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

Positions Company to Deepen Investment in Core U.S. Jones Act Operations, Building on Robust Demand for Reliable, U.S. Jones Act Marine Great Lakes Shipping

WILLIAMSVILLE, N.Y., Feb. 27, 2026 /PRNewswire/ -- Mainstay Maritime Inc. ("Mainstay"), a leading marine infrastructure company specializing in the movement of dry bulk and liquid cargos throughout the Great Lakes Region, today announced it 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 (TSX: ALC) ("Algoma"), a premier Canadian marine shipping company operating across the Great Lakes-St. Lawrence Seaway.

Mainstay, formerly Rand Logistics, Inc., operates one of the largest Jones Act-compliant fleets serving the Great Lakes. The transaction includes Lower Lakes Towing Ltd. and its associated operating companies (collectively, "Lower Lakes"), as well as six associated Canadian-flagged vessels: Kaministiqua, Manitoulin, Robert S. Pierson, Saginaw, Michipicoten, and Valo.

"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," said Greg Binion, CEO of Mainstay Maritime. "Algoma is an excellent steward for Lower Lakes, with deep experience and a long history of operational excellence in maritime shipping on the Great Lakes. For Mainstay, this transaction 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 U.S. Jones Act market, increase our reinvestment in our U.S. Flagged fleet, and position the Company to meet the growing needs of our customers."

"Algoma is pleased to grow our Canadian dry-bulk fleet with the addition of Lower Lakes' vessels and experienced team," said Gregg Ruhl, President & CEO at Algoma. "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. Mainstay Maritime's commitment to safety, reliability, and high-quality service aligns with our operational values and we intend to maintain the highest level of safety and respect as we welcome the Lower Lakes team into the Bear Family."

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

Stikeman Elliott LLP served as legal counsel and AMA Capital Partners served as financial advisor to Mainstay. Borden Ladner Gervais LLP served as legal counsel to Algoma.

About Mainstay Maritime Inc.
Mainstay Maritime, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. The Company operates a fleet of 26 vessels, including one conventional bulk carrier, 19 self-unloading bulk carriers, and seven bulk specialty and liquid vessels. The Company's vessels operate under the U.S. Jones Act, which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed. For additional information, please visit: www.mainstaymaritime.com

About Algoma Central Corporation
Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes-St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice™. Learn more at algonet.com.

Media Contacts

For Mainstay Maritime:
Madeline Jones / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
[email protected] / 212-355-4449

For Algoma Central Corporation:
Hannah Bowlby
[email protected] / 905-687-7820

SOURCE Mainstay Maritime Inc.