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 October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Student Ferry Competition Draws Record Participation

The Worldwide Ferry Safety Association’s (WFSA) international student ferry design competition, geared toward developing a Safe Affordable Ferry, enters its third

Pinnacle Products International Acquires Schaefer Ventilation Equipment

Ventilation and thermal comfort products manufacturer Schaefer Ventilation Equipment has been acquired by Pinnacle Products International, Inc., a developer, manufacturer,

Foss Maritime Opens Houston Office

Foss Maritime has opened a new office and the formed a project management group aiming to support its customer base headquartered in Houston.   John Tirpak of


Egypt Picks 7 Winners in Tender for 55 LNG Cargoes

Seven companies reportedly met with Egyptian Natural Gas Holding Co. (EGAS) to discuss an  liquified natural gas (LNG) tender, including: Vitol, Noble Group, Trafigura,

Icon Terminates Shipbuilding Contract

Icon Offshore Bhd and its partner FOB Swath Malaysia A/S have agreed to terminate their shipbuilding contract with Denmark-based Danish Yachts AS.    Icon-FOB

Ocean Installer in BP frame deal

Ocean Installer has been awarded a Regional Framework Agreement with BP for subsea work in the Gulf of Mexico region.   The agreement covers subsea fabrication,

Maritime Contracts Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1899 sec (5 req/sec)