NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand"), announced that its Jones Act compliant self-unloading vessel Calumet commenced 2013 sailing on March 14, 2013. Rand expects to have completed all winter maintenance and capital expenditure work on its vessels prior to their scheduled sailing dates. As previously disclosed, Rand performed drydocking on two vessels this past winter. Total capital and deferred drydock expenditures incurred over this past winter will approximate $12.5 million, which is consistent with the budgeted amount. Other than modest fit-out expenses related to a couple of vessels that will not sail until early-to-mid April due to customer shipping schedules, Rand expects that the vast majority of its capitalized expenditures, deferred drydocking expenditures, and winter maintenance expenses will be incurred prior to the end of our fiscal year on March 31, 2013.
Rand Logistics Commences 2013 Sailing Season As Winter Maintenance, Drydockings, And Capital Expeditures Are Completed On-Time And On Budget
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts