Algoma Central Corporation Reports Operating Results for the Year Ended December 31, 2018Source: Business Wire
All amounts reported below are in thousands of Canadian dollars, except for per share data and unless otherwise noted. Fiscal 2018 highlights include:
- Consolidated revenue for 2018 increased 12% compared to 2017. Revenue increased as a result of improved rates in the Domestic Dry-Bulk and Ocean Self-Unloaders segments and increased customer demand in the Product Tankers segment.
EBITDA for 2018 was
$128,748an increase of 19% compared to 2017.
The company added three new Equinox Class vessels to operations this
year, the Algoma Niagara, the Algoma Sault and the Algoma
Innovator. Additionally, the Algoma Buffalo and the Algoma
Compass were acquired from
American Steamship Companylate in 2017; both vessels began operations at the start of the 2018 navigation season.
Algoma Tankers Limited("ATL") purchased a 2008-built product tanker which became the seventh tanker in the ATL fleet. The vessel was re-named the Algonorth and began operations at the end of December.
Global Short Sea Shippingsegment revenues increased 24% compared to 2017. The Company has a 50% interest in three joint ventures and revenue from the Global Short Sea Shippingsegment is not included in the consolidated revenue figure.
NovaAlgoma Short Sea Carriers (“NASC”) and Peter Döhle
Schiffahrts-KG, announced the creation of DNA Shipping, a commercial agreement to pursue consolidation and growth within the multi-purpose project vessel (MPP) and 13,500 to 15,000 mini-grabber dry-bulk markets.
A new joint venture,
NovaAlgoma Bulk Holdings(“NABH”), was created. NABH has interests in four deep-sea bulkers operating internationally and is managed out of Lugano, Switzerland.
Subsequent to year end, Algoma entered into an agreement to acquire
three vessels from
Oldendorff Carriers GMBH & Co.which operate in the CLSI Pooland entered into an agreement to acquire a 2010-built product tanker.
“Fiscal 2018 was an exciting year at Algoma,” said
Net earnings from continuing operations, which excludes income from
discontinued real estate operations in 2017, was
Normal Course Issuer Bid
During the year ended
Use of Non-GAAP Measures
There are measures included in this press release that do not have a
standardized meaning under generally accepted accounting principles
(GAAP). The Company includes these measures because it believes certain
investors use these measures as a means of assessing financial
performance. EBITDA is a non-GAAP measure that does not have any
standardized meaning prescribed by IFRS and may not be comparable to
similar measures presented by other companies. Please refer to the
Management’s Discussions and Analysis for the year ended
Algoma owns and operates the largest fleet of dry and liquid bulk
carriers operating on the
Gregg A. Ruhl
President and CEO
Peter D. Winkley, CPA, CA
Chief Financial Officer