The ACS ship Adam E. Cornelius nearing the lighthouse at Gateway Metro Port in Buffalo. File Photo: American Steamship Company
The owner of American Steamship Company has agreed to sell the company to Rand Logistics in a stock purchase agreement valued at $260 million.
American Steamship Company operates the largest fleet of U.S.-flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, and limestone. Since 1973, it has been under the ownership of Chicago-based railcar lessor GATX Corporation.
“As a leading operator of self-unloading vessels on the Great Lakes, ASC has been a strong contributor for GATX since 1973,” said Brian A. Kenney, president and chief executive officer of GATX. “This sale allows GATX to focus on our core franchises in global railcar and aircraft spare engine leasing.”
GATX said it expects the net sales proceeds to reduce its new debt issuance in 2020.
ASC was founded in Buffalo, New York in 1907. Its fleet currently consists of twelve self-unloading vessels ranging from 635-feet to 1,000-feet.
ASC reported segment profit of $46.1 million for 2019 (including a one-time gain of $10.5 million), and its assets comprised 3.5% of GATX’s total assets on Dec. 31, 2019.
Rand Logistics operates a fleet of eleven U.S. and Canadian-flagged self-unloading bulk carriers, including three tug/barge units and three conventional bulk carriers.
The deal is still subject to working capital and other closing adjustments, as well as customary closing conditions and regulatory approvals.
Global marine fuel sales jumped in 2024 after attacks by Yemen's Houthis starting in late 2023 prompted most shipping companies to divert vessels around southern Africa rather than through the Red Sea, according to data and analysts.
Suez Canal Authority chief Osama Rabie said he expects traffic through the Egyptian waterway to gradually return to normal by late March and fully recover by mid-year, as long as the Gaza ceasefire holds up.
Liquid natural gas producers have been avoiding the Red Sea for much of 2024 amid continuous attacks by Houthi militants. This may now be changing as the first LNG carrier...
February 8, 2025
Total Views: 2645
Sign Up Now for gCaptain Daily
We’ve got your daily industry news related to the global maritime and offshore industries.
JOIN OUR CREW
Maritime and offshore news trusted by our 108,963 members delivered daily straight to your inbox.
Your Gateway to the Maritime World!
Essential news coupled with the finest maritime content sourced from across the globe.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.