Rand Logistics Reports Customer Disruption Expected to Affect Scheduling
NEW YORK, Sept. 16, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc.
(Nasdaq:RLOG) ("Rand") today announced that it has recently been notified by
its customer Cargill, Inc. of a temporary shutdown of their Cleveland, Ohio
salt mine due to a geological shift in the underground formation. The mine is
located approximately 1,800 feet below Lake Erie, four miles north of
Cleveland, Ohio.As a result, the Company expects to experience scheduling
inefficiencies of a portion of its fleet for the balance of the current
Scott Bravener President of Lower Lakes commented, "Cargill does not believe
that the geological shift impacts the long term viability of the mine and they
expect to resume full production by November 2013. However, they have informed
us that as a result of the production loss due to this event, our tonnage
carried for them this navigation season will be negatively impacted by as much
Bravener added, "We expect all of our vessels, with the exception of the
vessel in long-term layup, to operate into December 2013 even though market
conditions otherwise remain challenging."
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.
This press release contains forward-looking statements. For all
forward-looking statements, we claim the protection of the Safe Harbor for
Forward-Looking Statements contained in the Private Securities Litigation
Reform Act of 1995.Forward-looking statements are inherently subject to risks
and uncertainties, many of which cannot be predicted with accuracy or are
otherwise beyond our control and some of which might not even be
anticipated.Future events and actual results, affecting our strategic plan as
well as our financial position, results of operations and cash flows, could
differ materially from those described in or contemplated by the
forward-looking statements.Important factors that contribute to such risks
include, but are not limited to, the effect of the economic downturn in our
markets; the weather conditions on the Great Lakes; and our ability to
maintain and replace our vessels as they age.
For a more detailed description of these uncertainties and other factors,
please see the "Risk Factors" section in Rand's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on June 12, 2013.
CONTACT: Rand Logistics, Inc.
Laurence S. Levy, Executive Chairman
Edward Levy, President
INVESTOR RELATIONS COUNSEL:
Alison Ziegler and Kevin McGrath
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