A process for dewatering an aqueous suspension of microalgae is disclosed in which the aqueous suspension of the algae is introduced into a bubble column or a modified bubble column for generating a froth of bubbles and adsorbed algal cells that can be separated from the aqueous suspension. In one advantageous embodiment, the bubble column is a multi-stage loop-flow flotation column that has three loop-flow zones, each of which is defined by a draft tube concentrically mounted in the column to divide each loop-flow zone into a riser and the downcomer. Fine bubbles of gas and brine are in cocurrent upward flow in the riser and in cocurrent downward flow the downcomer. A higher gas holdup is promoted in the riser than in the downcomer, thereby circulating the brine in loop-flow upwardly through the riser and downwardly through the downcomer. Liquid communication between adjacent loop-flow zones is substantially eliminated. A froth enriched in algae is generated that can be separated from the aqueous suspension. The process has application in the recovery of mixed carotenoids from Dunaliella salina.