Mainstay Maritime Sells Canadian Companies and Fleet to Algoma Central

Transaction Allows Mainstay to Focus on U.S. Jones Act Operations

Published on Feb. 27, 2026

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Mainstay Maritime Inc., a leading marine infrastructure company specializing in the movement of dry bulk and liquid cargos throughout the Great Lakes Region, has entered into a definitive agreement to sell its three Canadian operating companies and associated fleet of six Canadian-flagged vessels to Algoma Central Corporation, a premier Canadian marine shipping company operating across the Great Lakes-St. Lawrence Seaway.

Why it matters

The transaction allows Mainstay to sharpen its focus on the U.S. Jones Act market, increase reinvestment in its U.S. Flagged fleet, and position the company to meet the growing needs of its customers. Algoma, with deep experience and a long history of operational excellence in maritime shipping on the Great Lakes, will serve as an excellent steward for Lower Lakes, Mainstay's Canadian maritime operator.

The details

The transaction includes Lower Lakes Towing Ltd. and its associated operating companies, as well as six associated Canadian-flagged vessels: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo. Mainstay, formerly Rand Logistics, Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes. The transaction is subject to customary closing conditions and is expected to close Q1 2026.

  • Mainstay Maritime announced the agreement on February 27, 2026.
  • The transaction is expected to close in Q1 2026.

The players

Mainstay Maritime Inc.

A leading marine infrastructure company specializing in the movement of dry bulk and liquid cargos throughout the Great Lakes Region.

Algoma Central Corporation

A premier Canadian marine shipping company operating across the Great Lakes-St. Lawrence Seaway.

Lower Lakes Towing Ltd.

Mainstay Maritime's Canadian maritime operator that is being acquired by Algoma.

Greg Binion

CEO of Mainstay Maritime.

Gregg Ruhl

President & CEO of Algoma.

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What they’re saying

“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.”

— Greg Binion, CEO of Mainstay Maritime (prnewswire.com)

“Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes' vessels and experienced team. With a long history on the Great Lakes, we understand what it takes to deliver safe, dependable marine transportation and this acquisition enhances our ability to provide exceptional marine transportation services to our customers across the Great Lakes-St. Lawrence Seaway.”

— Gregg Ruhl, President & CEO of Algoma (prnewswire.com)

What’s next

The transaction is expected to close in Q1 2026, subject to customary closing conditions.

The takeaway

This transaction allows Mainstay Maritime to focus on its core U.S. Jones Act operations, while Algoma Central Corporation, with its deep experience and history in the Great Lakes maritime industry, will be an excellent steward for Mainstay's Canadian subsidiary Lower Lakes Towing.