Algoma Central Corp. to Acquire Mainstay Maritime’s Canadian Operations
On March 2, 2026, Algoma Central Corp., based in St. Catharines, Ontario, announced a definitive agreement to acquire Mainstay Maritime Inc.’s three Canadian operating companies along with a fleet of six Canadian-flagged vessels. The financial terms of the deal have not been disclosed. This acquisition marks a significant expansion for Algoma Central, enhancing its position in the Great Lakes marine transportation sector.
The transaction encompasses Lower Lakes Towing Ltd., located in Port Dover, Ontario, and its associated operating companies. The six vessels included in the deal are the *Kaministiqua*, *Manitoulin*, *Robert S. Pierson*, *Saginaw*, *Michipicoten*, and *Valo*. Mainstay Maritime, previously known as Rand Logistics Inc., operates one of the largest fleets compliant with the Jones Act in the Great Lakes region, focusing on the transportation of dry bulk and liquid cargoes. Their fleet consists of 26 vessels, which includes a mix of conventional bulk carriers, self-unloading bulk carriers, and specialty liquid vessels.
Strategic Move for Both Companies
Greg Binion, CEO of Mainstay Maritime, expressed pride in the accomplishments of the team at Lower Lakes Towing, highlighting their contributions to the company’s reputation as a respected Canadian maritime operator. He stated that this transaction is a natural progression for Mainstay, allowing the company to concentrate on the U.S. Jones Act market. Binion emphasized that the acquisition will enable Mainstay to reinvest in its U.S.-flagged fleet and better meet the evolving needs of its customers.
Algoma Central Corporation Celebrates 100th Vessel Milestone
Algoma Central’s President and CEO, Gregg Ruhl, welcomed the acquisition, noting that it will bolster their Canadian dry-bulk fleet and enhance their service capabilities across the Great Lakes and St. Lawrence Seaway. Ruhl highlighted the importance of the experienced team from Lower Lakes in providing exceptional marine transportation services to their customers.
The acquisition is subject to customary closing conditions and is anticipated to be finalized in the first quarter of 2026. Algoma Central is recognized as a leading marine transportation provider, operating both dry and liquid bulk carriers that serve the Great Lakes-St. Lawrence region and international markets.
Legal counsel for the transaction was provided by Stikeman Elliott for Mainstay Maritime and Borden Ladner Gervais for Algoma Central. Financial advisory services were rendered by AMA Capital Partners to Mainstay Maritime.
