Rand Logistics, a bulk shipping services provider throughout the Great Lakes region, has announced that its previously laid up bulk carrier, M/V Ojibway, has returned to service support new business contracts resulting from the Canadian grain harvest season.
, has returned to service support new business contracts resulting from the Canadian grain harvest season.“We are very pleased to bring the Ojibway back into service for the remainder of the 2016 sailing season. As previously disclosed, during the quarter ended March 31, 2016 we agreed to a favorable buyout of a customer time charter contract on this vessel and the Ojibway was not expected to operate this sailing season,” said Ed Levy, Rand’s chief executive officer. “After favorable marketing efforts and the strong Canadian grain market, we were able to return the vessel to service to support our customers’ needs.”
Levy said the projected revenue from these additional sailing days will help to balance the continuing choppy demand environment in the first quarter of fiscal year 2017 and returning the vessel will position the company to continue to repay debt and increase return on capital.
The company has increased its projection of sailing days to approximately 3,500 days, an increase from the initial projection of approximately 3,405 days, and intends to operate 14 vessels for the remainder of the 2016 season.
“Excellent News” of Hearing Rand Logistics Inc., Is Bringing out The MV. Ojibway back in service this week. This vessel is listed in Lower Lakes Towing Ltd Fleet List at: #20,668 dwt, & Laid Up MV. Manitoba #19,093 dwt. With a “Heavy Grain Harvest” being forecast, I am very surprise Rand does not take full advantage of bringing out MV. Manitoba, and utilized the last four, (4) months before the St. Lawrence Seaway, Closes on December 31, 2016, Since overseas scrap prices are in the toilet till mid 2017. This will further pay down debt, and make up for the First (3) month of 2016 in lost tonnages.