Algoma Central Buys Mainstay Maritime’s Canadian Great Lakes Shipping
Canada’s Algoma Central, already one of the largest dry and liquid bulk carriers for the Great Lakes-St. Lawrence region, has agreed to buy three Canadian operating companies and six Canadian-flagged Lakers from Mainstay Maritime (formerly Rand Logistics). The transaction will permit each company to expand its Great Lakes operations under its respective flags.
Mainstay Maritime is the newly launched brand name for the former Rand Logistics, and after the acquisition by Oaktree Capital completed in 2023, and the spinout with Duration Capital Partners in 2024, it looks to expand its operations on the Great Lakes. The company traces its origins to 1907 and the incorporation of American Steamship Company, which is today a subsidiary, as well as its acquisitions of Grand River Navigation, Conneaut Creek Ship Repair, and recently Andrie, a liquid bulk transportation company on the Great Lakes.
Under the terms of the agreement, Algoma acquires the three Canadian operating companies, including Lower Lakes Towing, which was launched in 1994. It also acquires six Canadian-flagged Lakers (Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo), ranging in capacity between approximately 19,600 and 33,824 tons.
“For Mainstay, this transaction represents a natural step in Mainstay’s evolution for the long-term benefit of all our constituencies – allowing us to sharpen our focus on the U.S. Jones Act market, increase our reinvestment in our U.S.-flagged fleet, and position the company to meet the growing needs of our customers,” said Greg Binion, CEO of Mainstay Maritime.
Mainstay reports it operates a fleet of 26 vessels. It includes one conventional bulk carrier, 19 self-unloading bulk carriers, and seven bulk specialty and liquid vessels. Going forward, it will be focused exclusively on U.S.-owned, built, and crewed vessels operating under the Jones Act.
“Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes’ vessels and experienced team,” said Gregg Ruhl, President & CEO at Algoma.
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In September 2025, Algoma highlighted that it had taken delivery of the 100th vessel across its fleet that operates throughout the Great Lakes-St. Lawrence region and internationally. At the time, it noted that a decade ago, the company operated just under 40 vessels, serving primarily the Great Lakes–St. Lawrence Seaway, while today Algoma’s dry and liquid bulk fleets have grown by more than 60 vessels, in Canada and globally. It noted that it had seven vessels under construction with deliveries expected between 2025 and 2027.
No financial terms were announced for the transaction. The companies said they expect it to close in the first quarter of 2026.