Algoma Central Corporation has entered into a definitive agreement to acquire the Canadian operating companies and fleet of Mainstay Maritime. The transaction includes three operating companies and six Canadian-flagged vessels belonging to Lower Lakes Towing and its associated businesses.
The vessels included in the sale are the Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo. This acquisition is expected to close in the first quarter of 2026, Algoma Central noted.
Greg Binion, Chief Executive Officer of Mainstay Maritime, stated the transaction allows the firm to focus on the US Jones Act market and increase reinvestment in its US flagged fleet.
Gregg Ruhl, President and Chief Executive Officer at Algoma Central Corporation, said that the purchase enhances the capability of the company to provide transportation services across the Great Lakes and St. Lawrence Seaway.
Mainstay Maritime operates a fleet of 26 vessels, including 19 self-unloading bulk carriers and seven specialty vessels. It will continue to provide bulk freight shipping services throughout the Great Lakes region following the divestment of its Canadian assets, the firm remarked.
