Rand Logistics News

A U.S. registered laker ran aground in the St. Clair River near Marine City, Mich. on Tuesday, the U.S. Coast Guard said.The Coast Guard said it was notified at 7:21 a.m. that the 617-foot-long vessel American Courage grounded with a cargo of 20,000 tons of stone on board. No injuries or pollution have been reported.The river remains open to navigation, though a marine safety broadcast has been issued urging mariners to use caution while transiting the area.The Coast Guard said it is coordinating with the vessel's owner—Traverse City…

A U.S. registered bulk carrier has reportedly spilled diesel in Lake Michigan, approximately 1.5 nautical miles offshore of Manistee, Mich., the U.S. Coast Guard said.At approximately 2:50 p.m. on Wednesday, the 630-foot self-unloading bulk carrier Manitowoc reported a hull breach on its starboard diesel tank. The maximum spill potential is 45,174 gallons of diesel, the Coast Guard said.At the time of the report, the lake was at anchor 1.5 nautical miles offshore, northwest of where the Manistee River enters Lake Michigan.

A fire broke out aboard a Canadian-registered bulk carrier transiting on Lake Erie near Pelee Island in the overnight hours on Tuesday, the U.S. Coast Guard said.The fire, which originated in the engine room of the 80-year-old laker Cuyahoga, is said to have been contained, with no injuries reported.U.S. Coast Guard Air Station Detroit, Ohio Department of Natural Resources, TowBoatUS and the Canadian Coast Guard responded the incident.The 664-foot-long self discharging bulk carrier is operated by Lower Lakes Towing…

Tidewater Transportation and Terminals said it recently added Aaron Degodny as its new Vice-President and Chief Commercial Officer. As part of Tidewater’s executive leadership team, Degodny will focus on establishing strategic partnerships in new markets, expanding and strengthening client relationships, and extending the regional and global footprint of Tidewater, the largest barge transportation and terminal network on the Columbia-Snake River system. He will have direct oversight and responsibility for business development, sales and marketing, public relations and media.

New Jersey-based Rand Logistics said Thursday it has completed its $260 million acquisition of rival Great Lakes shipping company American Steamship Company (ASC) from GATX Corporation.The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet, the company said."This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand…

New Jersey-based Rand Logistics announced it has entered into a stock purchase agreement to acquire rival Great Lakes shipping company American Steamship Company (ASC) from Chicago-based GATX Corporation for $260 million.Headquartered in upstate New York, ASC operates the Lakes' largest U.S.-flagged fleet, annually transporting more than 27 million tons of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet. ASC reported segment profit of $46.1 million for 2019 (including a one-time gain of $10.5 million), said parent company GATX.Rand, an affiliate of American Industrial Partners (AIP)…

Rand Logistics Inc, one of the largest bulk freight shipping providers in the Great Lakes region, filed for Chapter 11 protection on Tuesday after agreeing to a debt-for-equity swap with lender Lightship Capital LLC. Rand, with $236 million of debt, said in November it would file for bankruptcy as part of a restructuring support agreement with Lightship, an affiliate of New York-based private equity firm American Industrial Partners.

As marine shipping continues to support the growth of the Canadian and U.S. economies, St. Lawrence Seaway cargo shipments to-date for 2917 are 14 percent ahead of 2016 volumes. Total cargo tonnage from March 20 to September 30 reached 24.3 million metric tons – 3 million metric tons more compared to the same period in 2016, according to The St. Lawrence Seaway Management Corporation. “Our results point to the strength of the Canadian and U.S. economies. Export shipments of mined products such as iron ore and dry bulk via the Seaway have grown dramatically this year…

Bulk freight shipper Rand Logistics, Inc. has taken delivery of its newest Canadian self-unloading vessel, increasing its fleet to 16 ships, including 10 Canadian flagged and six U.S. flagged vessels. According to Rand, the new vessel will have the largest carrying capacity of any existing river class self-unloader and is anticipated to be the most efficient vessel of its class on the Great Lakes. “This vessel is the first new river class self-unloader to be introduced into Great Lakes service in over 40 years and will arrive in Canada in approximately 45 days,” said Scott Bravener, President of Rand's Lower Lakes Towing subsidiary.

Rand Logistics, Inc. has welcomed Mark Hiltwein as Vice President & Chief Financial Officer, reporting to Rand's President and Chief Executive Officer, Edward Levy. In this role,  Hiltwein will be responsible for all aspects of the company's financial management, and will also oversee information technology, purchasing/procurement, and insurance. He brings to Rand more than two decades of financial management experience, in positions of increasing leadership and responsibility. "The combination of Mark's deep technical accounting and compliance background, together with his extensive proven problem-solving skills, will support our continued focus on improving our operating and financial performance," said Levy. Prior to joining the company, Hiltwein spent seven years at Cenveo, Inc.

Rand Logistics, Inc. announced the launch of its new vessel forebody. The new forebody, built by Chengxi Shipyard Co., will be affixed to the aft section of the company's recently acquired Danish-flagged vessel and is set to become the first new Canadian-flagged river class self-unloader introduced into service on the Great Lakes in over 40 years. The new vessel is expected to be introduced into service in the fourth calendar quarter of 2015 and will increase the size of Rand's fleet to 16, including 10 Canadian-flagged and six U.S.-flagged vessels.

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's senior secured debt and increased credit availability. -- Extends the maturity of the senior secured debt facility through September 2019. "We are pleased to consummate the refinancing of our senior secured debt facility," commented Joseph McHugh, Chief Financial Officer of Rand. McHugh also said that since December 31, 2013, Rand has reduced its all-in cost of debt and preferred stock capital by approximately 178 basis points for the benefit of shareholders. The senior debt financing was provided by a syndicate led by Bank of America. Rand Logistics, Inc.

Rand Logistics, Inc. has announced the acquisition of a Danish flagged chemical tanker that will be converted to a Canadian flagged river class self-unloader vessel. The new vessel will support recent new long-term contract awards which begin in April 2015. The acquisition and conversion of this vessel is consistent with Rand's strategy of remaining the leader in both the U.S. and Canadian river class markets on the Great Lakes and reaffirms the company's commitment to support the growth of its customers. "We have secured substantial long-term, contractual new business beginning in April 2015 for our Canadian flagged operations," commented Scott Bravener President of Lower Lakes Towing.

Rand Logistics, Inc. announced that it has secured additional new long-term contractual business for the 2014 sailing season, totaling in excess of 250 sailing days. These contracts, a combination of new business, market share gains and organic market growth, are expected to help rebalance the company's 2014 sailing season commodity mix to levels more consistent with prior years and improve existing fleet operating efficiencies. "We have been successful in leveraging our network and efficient operations to capture market share and meaningful new business for the 2014 sailing season…

Rand Logistics, Inc. announced that Laurence Levy has been appointed as Executive Chairman, with responsibilities that include overseeing corporate strategy including growth and acquisition initiatives, corporate culture, and organization building. Mr. Levy formerly served as Chairman and Chief Executive Officer of Rand. Rand's Chief Executive Officer position will remain unfilled. "Today's announcement reflects the collective view of our independent directors and management team as to the most efficient operating structure for Rand as well as the maturation of our Corporate Governance," commented Laurence Levy. "Under our new structure…

Rand Logistics, Inc. announced the hiring of Robert (Bob) Bezan for the newly created position of Vice President of Planning and Analysis at its subsidiary, Lower Lakes Towing Ltd. In this role, Bob will be responsible for all operational planning and analysis activities for the Company. Bob has spent the last 14 years at Algoma Central Corporation and Seaway Marine Transport serving in similar capacities. This position was created in response to the company’s recent fleet expansions and to enable us to capitalize on future growth opportunities.

Rand Logistics, Inc. announced that John Binion, most recently the Chief Operating Officer and Executive Vice President of United Maritime Group, has been appointed to Rand's Board of Directors. Rand also announced that Michael Lundin, who has served as an independent director of Rand since April 2008, has been appointed Lead Independent Director of Rand's Board of Directors. Laurence Levy, Chairman and Chief Executive Officer of Rand commented, "We are delighted to welcome John to our Board. As COO and EVP of United Maritime, John was integrally involved in all aspects of this leading provider of dry bulk logistics solutions, which included operating the largest Jones Act compliant coastwise fleet of dry-bulk carriers and self-unloading vessels, as measured by dead weight tons.

Rand Logistics, Inc. (Nasdaq:RLOG) announced the christening and commencement into service of the Jones Act compliant tug Defiance and the self-unloading barge Ashtabula. The articulated tug/barge vessel (ATB) was acquired on December 1, 2011. Modifications required for Great Lakes service began in May 2012 and have now been completed. The vessel was originally scheduled for delivery in early August but was delayed due to complexities in the conversion process. The total invested cost of the ATB is substantially less than the new build cost of a similarly-sized Jones Act compliant vessel. This ATB unit is the Company's sixteenth vessel. The Ashtabula loaded sand in Brevort, Michigan for delivery to Buffalo, New York on its maiden voyage.

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.

Rand Logistics Inc. 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. customers for these vessels. on the vessels will be grain. crew manning on the three vessels. U.S. Company. warrants.