March 5, 2026 — Leads & Copy —
Algoma Central Corporation (TSX: ALC) reported its year-end results for December 31, 2025, showing increased revenues and net earnings compared to the previous year. The company’s revenues reached $761,056, up from $703,444 in 2024. Net earnings for 2025 totaled $143,025, a significant rise from $91,638 in 2024. Algoma also reported an EBITDA of $230,987 for 2025, compared to $200,494 in the previous year. All figures are in thousands of Canadian dollars, except for per share data.
President and CEO of Algoma Central Corporation, Gregg Ruhl, highlighted the delivery of eight vessels and the addition of the 100th vessel to the global fleet as key achievements in 2025. The company currently has twelve vessels under construction, with six expected to be delivered in 2026. Algoma is expanding its presence in the global short sea shipping sector through strategic partnerships and remains focused on strengthening its fleets operating across the Great Lakes and Canadian and U.S. east coasts.
Net earnings increased by 56% to $143,025, with basic and diluted earnings per share at $3.53, compared to $2.29 in 2024. The 2025 earnings include a one-time gain of $71,517 from the sale of an interest in a cement carrier joint venture, while 2024 earnings included a $13,015 impairment reversal. Excluding these items, earnings decreased by 5% to $74,815 compared to $78,623 in 2024.
The Domestic Dry-Bulk segment saw an 8% revenue increase to $405,072, driven by higher volumes and improved freight rates. Operating earnings for this segment increased by 30% to $55,433. The Product Tankers segment experienced a 20% revenue increase to $177,832, attributed to a larger fleet size, with operating earnings increasing to $22,046. However, the Ocean Self-Unloaders segment saw a slight revenue decrease to $175,520, mainly due to reduced revenue days from increased planned dry-dockings, with operating earnings decreasing by 40% to $23,588.
Joint venture equity earnings increased to $98,198, buoyed by the one-time gain in the cement carrier joint venture. Earnings from the product tanker fleet also increased, reflecting the fleet’s growth.
According to Christopher Lazarz, Chief Financial Officer, Algoma demonstrated market resilience in 2025. Higher iron ore and salt volumes drove increased revenue days in the Domestic Dry-Bulk segment. The company anticipates a decline in iron ore volumes in 2026 due to U.S. steel tariffs but expects strong demand for salt and grain. The Product Tankers segment remains strong due to a larger fleet. Off-hire days increased in the Ocean Self-Unloaders segment due to planned dry-dockings.
The Board of Directors authorized a quarterly dividend of $0.21 per common share, paid on March 2, 2026, representing a 5% increase from the previous dividend. The company also renewed its normal course issuer bid to purchase up to 2,028,391 common shares, but no shares were purchased under the 2025 NCIB.
Looking ahead, Algoma anticipates increased grain and salt volumes in the Domestic Dry-Bulk segment, offset by reductions in the iron and steel sectors. Customer demand is expected to remain steady in the Product Tanker segment, while the Ocean Self-Unloader segment anticipates increased vessel supply and growth in gypsum and aggregates trades. The company expects steady rates across its global joint venture fleets and improved earnings in both handy-size and mini-bulker fleets.
Algoma is monitoring potential impacts from global tariffs and ongoing conflicts, expecting continued higher costs across its supply chains and exploring mitigation strategies.
Source: Algoma Central Corporation
