MAY 27, 2014 — Rand Logistics, Inc. (NASDAQ:RLOG) is adding another river class self unloader to its fleet. It says it will be the first new Canadian flagged river class self-unloader introduced into service on the Great Lakes in over 40 years.
Back in March, the company announced that it had acquired a Danish-flag chemical tanker for conversion into the new ship. Today it said it has entered into a shipyard contract for the construction and assembly of a new forebody that will be affixed to the aft section of the chemical tanker.
The conversion project will take place in Jiangyin, China, at the Chengxi Shipyard Co., Ltd.
"We are very pleased to be working with the Chengxi shipyard on this important project for our company," commented Scott Bravener President of Lower Lakes Towing. "As previously disclosed, much of the tonnage that will be dedicated to our 17th vessel is a result of market share gains that we have been awarded beginning in the 2015 sailing season. Subsequent to introducing the vessel into service, we will operate five of the seven Canadian flagged river class vessels in the market. The new vessel will not only have the largest carrying capacity of any existing Canadian river class self-unloader, but it will also be the most efficient river class vessel on the Great Lakes."