Algoma Central Corporation Reports Financial Results for the 2025 Third Quarter

Executive Summary

• Algoma Central Corp. reported Q3 2025 revenue of C$228.0 M and EBITDA of C$89.7 M, both up year‑over‑year, marking the delivery of its 100th vessel, the methanol‑ready Algoma Legacy.
• Segment performance: Domestic Dry‑Bulk revenue rose 10% to C$131.5 M; Product Tanker revenue increased 28% to C$49.7 M; Ocean Self‑Unloaders revenue was flat at C$46.3 M.
• The company announced the sale of a controlling stake in NovaAlgoma Cement Carriers Ltd.’s vessels to P&O Maritime Logistics (DP World), with proceeds earmarked for repayment of short‑term borrowings.

Key Details

• Revenue & EBITDA – Q3 2025 revenue C$228,035 k vs. C$204,644 k in 2024; EBITDA C$89,739 k vs. C$75,696 k in 2024.
• Earnings per Share – $0.97 versus $0.98 a year earlier.
• Domestic Dry‑Bulk – Revenue C$131,453 k (↑9%); operating earnings C$38,552 k (↑17%).
• Product Tankers – Revenue C$49,691 k (↑28%); operating earnings C$7,154 k (↑124%). Fleet grew from 2 to 8 vessels.
• Ocean Self‑Unloaders – Revenue C$46,277 k (≈0%); operating earnings C$8,747 k (↓24%) due to fewer off‑hire days.
• Joint Venture Equity Earnings – Decreased slightly to C$6,551 k from C$6,856 k YoY; cement and mini‑bulker earnings fell on reduced revenue days, while product tanker earnings rose.
• Asset Sale – NovaAlgoma Cement Carriers Ltd. sold a 51% interest in its wholly‑owned vessels to P&O Maritime Logistics (DP World). Gain will be recorded in Q4 2025; proceeds will repay a significant portion of short‑term debt.
• Capital Expenditure – Approved two newbuild 9,500‑dwt mini‑bulkers for the NASC joint venture, slated for delivery late 2027.
• Normal Course Issuer Bid (NCIB) – Renewed NCIB to repurchase up to 2,028,391 shares (~5% of outstanding); no purchases made in Q3 2025.
• Dividend – Board declared a quarterly cash dividend of $0.20 per common share payable Dec 1, 2025 (record date Nov 17, 2025).
• Outlook Highlights – Anticipated strong utilization in Domestic Dry‑Bulk and Product Tanker segments; two additional vessels scheduled for dry‑docking in 2025; Algoma Legacy to join pool in Q4 2025 as the 100th vessel.

Notable Quotes

“The delivery of the Algoma Legacy underscores our commitment to sustainability and operational excellence and is a symbolic marker as our 100th vessel… We are growing our fleet and shaping the next chapter of Algoma’s legacy.” – Gregg Ruhl, President & CEO

“All our business segments continue to perform well despite market uncertainties.” – Christopher Lazarz, CFO