The marine shipping and bulk-cargo transportation provider reported earnings of C$1.34 a share, compared with C$0.97 in the same quarter last year. Results included an C$8.9 million gain from the sale of two vessels retired from the ocean self-unloaders pool, the company said.
Reported revenue increased 26% to C$287.8 million. Freight revenue rose 22% to C$343.1 million.
Algoma said its domestic dry-bulk segment benefited from higher agriculture, construction and salt volumes, higher freight rates and the expanded fleet. Its product tanker segment gained from higher contracted freight rates, additional fleet capacity and stronger earnings from international joint ventures.
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