Jersey City-based Rand Logistics Inc. on Friday said it completed the acquisition of American Steamship Co. of New York from GATX Corp.
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 fleet will offer customers flexibility through its integrated transportation network and range of vessel options.
Rand is a portfolio company of private equity investment firm American Industrial Partners and provides dry bulk shipping services throughout the Great Lakes region.
David Foster, president of American Steamship Co. said that ASC’s qualified crews and shoreside personnel will make the newly combined company one of the premier marine transportation companies in North America.
“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.