Rand Logistics Purchases Vessel

Tuesday, March 27, 2007
Rand Logistics Inc. announced that it purchased the Manistee, a self-unloading bulk carrier, for $2.2 million. The Company previously leased the boat from a subsidiary of Sand Products Corporation, and financed the purchase through debt with its existing lender, GE Capital Corporation. Laurence Levy, Chairman and CEO of Rand Logistics, stated, “We are pleased to have completed this transaction, which will be accretive to earnings. The purchase of the Manistee eliminates $350,000 of annual lease expense, which would have grown to $500,000 after March 31, 2008. The annual interest expense on the $2.2 million of added borrowings will be significantly less than the alternative of continuing to lease the vessel. Additionally, we were also able to reduce the interest rate for our overall U.S. and Canadian borrowings by 50 basis points, which produces further annual savings of approximately $100,000. We remain confident in Rand’s strong fleet and market position on the Great Lakes.”
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Ship Repair Ship Simulators 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: 0.0886 sec (11 req/sec)