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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Women's Expedition to the Arctic

Company "MyArctic-expeditions" organize the first women's expedition to the Arctic Ocean. The expedition will start on March 5 in the capital of the Nenets Autonomous

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Contracts

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1308 sec (8 req/sec)