1. Algoma delivered the Algoma Legacy, enhancing its fleet capacity significantly. 2. The addition brings its total fleet to 100 vessels, a historic company milestone. 3. New vessels will replace older ships, improving efficiency by 40%. 4. Algoma has seven more vessels under construction, expected by 2027. 5. The company transitions to a global operator, marking substantial growth.
The delivery of a new vessel enhances operational capacity and growth potential. Past expansions in fleet size have correlated positively with stock price increases.
This milestone in fleet capability signals a strong future outlook for Algoma, resulting in bullish sentiment from investors.
The ongoing growth strategy and vessel deliveries will bolster revenue streams over years, extending beyond immediate market reactions.
Delivery of the new Algoma Legacy marks a historic milestone in the Company's global fleet growth
Algoma Central Corporation ("Algoma" or "the Company") (TSX:ALC), today took delivery of the Algoma Legacy, the first of three new methanol-ready Kamsarmax-sized ocean belt self-unloading vessels. With this addition, the Company will have an ownership interest in 100 vessels across its global fleet, a historic milestone that underscores its leadership in long-term growth in diversified short sea shipping markets.
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The Algoma Legacy
"This is a proud moment on two fronts: the delivery of the Algoma Legacy, the first of three newbuild next generation methanol-ready self-unloading vessels and the achievement of our 100th vessel globally," said Gregg Ruhl, President & CEO of Algoma Central Corporation. "Reaching ownership interest in 100 vessels not only reflects decades of progress, strategic partnerships, and a commitment to sustainable shipping solutions for our customers, but also the dedication and passion of our employees. Seeing our Bear recognized on the global stage is a proud reminder of how far we have come as a Company," concluded Mr. Ruhl.
A decade ago, the Company operated just under 40 vessels, serving primarily the Great Lakes–St. Lawrence Seaway. Today, Algoma's dry and liquid bulk fleets have grown by more than 60 vessels, in Canada and globally, marking its transformation into a global operator. Through strategic partnerships and diversification across niche short sea shipping markets and trades, Algoma has built resilience, fueling sustainable growth and ensuring stability.
The Algoma Legacy will join the world's largest Ocean Self-Unloader Pool, followed by two sister vessels in 2026 and early 2027. These new vessels will replace the three oldest ships in the Pool allowing for redeployment of the vessels being replaced and are expected to be 40% more efficient owing to a combination of fuel efficiency and optimized cargo lift.
Algoma now has seven vessels under construction with deliveries expected between 2025 and 2027.
About Algoma
Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes-St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice™. Learn more at www.algonet.com.
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Media Contacts
Gregg A. Ruhl
Algoma Central Corporation
President & CEO
905-687-7890
J. Wesley Newton
Algoma Central Corporation
Executive Vice-President, Strategy & Business Development
905-687-7836