Rand Logistics Witnesses Rise In Marine Freight Revenue In FY09

The company believes that the results validate profit expectations

Rand Logistics (Rand) has reported its operational and financial results for the fiscal year ended March 2009. In this fiscal, the company’s marine freight revenue increased by 20.9%, as compared to fiscal 2008.

The company’s marine freight revenue (per sailing day) increased to $27,266 in fiscal 2009, from $24,622 in fiscal 2008. Fuel and other surcharges per sailing day increased 87.1%.

Rand has also reported an increase in vessel operating expenses per sailing day. The increase is attributed to higher fuel costs, excluding which, its vessel operating costs would have decreased as a result of cost reductions and operating efficiencies, the company said.

It posted $18.7 million year-over-year increase in operating income this fiscal year.

Laurence Levy, Chairman and CEO of Rand, said: "We are exceptionally pleased with the record financial results for fiscal year 2009, as we believe that these results validate the profit expectations on which our business plan was predicated."

"Our ongoing operational improvements focus on cost reductions, integration of strategic acquisitions and vessel upgrades, combined with our infrastructure investments, have resulted in a very substantial improvement in operating income compared to the prior fiscal year," he added.

Headquartered in New York, NY, Rand Logistics is a provider of bulk freight shipping services.

 

(Source: Logistics Business Review)