Algoma Central has agreed to purchase three Canadian operating companies and six Canadian-flagged Lakers from Mainstay Maritime. The transaction allows both maritime carriers to strategically streamline and expand their respective Great Lakes operations.
Under the agreement, Algoma acquires Lower Lakes Towing (established in 1994) alongside two other operating entities.
The deal brings six bulk carriers into Algoma’s network: the Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo. These vessels range in capacity from 19,600 to 33,824 tons.
Algoma President and CEO Gregg Ruhl noted the acquisition bolsters the company’s Canadian dry-bulk fleet with experienced personnel and reliable tonnage. This move follows a period of rapid growth for Algoma, which took delivery of its 100th vessel in September 2025 and currently has seven more ships under construction for delivery through 2027.
For Mainstay Maritime the newly launched brand name for the former Rand Logistics the sale marks a calculated strategic pivot. Mainstay CEO Greg Binion stated the divestment allows the company to focus exclusively on the U.S. Jones Act market.
Moving forward, Mainstay will reinvest heavily in its remaining fleet of 26 U.S.-owned, built, and crewed vessels. This active fleet includes 19 self-unloading bulkers, one conventional bulker, and seven specialty and liquid vessels.
The transaction is expected to close in the first quarter of 2026. Financial terms have not been disclosed by either party.