloch Soerensen, an illustrious Dane formerly stationed in Dubai, has graced top-tier roles at eminent institutions like Maersk of his native country, the Swiss Federal Railways Cargo, and the United Arab Shipping Co., to name a few. 9-March-2015