Algoma Central Corporation reports operating results for the year ended December 31, 2017
Algoma Central Corporation has announced its results for the year ended December 31, 2017.
All amounts reported below are in thousands of Canadian dollars, except for per share data and unless otherwise noted. Fiscal 2017 highlights include:
- Consolidated revenue for 2017 was $451,050 compared to the $391,406 reported for 2016. Revenue increased in the Domestic Dry-Bulk and Product Tanker segments as a result of an increase in volume in the majority of sectors and higher customer demand. Ocean Self-Unloaders revenue increased as the Algoma Integrity rejoined the pool in 2017, after two years in domestic service.
- The Global Short Sea Shipping segment generated revenue of $222,794 compared to $17,983 in 2016. The company has a 50 percent interest in two joint ventures and revenue from the Global Short Sea Shipping segment is not included in the consolidated revenue figure.
- Net earnings of $56,195 and earnings per share of $1.44, increases of 69 percent and 67 percent, respectively, compared to 2016.
- Established a second joint venture, NovaAlgoma Short Sea Carriers, with Nova Marine Carriers, creating increased presence in international markets.
- Sold seven of the remaining properties held for sale from the discontinued real estate segment for a total pre-tax gain of $28,857.
- Two new Equinox Class vessels joined the domestic fleet; the Algoma Niagara, the first self-unloader to be delivered in the class and the Algoma Strongfield, which joined her Equinox Class gearless sister ships.
- Acquired two River Class vessels from American Steamship Company, expanding the domestic fleet and capacity.
- On December 15, 2017 the company announced that it had taken ownership of the Algoma Innovator from the 3 Maj Shipyard in Croatia. The vessel is the first of the company’s Equinox Class 650’ self-unloading dry-bulk freighters. Subsequent to the year-end, on February 5, the company took delivery of the Algoma Sault from the Yangzijiang Shipyard in China. Both vessels are scheduled to join operations for the upcoming navigation season.
“Fiscal 2017 was a year of growth, and this was made possible by our dedicated employees and our loyal customers,” said Ken Bloch Soerensen, President and CEO of Algoma. “We achieved profitable growth under changing market conditions and advanced further into global short sea shipping,” Soerensen added.