April 8, 1994 marked the closure of a deal whereby Algoma Central Marine, St. Catharines, ON purchased the Silver Isle and her fleetmate Senneville from Pioneer Shipping for $5.7 million (CN) following the collapse of Great Lakes Bulk Carriers, Inc. On June 1, 1994, the Silver Isle officially became part of the Algoma Central Marine fleet. After repainting and being renamed Algoisle, the bulker entered service for her new owners under the management of Seaway Bulk Carriers, Winnipeg, MB (a partnership between Algoma Central and Upper Lakes Group).
The only noted incident of a more serious nature as part of the Algoma fleet occurred on December 2, 1999 when the Algoisle touched bottom and began taking on water on her starboard side while transiting the St. Lawrence River near Alexandria Bay, NY. The laker proceeded to Thunder Bay arriving December 13 for repairs and a 5-year survey.
After continuously sailing every year, the Algoisle was placed into long-term lay-up at Toronto, ON on December 21, 2000 as a result of a decline in grain cargoes. This lay-up followed her first year of operation under the management of Seaway Marine Transport Ltd., St. Catharines, ON; the derivative company resulting from the amalgamating of the operations of Seaway Bulk Transport and Seaway Self Unloaders into one operation on January 1, 2000.
On December 18, 2003 the Algoisle was moved from Toronto to Hamilton, ON by tugs Vigilant 1 and Progress for winter lay-up and repairs preparatory for her return to service. On April 24, 2004 the Algoisle returned to active service leaving Hamilton in ballast for Thunder Bay, ON; continuing to sail as part of the Algoma Central fleet, being operated and managed by Seaway Marine Transport of St. Catharines, ON. The bulker was forced to drop anchor while downbound the St. Lawrence River between Trois-Rivieres and Quebec City, QC on April 2, 2006 after experiencing a complete black-out. Once the main engine lubrication system was working, the Algoisle proceeded to Becancouer, QC under her own power for inspection before continuing on to Havre St. Pierre, QC to load iron ore for Sorel, QC.
On March 11, 2007, Captain Charles Wheeler, former Master of the Algoisle for many seasons, passed away at Hamilton, ON in his 58th year. Captain Wheeler's first command was the Silver Isle back in the 1980's, sailing under the Misener banner. Captain Wheeler commanded the Silver Isle in the early 1990's when the bulker sailed for the Great Lakes Bulk Carriers consortium and retired in 2004 as Master of the Algoisle.
Early on October 31, 2008, one man was killed and another injured after a mooring cable snapped on the Algoisle as the vessel was being loaded with iron ore at Havre St. Pierre, QC for Sorel, QC. Both men were from the Algoisle crew.
After 47 years of service on the Great Lakes, the Algoisle departed Thunder Bay, ON December 17, 2009 on her final voyage under the Algoma Central / Seaway Marine Transport banners. Capt. Seann O'Donoughue, master of the Algoisle since 2007 and a 25-year veteran of the seas, guided the bulker on her 1,876 nautical mile trip to Port Cartier, QC laden with 24,326 mt of wheat. The Algoisle arrived at her destination port and commenced unloading on December 26, leaving December 28 in ballast for Montreal, QC. After arriving at Montreal on December 30, the Algoisle went into lay-up with an undetermined future. The retired bulker did not remain laid up in Montreal for very long. On October 5, 2010, the Algoisle was taken in tow by the 7,000 b.h.p. ocean tug Ionion Pelagos (owned by Mega Tugs Salvage and Towing SA, Piraeus, Greece) bound for the scrap yards at Aliaga, Turkey. The Algoisle was the last of three veteran Seaway Marine vessels to leave Montreal for the Aliaga scrap yard in the fall of 2010, the preceding others being the Agawa Canyon and the Canadian Prospector. The tow arrived at Aliaga on November 11, 2010.