Rand Logistics annual marine freight revenue up 11%

Jun 27, 2008 (Datamonitor via COMTEX) -- RLOGU | Quote | Chart | News | PowerRating -- Rand Logistics, a shipping company engaged in the operation of bulk carriers, has reported that its marine freight revenue increased by $6.7 million, or 10.5%, to $70.3 million in fiscal year 2008, from $63.6 million in fiscal year 2007.

The marine freight revenue per day increased by $2,180, or 9.4%, to $25,359 in fiscal year 2008, from $23,179 in fiscal year 2007. Vessel margin per day increased by $1,131, or 21.2%, to $6,470 in fiscal year 2008, from $5,339 in fiscal year 2007.

For the year ended March 31, 2008, excluding the variable interest entity, the company realizes a loss of $1.2 million, compared to income of $3.6 million in fiscal year 2007.

Laurence Levy, chairman and CEO of Rand, said: "Despite the fact that our financial results in fiscal year 2008 were impacted by the strike at Wisconsin and Michigan Steamship, we nevertheless enjoyed a material increase in vessel margin, primarily due to an increase in freight rates, a significant improvement in the performance of our US fleet and the continued strong performance of our Canadian fleet."

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