Rand Logistics posts sharp drop in net income, revenues

The Jersey City, N.J.-based bulk freight shipping services provider reported net income applicable to common stockholders for the fiscal year 2017 second quarter, which ended Sept. 30, tumbled 77.5 percent year-over-year to $2.6 million.    Rand Logistics, Inc., a provider of bulk freight shipping services throughout the Great Lakes region, reported net income applicable to common stockholders for the fiscal year 2017 second quarter, which ended Sept. 30, tumbled 77.5 percent year-over-year to $2.6 million.
   Total revenues fell 24.4 percent year-over-year to $39.2 million.
   “Our results in the second quarter of fiscal year 2017 reflected an unexpected decline in demand from our aggregates customers, particularly as it related to materials for use in public infrastructure projects,” Rand Logistics President and CEO Ed Levy said.
   Vessel margin per day during the quarter slipped 4.4 percent from the same period last year to $14,441, which Levy attributed to the drop in lakes-wide stone demand combined with lower salt tonnage resulting from higher than normal inventories due to last year’s mild winter in the Great Lakes region.