Rand reports fiscal 1st quarter loss
Great Lakes carrier Rand Logistics reported a net loss of $1.15 million in its fiscal first quarter ending June 30, compared to net profit of $720,000 in the same 2006 period.
Revenues were $23.1 million compared to $19.8 million in the year-earlier period.
The New York-based company operates a fleet of 11 self-unloading bulk carriers, operating domestic port-to-port services in both Canada and the United States on the Great Lakes.
The company operates ships under both the U.S. Jones Act, which dictates that mandates only U.S.-built, crewed and owned ships can operate between U.S. ports, as well as the Canada Marine Act, which requires Canadian commissioned ships to operate between Canadian ports.
The company said earnings were impacted by work stopages in a labor dispute with American Maritime Officers on ships of a subsidiary, Wisconsin and Michigan Steamship.