Freighter fleet to have new owners

One of the largest operators of freighters on the Great Lakes is being purchased by its competitor. American Steamship Company, owner and operator of twelve US-flagged self-unloading vessels, is slated to be purchased by Rand Logistics, Inc. Through their subsidiary companies, Rand Logistics operates vessels in both Canada and the United States including eleven traditional freighters and three tug-barge units. In a press release, Rand Logistics says the “strategic union” will add greater shipping capacity and additional efficiencies. The stock purchase agreement would result in Rand acquiring American for an estimated $260 million.