Algoma Central Corporation reported second-quarter revenues of $138.3 million compared to $144.9 million for the same period in 2013. Increases in the Ocean Shipping and Real Estate segments were more than offset by reductions in the Domestic Dry- Bulk and Product Tankers segments related to the delayed start and difficult operating conditions at the beginning of the 2014 navigation season.
Segment earnings after income taxes were $16.6 million compared to $21.0 million for the second quarter in 2013. All segments are reporting decreased second quarter earnings, most significantly in the Domestic Dry-Bulk segment. The harsh winter conditions and extensive ice coverage lasting into May affected the start of the 2014 navigation season, causing significant schedule disruptions, delays, and extended trip times.
For the six months ended June 30, 2014, Algoma reported revenues of $190.0 million compared to $195.7 million for the first six months of 2013. The decrease was driven by the domestic fleets as a result of fewer domestic dry-bulk and domestic tanker operating days during the winter months in 2014, and a slower start to their respective seasons this year.
The segment loss after income taxes was $3.7 million for the 2014 six month period compared to a loss of $5.3 million for the first six months of 2013. Improved earnings for the Domestic Dry-Bulk segment as a result of reduced spending on winter maintenance more than offset lower earnings in the Product Tankers, Ocean Shipping and Real Estate segments year-over-year.