Rand Logistics Acquires Two Vessels

Tuesday, August 28, 2007
Rand Logistics Inc. announced that its wholly-owned subsidiary, Lower Lakes Towing, Ltd., acquired two conventional bulk carriers from the Voyageur group of companies for $23.7m. Additionally, the company entered into a contract of affreightment with Voyageur for the exclusive use of a third vessel, and secured an option to acquire this vessel. Management anticipates the three vessels will be immediately accretive to EBITDA and net income for Rand. Lower Lakes management has negotiated or assumed long-term contracts with premier grain and other companies that are both current and new customers for these vessels. The majority of the cargo to be carried on the vessels will be grain. Voyageur will continue to provide all crew manning on the three vessels. The acquisition was financed through a U.S. $17.1m term loan increase from GE Canada Finance Holding Company. The balance of the purchase price was paid with Rand cash on hand, including cash raised as a result of recent exercises of Rand warrants.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NORDEN Publishes CSR Report

Dampskibsselskabet NORDEN A/S has published its Corporate Social Responsibility (CSR) report 2014. Entitled, “On track”, the CSR report presents an overview of NORDEN’s CSR strategy,

LISCR Appoints New Managing Director for Hong Kong

The Liberian Registry has appointed shipping executive Gerry Buchanan as managing director of its dedicated Hong Kong office, the registry announced today.      As

Wheelabrator Opens Ontario Location

Surface preparation company Wheelabrator Group (Canada) Ltd. celebrated its grand opening with a ribbon cutting ceremony and luncheon after moving to a new location and office complex in Burlington,

Contracts

ECO Orders Rolls-Royce Equipment for New AHTS

Rolls-Royce has been awarded a contract worth $30.6m with the American owner Edison Chouest Offshore (ECO). The contract for ship equipment comprises Azimuth main propulsion,

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

 
 
Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1492 sec (7 req/sec)