Algoma Central reported revenues for its 2013 fourth quarter of $148.8 million, compared to $148.7 million for the fourth quarter of 2012. For the year, Algoma reported 2013 revenues of $491.5 million, compared to $527.9 in 2012. The decrease in reported revenues during 2013 is mainly attributable to the domestic dry-bulk business for which volumes shipped decreased compared to prior years. This was only partially offset by strong volumes for domestic tankers and by improved ocean shipping results tied to dry-docking schedules.

After tax operating earnings amounted to $21.6 million during the quarter and $46.1 million during the year, compared to 2012 after tax operating earnings during the quarter of $27.9 million, and $59.8 million during the year. Strong demand continued to drive increased revenues and earnings for Product Tankers; however, these were more than offset by decreases in revenues and earnings for the Domestic Dry-Bulk segment. Ocean Shipping and Real Estate segments had minor decreases in earnings for the quarter.

Net earnings of $22.8 million were reported for the fourth quarter of 2013, compared with $24.2 million for the fourth quarter of 2012, and net earnings of $41.9 million were reported for all of 2013, compared to $42.2 million for all of 2012. Lower operating earnings were largely offset by reduced foreign exchange losses and an increase in interest income.  Net earnings for 2013 include a foreign exchange translation gain of $5,587 compared to a loss of $3,901 for the same period in 2012.

Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including 18 self-unloading dry-bulk carriers, six gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets. In addition, Algoma owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada.