Rand Logistics said its Canadian operating subsidiary Lower Lakes Towing had completed the previously announced acquisition of a U.S. flagged bulk carrier on Oct. 14, that it has subsequently re-flagged in Canada.
Scott Bravener, president of Lower Lakes, commented, “The acquisition of this vessel expands our fleet at a price well below replacement cost, will improve the profitability of our existing fleet by better aligning our assets to the trade patterns that they are best suited for and will provide for greater flexibility in the scheduling of our vessels.”
He said subsequent to closing, the firm had entered into a long-term time charter which it anticipates will use all of the vessel’s annual sailing days.
Bravener said the company expects the vessel will enter into service during the second half of December and will be fully operational for its 2012 sailing season.
Through its subsidiaries, Rand operates a fleet of four conventional bulk carriers and 12 self-unloading bulk carriers including three integrated tug/barge units.
Rand Logistics acquires bulker
