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Mainstay Maritime Announces Agreement to Sell Canadian Operating Companies and Fleet to Algoma Central Corporation
Mainstay Maritime Announces Agreement to Sell Canadian Operating Companies and Fleet to Algoma Ce...
About this update from Algoma Central Corporation
[{"type":"text","content":"Mainstay Maritime Announces Agreement to Sell Canadian Operating Companies and Fleet to Algoma Central Corporation\n\n\nMainstay Maritime Announces Agreement to Sell Canadian Operating Companies and Fleet to Algoma Central Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nPR Newswire\n\n\nPositions Company to Deepen Investment in Core U.S. Jones Act Operations, Building on Robust Demand for Reliable, U.S. Jones Act Marine Great Lakes ShippingWILLIAMSVILLE, N.Y., Feb. 27, 2026 /PRNewswire/ -- Mainstay Maritime Inc. (\"Mainstay\"), a leading marine infrastructure company specializing in the movement of dry bulk and liquid cargos throughout the Great Lakes Region, today announced it has entered into a definitive agreement to sell its three Canadian operating companies and associated fleet of six Canadian-flagged vessels to Algoma Central Corporation (TSX: ALC) (\"Algoma\"), a premier Canadian marine shipping company operating across the Great Lakes-St. Lawrence Seaway.\nMainstay, formerly Rand Logistics, Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes. The transaction includes Lower Lakes Towing Ltd. and its associated operating companies (collectively, \"Lower Lakes\"), as well as six associated Canadian-flagged vessels: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo.\"We are incredibly proud of the shore and vessel team who built Lower Lakes into the respected Canadian maritime operator it is today and grateful for each team member's contributions,\" said Greg Binion, CEO of Mainstay Maritime. \"Algoma is an excellent steward for Lower Lakes, with deep experience and a long history of operational excellence in maritime shipping on the Great Lakes. 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 c...