Algoma Central Corporation Announces Agreement to Acquire Lower Lakes Fleet

This section is Partnership Content suppliedThe content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by Business Wire Article contentST. CATHARINES, Ontario — Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced it has entered into a definitive agreement to acquire Mainstay Maritime Inc.’s (“Mainstay”) three Canadian operating companies and associated fleet of six Canadian-flagged vessels. Mainstay, formerly Rand Logistics, Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes, specializing in the movement of dry bulk and liquid cargoes. The transaction includes Lower Lakes Towing Ltd. and its associated operating companies (collectively, “Lower Lakes”), as well as six associated Canadian-flagged vessels: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentArticle content“We are incredibly proud of the shore and vessel team who built Lower Lakes into the respected Canadian maritime operator it is today and grateful for each team members’ contributions,” said Greg Binion, CEO of Mainstay Maritime. “Algoma is an excellent steward for Lower Lakes, with deep experience and a long history of operational excellence in maritime shipping on the Great Lakes. For Mainstay, this transaction represents a natural step in Mainstay’s evolution for the long-term benefit of all our constituencies – allowing us to sharpen our focus on the U.S. Jones Act market, increase our reinvestment in our U.S. Flagged fleet, and position the Company to meet the growing needs of our customers.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes’ vessels and experienced team,” said Gregg Ruhl, President & CEO at Algoma. “With a long history on the Great Lakes, we understand what it takes to deliver safe, dependable marine transportation and this acquisition enhances our ability to provide exceptional marine transportation services to our customers across the Great Lakes – St. Lawrence Seaway. Mainstay Maritime’s commitment to safety, reliability, and high-quality service aligns with our operational values and we intend to maintain the highest level of safety and respect as we welcome the Lower Lakes team into the Bear Family.”Article contentThe transaction is subject to customary closing conditions and is expected to close Q1 2026.Article contentStikeman Elliott LLP served as legal counsel and AMA Capital Partners served as financial advisor to Mainstay.

Borden Ladner Gervais LLP served as legal counsel to Algoma.Article contentAbout Algoma Central Corporation Article contentAlgoma 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 isArticle contentYour Marine Carrier of ChoiceArticle content™. Learn more atArticle contentwww.algonet.comArticle content.Article contentAbout Mainstay Maritime Inc. Article contentMainstay Maritime Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. The Company operates a fleet of 26 vessels, including one conventional bulk carrier, 19 self-unloading bulk carriers, and seven bulk specialty and liquid vessels. The Company’s vessels operate under the U.S. Jones Act, which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed. For additional information, please visit:Article contentwww.mainstaymaritime.comArticle contentArticle contentArticle contentArticle contentView source version on businesswire.com: Article content https://www.businesswire.com/news/home/20260224672359/en/Article contentArticle contentContactsArticle contentMedia Contacts Article contentArticle contentFor Algoma Central Corporation Article contentArticle contentHannah BowlbyArticle contentArticle contentHannah.bowlby@algonet.com Article contentArticle content905-687-7820Article contentFor Mainstay Maritime Article contentArticle contentMadeline Jones / Kate KelleyArticle contentArticle contentJoele Frank, Wilkinson Brimmer KatcherArticle contentArticle contentMainstayMaritime-JF@joelefrank.com Article contentArticle content212-355-4449Article content#distroArticle contentTrending Embassies evacuate in Middle East with Trump 'not happy' on Iran PMN Business China halts Canada canola meal tariffs, adding to trade thaw Agriculture Australia ships LNG 25,000 kilometres to Eastern Canada amid Asian slump Oil & Gas The (high) opportunity cost of paying off your mortgage early Mortgages Trump faces 2,000 tariff lawsuits following Supreme Court loss Legal Post Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Embassies evacuate in Middle East with Trump 'not happy' on Iran PMN Business China halts Canada canola meal tariffs, adding to trade thaw Agriculture Australia ships LNG 25,000 kilometres to Eastern Canada amid Asian slump Oil & Gas The (high) opportunity cost of paying off your mortgage early Mortgages Trump faces 2,000 tariff lawsuits following Supreme Court loss Legal Post