Algoma Central Corporation reported revenues for 2014 of $503.6 million compared to $491.5 million for 2013. Domestic dry bulk shipping accounted for revenues of $337.2 million, product tanker shipping revenues totaled $95.2 million, ocean shipping revenues of $41 million were recorded, and real estate revenues of $30.2 million were recorded. The increase in revenues is mainly attributable to the domestic dry-bulk business as a result of strong customer demand and high fleet utilization compared to the prior year. This increase was partially offset by reduced volumes for domestic tankers and ocean shipping. Real estate revenues were higher in 2014 compared to 2013.
Operating earnings after income taxes were $58.1 million in 2014 compared to $46.1 million for 2013. The domestic dry-bulk segment (67 per cent of revenues) contributed 30 per cent of operating earnings, while the product tanker segment (19 per cent of revenues) produced 42.1 per cent of operating earnings. Ocean shipping, responsible for 8.2 per cent of revenues, produced 23.5 per cent of operating earnings.
Net earnings of $52.8 million were recorded, compared to net earnings of $41.9 million earned during 2013. Net earnings for 2013 included a foreign exchange translation gain of $5.6 million, compared to a gain of $320,000 for the same period in 2014.