Profile: Rand Logistics Inc (RLOG.O)
24 Apr 2014
Rand Logistics, Inc. (Rand), incorporated on June 2, 2004, is engaged in the shipping business. The Company operates in Canada by Lower Lakes Towing and in the United States by Lower Lakes Transportation. The Company transports construction aggregates, coal, iron ore, salt, grain and other dry bulk commodities for customers in the construction, electric utility, integrated steel and food industries. Lower Lakes Towing provides marine transportation services to dry bulk goods suppliers and purchasers operating in ports on the Great Lakes. It operates on the Great Lakes and is a service provider in the River Class market segment, which it defines as vessels less than 650 feet in overall length. In March 2014, the Company acquired a Danish flagged chemical tanker.
Lower Lakes' fleet consists of five self-unloading bulk carriers and four conventional bulk carriers in Canada and seven self-unloading bulk carriers in the United States, including one integrated tug and barge unit and three articulated tug and barge units. Lower Lakes Towing owns the nine Canadian vessels. Lower Lakes Transportation time charters the seven United States vessels, including the four tug and barge units, from Grand River. With the exception of one barge (which Grand River bareboat charters from an unrelated third party) and two of the articulated tug and barge units (which Grand River bareboat charters from Black Creek), Grand River owns the vessels that it time charters to Lower Lakes Transportation.
Lower Lakes operates over one-half of all River Class vessels and boom-forward equipped vessels servicing the Great Lakes. River Class vessels represent the smaller end of Great Lakes vessels, with maximum dimensions of approximately 650 feet in length and 72 feet in beam and carrying capacities of 15,000 to 20,000 tons, and are ideal for customers seeking to move quantities of dry bulk product to or from ports that restrict non-River Class vessels due to size and capacity constraints. Boom forward self-unloading vessels - those with their booms located in front of the cargo holds - offer greater accessibility for delivery of cargo to locations where only forward access is possible. Six of the vessels used in Lower Lakes' operations are boom forward self-unloaders and six vessels are boom aft self-unloaders.
The Company competes with Algoma Central Corporation and American Steamship Company.
Rand Logistics Inc
50th Floor, 500 Fifth Avenue
NEW YORK NY 10110