Canadian shipping company Algoma Central Corporation has reported its results for the three and nine months ended September 30, 2025.
Algoma reported third quarter revenues of CA$228.04 million (US$161.54 million) compared to revenues of CA$204.64 million (US$144.96 million) in Q3 2024. Gross operating profit was CA$89.74 million (US$63.57 million) in Q3 2025 compared to CA$75.7 million (US$53.6 million) in Q3 2024.
Algoma's domestic dry bulk segment revenue increased to CA$131.45 million (US$93.12 million) compared to CA$119.52 million (US$84.66 million) in Q3 2024, reflecting improvement in volumes, freight rates and revenue days from one additional vessel.
Operating earnings for the segment increased 17 per cent to CA$38.55 million (US$27.31 million) compared to CA$32.88 million (US$23.29 million) in Q3 2024.
Revenue from the product tanker segment increased to CA$49.69 million (US$35.2 million) compared to CA$38.71 million (US$27.42 million) in 2024, primarily due to a larger fleet size and higher freight rates.
Operating earnings were CA$7.15 million (US$5.06 million) compared to CA$3.2 million (US$2.3 million) in 2024.
Revenue from the ocean self-unloader segment increased slightly to CA$46.28 million (US$32.78 million) compared to CA$45.8 million (US$32.4 million) in 2024. This increase was primarily due to an increase in revenue days driven by fewer dry-docking off-hire days when compared to the prior year.
Operating earnings decreased 24 per cent to CA$8.75 million (US$6.2 million) from CA$11.56 million (US$8.19 million) in 2024.
Joint venture equity earnings decreased slightly quarter-over-quarter, with earnings of CA$6.55 million (US$4.64 million) in 2025 compared to CA$6.86 million (US$4.86 million) for the prior year period.
Decreased earnings in the cement and mini-bulker fleets were driven by a reduction in available revenue days due to increased dry-dockings across both fleets, while the mini-bulker fleet was impacted by 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 two vessels in the prior year to eight in the current quarter.
In the domestic dry bulk segment, additional spot demand from the construction and export iron ore sectors, combined with steady salt volumes, are anticipated to keep fleet utilisation relatively strong through the remainder of the year. A decline in domestic iron ore volumes is expected to be offset by strong grain demand from a record crop in Western Canada.
In the product tanker segment, customer demand is anticipated to remain steady throughout the reminder of the year and fuel distribution patterns should support strong utilization for the vessels trading under Canadian flag. Algoma expects all ten Canadian vessels to remain in full employment for the balance of the year.
In the ocean self-unloader segment, vessel supply at the pool level may be tight for the remainder of the year. Two additional vessels in the Algoma fleet are scheduled for dry-docking over the remainder of 2025, which will have a significant impact on available days. Algoma Legacy (pictured above), currently in her delivery voyage, will join the pool in the fourth quarter and represents the 100th vessel in Algoma’s global fleet.