Algoma Central Corporation reported revenue of CA$258.27 million ($185.36 million) for the second quarter ended June 30, 2026, up from CA$211.72 million in the corresponding period of 2025. Net earnings increased to CA$35.59 million from CA$32.88 million a year earlier.
Revenue in the domestic dry bulk segment rose 17 per cent to CA$144.89 million, while operating earnings increased 23 per cent to CA$32.73 million, supported by additional vessels, higher freight rates, and stronger demand from the construction, agriculture, and salt sectors.
Operating earnings in the product tanker division climbed 42 per cent to CA$6.40 million, reflecting fewer regulatory dry-dockings and a full quarter of operations for Algoma Acadian and Algoma East Coast.
The ocean self-unloaders segment recorded a 26 per cent increase in revenue to CA$57.17 million due to higher revenue days, while an amended pool agreement increased the company's ownership share in the pool to 50 per cent late in the quarter.
In contrast, equity earnings from joint ventures declined to CA$5.18 million from CA$7.52 million in 2025 following a reduced ownership interest in the cement fleet, off-hire incidents, and weaker conditions in the minibulker market.
During the quarter, Algoma amended its senior credit facilities to extend their maturity to May 2031 and raised CA$72 million and $78 million through the issuance of senior secured notes.
Chief Financial Officer Christopher Lazarz said the financing supports the company's recent domestic and international investments while strengthening its balance sheet.
The company expects strong grain and spot salt demand to continue supporting full utilisation of its domestic dry bulk fleet for the remainder of 2026.
Algoma also stated that potential US tariffs on Canadian goods are not expected to materially affect its financial results this year, while delivery of its third newbuild ocean self-unloader remains scheduled for the second quarter of 2027.
