Algoma Central Sees Q3 Earnings Rising on Stronger Freight Rates and a Bigger Fleet
Canadian shipper Algoma Central forecasts third-quarter earnings up about 37% and revenue up 26%, helped by higher freight rates and a bigger dry-bulk fleet.
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what happened
Dow Jones Newswires reports that Algoma Central expects third-quarter earnings to climb, supported by higher freight rates and the expansion of its domestic dry-bulk fleet. The company projects net earnings to rise roughly 37% and revenue to grow 26%. Higher grain and construction volumes more than offset weaker iron and steel shipments and a larger number of dry-docking days.
Chief Executive Gregg Ruhl credited the strong quarter to continued customer demand, firm freight rates and returns from fleet investments. Algoma operates dry and liquid bulk carriers across the Great Lakes-St. Lawrence region and internationally. Third-quarter earnings are forecast at about C$54 million (US$38.3 million), versus C$39 million a year earlier. Excluding a one-time C$9 million gain from selling two older vessels, growth is about 15%. EBITDA is projected to reach C$95 million, while revenue is expected near C$288 million against C$228 million.
why it matters
For markets, the update is mainly a read on Great Lakes dry-bulk shipping, where firm freight rates and grain demand are lifting carrier revenue. It is a company-specific item with limited read-through to broader indices.
tags
instruments
sources
- Algoma Central Expects Rise in 3Q Earnings With Higher Freight Rates, Expanded Fleet — Dow Jones Newswires, 20 October 2026 at 11:44 UTC
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