Mainstay Maritime to sell Canadian Lower Lakes arm and six ships to Algoma

By Sam Chambers

America’s Mainstay Maritime has agreed to sell its three Canadian operating companies and six Canadian‑flagged vessels to Algoma Central Corporation. The deal transfers Lower Lakes Towing and associated entities along with the Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten and Valo to Algoma, subject to customary closing conditions.

Mainstay, formerly Rand Logistics, operates a large Jones Act‑compliant fleet serving the Great Lakes. The divestment allows the firm to concentrate on the US Jones Act market and reinvest in its US‑flagged tonnage.

Greg Binion, CEO of Mainstay Maritime, said the sale “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 US Jones Act market.”

“Algoma is pleased to grow our Canadian dry bulk fleet with the addition of Lower Lakes’ vessels and experienced team,” said Gregg Ruhl, president and CEO at Algoma.

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