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Mainstay Maritime Announces Agreement to Sell Canadian Operating Companies and Fleet to Algoma Central Corporation

On Feb. 27, 2026, Algoma Central announced it is expected to acquire six Lakers from Mainstay Maritime, with closing in the first quarter of 2026.
Mainstay Maritime said the move reflects its evolution to sharpen focus on the U.S. Jones Act market and reinvest in its U.S.-flagged fleet after a recent rebrand and spinout.
The sale covers six Lakers with capacities between 19,600 and 33,824 tons, part of Mainstay Maritime's fleet of 26 vessels including one conventional bulk carrier, 19 self-unloaders, and seven specialty/liquid vessels.
Algoma said it is pleased to grow its Canadian dry-bulk fleet with the Lower Lakes team, and Greg Binion, CEO of Mainstay, said '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'.
No financial terms were disclosed, and the transaction remains subject to customary closing conditions as it proceeds toward Q1 2026 completion, allowing companies to expand Great Lakes operations under their respective flags.

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