Rand Logistics posts $5.6m loss in Q1 FY 2018

Rand Logistics, a provider of bulk freight shipping services throughout the Great Lakes region, saw revenues of $32.3 million for the first quarter of fiscal year 2018, which ended June 30, 2017, a 4.4 percent decline from a year prior.    Bulk freight shipping services provider Rand Logistics recorded a net loss applicable to common stockholders of $5.6 million for the first quarter of fiscal year 2018, which ended June 30, 2017, compared to a net loss of $3 million for the same period a year earlier.
   Revenues for the quarter slipped 4.4 percent year-over-year to $32.3 million.
   Freight and related revenues generated from company-operated vessels, which excludes fuel and other surcharges, declined 8.5 percent year-over-year to $30.3 million, while freight and related revenues per sailing day fell 11.8 percent year-over-year to $30,129.
   Looking ahead, Rand Logistics President and CEO Ed Levy said the company’s contractual revenue backlog for the remainder of the sailing season is strong and it expects to sail 14 of its 15 vessels for the remainder of the season.
   Rand Logistics is based out of Jersey City, N.J. and provides bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, Rand Logistics operates a fleet of three conventional bulk carriers and 12 self-unloading bulk carriers, including three tug/barge units.