Algoma Central Expands Great Lakes Operations with Acquisition of Mainstay Maritime Assets

Algoma Central, one of the largest dry and liquid bulk carriers in the Great Lakes–St. Lawrence region, has announced the acquisition of three Canadian operating companies and six Canadian-flagged Lakers from Mainstay Maritime (formerly Rand Logistics). The transaction strengthens Algoma’s presence in the Great Lakes while allowing Mainstay Maritime to focus on its U.S. Jones Act fleet.

Under the agreement, Algoma acquires Canadian operating companies including Lower Lakes Towing, established in 1994, and six Lakers ,Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo ,with capacities ranging from approximately 19,600 to 33,824 tons. These additions are expected to enhance Algoma’s dry-bulk capabilities and leverage the experience of Lower Lakes’ operational teams.

Mainstay Maritime, launched as a new brand following its acquisition by Oaktree Capital in 2023 and subsequent spinout with Duration Capital Partners in 2024, traces its origins to 1907 with the incorporation of the American Steamship Company. Its fleet currently includes 26 vessels, comprising one conventional bulk carrier, 19 self-unloading bulk carriers, and seven bulk specialty and liquid vessels. Post-acquisition, Mainstay will focus exclusively on U.S.-flagged vessels operating under the Jones Act, with reinvestment in its U.S. fleet to meet growing customer demand.

Gregg Ruhl, President & CEO of Algoma, stated, “Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes’ vessels and experienced team.” In September 2025, Algoma marked the delivery of its 100th vessel across its fleet, a significant increase from fewer than 40 vessels a decade ago. The company currently has seven vessels under construction, with delivery scheduled between 2025 and 2027.

The acquisition is expected to close in the first quarter of 2026, though financial terms were not disclosed. The deal positions Algoma to expand operations throughout the Great Lakes–St. Lawrence Seaway and strengthen its global dry and liquid bulk capabilities.