Rand Logistics Secures Additional Business for the 2014 Sailing Season
Expects to Further Improve Operating Efficiencies and Rebalance Commodity Mix
NEW YORK, Dec. 23, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG)
("Rand") today announced that it has secured additional new long-term
contractual business for the 2014 sailing season, totalling 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,"
commented Scott Bravener, President of Lower Lakes."The new business wins,
which will increase next year's tonnage of many of the commodities that we
carry, should allow us to better optimize our trade patterns, improve
operating efficiencies and enhance our vessel margin per day in the 2014
sailing season compared to the 2013 sailing season."
Bravener continued, "As we have discussed, we are continuing to experience
improved customer demand and visibility. November's operations were negatively
impacted by sustained high winds on the Great Lakes, resulting in an increase
in vessel delay days. While these weather delays impacted November results, we
continue to project that we will operate significantly all of our fleet into
early January, with delayed November tonnage being shipped in December and
January.We remain pleased that our lost time attributable to mechanical
delays and incidents continues to be well below prior year levels."
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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