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American Steamship Company sold for $260M to Rand Logistics

PortandTerminal.com, February 11, 2020

JERSEY CITY, NJ – Rand Logistics, Inc. has entered into a stock purchase agreement to acquire American Steamship Company from GATX Corporation. Rand is an affiliate of American Industrial Partners and provides dry bulk shipping services throughout the Great Lakes region.

American Steamship Company (ASC) was founded in Buffalo, New York in 1907. It operates the largest fleet of U.S. flagged vessels on the Great Lakes, providing waterborne transportation of over 27 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1000 feet.  

Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, the Company operates a fleet of three conventional bulk carriers and eleven self-unloading bulk carriers including three tug/barge units. The Company is the only carrier able to offer significant domestic port to port services in both Canada and the U.S. on the Great Lakes.

The Company’s vessels operate under the U.S. Jones Act which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed and the Canada Coasting Trade Act which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.

The strategic combination of Rand and ASC will create the largest and most diverse fleet on the Great Lakes, serving different and highly complementary markets with multiple self-unloading vessel classes.

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