M/V Ojibway returns to service to support Canadian grain harvest
Rand Logistics, Inc., a leading provider of bulk freight shipping services throughout the Great Lakes region, announced that its previously laid-up Canadian-flag conventional bulk carrier, M/V Ojibway, returned to service September 12 to support new business contracts resulting from the strong Canadian grain harvest.
“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, 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 concluded: “Returning the Ojibway to service will position us to continue to repay debt and increase our return on capital as we operate through the remainder of the 2016 sailing season.”
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, including all six Canadian-flag self-unloaders and five of its six U.S.-flag self-unloaders.