Canada’s Algoma Central Corporation has posted a dip in third-quarter profit, but the trend for the year is up.
The products tanker and bulker owner said its net earnings were CAD 28.32m ($27m) to 30 September, down from CAD 29.62m in 2012.
Revenue decreased from CAD 165m to CAD 146.94m last year.
Domestic bulkers produced profit of CAD 19m, from CAD 25m in 2012, as operating days declined, while tankers added CAD 5.65m, up from CAD 3.82m.
Ocean-going bulkers added CAD 4.69m, down from CAD 4.97m.
Tankers benefited from more operating days due to “strong customer demand”.
Nine-month net profit grew to CAD 19m from CAD 17.9m in 2012.
The company operates 19 self-unloading bulkers, seven gearless dry cargo ships and seven tankers.
Source: http://www.tradewindsnews.com
