Rand Logistics Commences 2013 Sailing Season as Winter Maintenance,
Drydockings, and Capital Expeditures Are Completed On-Time and on Budget
NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc.
(Nasdaq:RLOG) ("Rand"), announced that its Jones Act compliant self-unloading
vessel Calumet commenced 2013 sailing on March 14, 2013. Rand expects to have
completed all winter maintenance and capital expenditure work on its vessels
prior to their scheduled sailing dates. As previously disclosed, Rand
performed drydocking on two vessels this past winter. Total capital and
deferred drydock expenditures incurred over this past winter will approximate
$12.5 million, which is consistent with the budgeted amount. Other than modest
fit-out expenses related to a couple of vessels that will not sail until
early-to-mid April due to customer shipping schedules, Rand expects that the
vast majority of its capitalized expenditures, deferred drydocking
expenditures, and winter maintenance expenses will be incurred prior to the
end of our fiscal year on March 31, 2013.
Scott Bravener, President of Lower Lakes, commented, "The substantial
investments in expanding and upgrading our engineering and technical services
department over the past two years have started to show results. The
implementation of new processes, procedures, and more rigorous oversight has
resulted in the on-budget and on-time completion of our winter maintenance,
drydocking, and capital investments for our expanded fleet. I am pleased to
report that our Canadian self-unloading vessel Cuyahoga has been selected to
officially open the Welland Canal for the 2013 navigation season on March 22,
2013. While we continue to work with our customers to finalize their needs for
the upcoming season, based on their nominations to-date, we are projecting
that our total tonnage hauled will increase by up to 11%, versus the 2012
sailing season. The projected increase in tons hauled is due in part to an
increased number of sailing days, a full year of operation of the vessel that
we introduced into service in October 2012, market share gains, and modest
organic growth. Achieving the volume growth is dependent on the volume of each
commodity that we carry being consistent with the current nominations that we
have received from customers."
About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping services
throughout the Great Lakes region. Through its subsidiaries, the Company
operates a fleet of four conventional bulk carriers and twelve self-unloading
bulk carriers including four tug/barge units. The Company is the only carrier
able to offer significant domestic port-to-port services in both Canada and
the U.S. on the Great Lakes. The Company's vessels operate under the U.S.
Jones Act – which reserves domestic waterborne commerce to vessels that are
U.S. owned, built and crewed, – and the Canada Coasting Trade Act – which
reserves domestic waterborne commerce to Canadian registered and crewed
vessels that operate between Canadian ports.
CONTACT: Rand Logistics, Inc.
Laurence S. Levy, Chairman & CEO
Edward Levy, President
INVESTOR RELATIONS COUNSEL:
Press spacebar to pause and continue. Press esc to stop.