(TSX : ALC)
TORONTO, July 11, 2012 /CNW/ - Algoma Central Corporation ("Algoma"), the largest Canadian shipowner and operator of domestic Great Lakes vessels, announced today that it placed fifth in Marine Money Magazine's 2011 Rankings of Publicly Traded Shipping Companies.
Marine Money Magazine has produced its annual ranking of public marine shipping companies since 1991. The 2011 list includes 84 companies engaged in all aspects of marine shipping. The annual Marine Money Rankings, which are designed to measure companies' ability to improve operating efficiency and to create shareholder value, are based on an average of measures including total return to shareholders, return on equity, return on assets, total asset turnover, and price to book ratio. Algoma placed 32nd on this list for 2010.
"Algoma had an outstanding and game-changing year in 2011" says Greg Wight, President and CEO, of Algoma Central Corporation. "Moving up 27 spots in the prestigious Marine Money rankings and our inclusion in their top ten list is reflective of the hard work of all of our shipboard and shoreside employees."
A photo of the award and a copy of the Marine Money article can be found on the company's newly designed website at www.algonet.com.
About Algoma Central Corporation
Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 19 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. The Corporation expects to add eight new state-of-the-art Equinox Class Great Lakes bulk carriers to its fleet in 2013 and 2014, of which six will be owned by Algoma. The Corporation also has interests in ocean dry-bulk and product tanker vessels operating in international markets. Algoma owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.
For further information:
Greg D. Wight, FCA
President and Chief Executive Officer
Peter D. Winkley, CA
Vice-President, Finance and Chief Financial Officer