09:06 AM EST, 02/27/2025 (MT Newswires) -- Algoma Central ( AGMJF ) , a provider of marine transportation services, on Thursday reported an increase in profit for the year ended Dec. 31, due to renewed market demand, stable growth, and additional capacity.

The company reported net earnings of $91,638 for 2024 compared with $82,870 in 2023. Earnings per share for 2024 was $2.29 compared with $2.00 in 2023. Revenue decreased to $703,444 from $721,220.

"Despite early-year softness in domestic dry-bulk demand, securing new spot business in iron ore and strong seasonal demand for grain shipments in the latter half helped offset lower salt and construction material shipments," said Algoma Central ( AGMJF ) Chief Executive Gregg Ruhl. "Looking ahead to 2025, we remain optimistic yet cautious. While we are mindful of potential market disruptions and economic uncertainties, we anticipate stability and growth in most sectors."

In 2025, the company expects fleet utilization of the Domestic Dry-Bulk segment, to be much higher with the addition of significant new domestic steel industry business and more typical winter conditions driving an anticipated recovery in salt volumes. Customer demand in the Product Tanker segment is expected to remain steady in 2025.

Shares of the company closed up $0.02 or 0.1%, to $14.86 on Wednesday on the Toronto Stock Exchange.