Rand Logistics, Inc. Completes Purchase Of American Steamship Company From GATX Corporation

Rand Logistics, Inc. ("Rand") has completed the acquisition of American Steamship Company ("ASC") from GATX Corporation. Rand is a portfolio company of American Industrial Partners ("AIP") and provides dry bulk shipping services throughout the Great Lakes region.

The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet.  The combined company's diverse fleet will offer customer's unprecedented flexibility through its integrated transportation network and range of vessel options. 

"This transaction is a game-changer for both Rand and our customers.  Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand. "ASC brings a rich history, superior assets, a safe and efficient operation, and a great team which complement our operations and will benefit our customers in so many tangible ways, such as increased overall transportation capacity through fleet synergies and greater number of loading opportunities. Our vendors will also benefit from the consolidation of tens of millions of dollars of operating and capital spending each year."

"ASC is thrilled to be a part of the creation of a truly unique company with the scale and flexibility to meet the diverse needs of the Great Lakes region," said David Foster, President of American Steamship Company.  "ASC brings new asset classes to the combined company along with the efficient, highly qualified crews and shoreside personnel that operate them, all making the combined company one of the premier marine transportation companies in North America."