Algoma Central will pay a special dividend on top of a 48% bump in its quarterly payout after the shipping company logged a rise in earnings.

Algoma's board declared a special dividend of 1 Canadian dollar ($0.7038) a share and lifted its regular dividend by C$0.10 to C$0.31 a share.

The quarterly dividend will be paid Dec. 1 to shareholders of record at the close of business on Nov. 17, while the special dividend will be paid Oct. 21 to shareholders of record at the close of business on Oct. 15.

President and Chief Executive Gregg Ruhl said raising the regular payout demonstrates confidence in the Canadian company's business and outlook.

Algoma, which operates dry and liquid bulk carriers throughout the Great Lakes-St. Lawrence region and internationally, recorded a rise in its second-quarter net earnings to C$35.6 million, or C$0.88 a share, from C$32.9 million, or C$0.81 a share, a year earlier.

Revenue for the three months to June 30 increased 22% to C$258.3 million.