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 Today

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

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

People & Company News

RINA Launches Competence Management System Certification

International classification society RINA Services has launched a new Competence Management System certification which it says helps ship owners and managers to

Horizon Awarded for GORHEAD Software

Horizon Shipbuilding, Inc. of Bayou La Batre, Ala., has been presented with the 2015 “Innovator of the Year” award by the Mobile Alabama Chamber of Commerce for

Indonesia Ferry Hits Trouble, 97 Rescued

Almost 100 people were rescued when a ferry sailing towards Singapore from the Indonesian island of Batam hit a floating object and reportedly started to sink, authorities in the city-state said.

Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0673 sec (15 req/sec)