C.T.C. No. 1

[Larry64]

So what about Michipicoten? They spent all that money to dry dock and repair her, now she sits. Why would they spend all that money if she is done? They have to be paying to keep her docked. They also have American Valor docked. That has to be killing them.

[shipwatcher125]

Who burned at Drummond?

[Matt]

Rand just bought Andrie Inc last year. Definitely not going anywhere anytime soon.

Oglebay Norton Co. acquired Erie Sand & Gravel Co. including the M/V Richard J. Reiss, on January 13, 2003. Just 13 Months later, on February 23, 2004 – Oglebay Norton filed petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

[Geest]

Seems the rand office personnel are well represented in this discussion

Doubtful but what is being said abt Rand is accurate and can easily be verified by a simple internet search. No need to get all worked up about a nothingburger.

Back to topic, last I understood in addition to the all the hazmat aboard the CTC1 in the form of cargo and insulation, there is a whole other matter of dredging the ship out of where she has been sitting for so long, which digs up a lot of hazmat in the sediment that would then need to be disposed of. Expensive proposition for whoever undertakes the scrap job, and I'd imagine the most likely scenario is the boat getting cut down right where she sits to a point its off the bottom and viable for a tow out to a nearby beaching/scrap yard.

[guest]

Seems the rand office personnel are well represented in this discussion

[Guest]

"Rand is a portfolio company of Duration Capital Partners, a newly formed private investment firm focused on North American transportation infrastructure." - PR Newswire press release when Rand bought Andrie

So American Industrial Partners no longer owns Rand

[Guest]

I'd check that again - American Industrial Partners website shows Rand Logistics as an asset no longer owned by them. It states they "exited" from that investment in 2023.

[Guest]

Rand Logistics is owned by American Industrial Partners, which owns a number of other companies.

As others have said, Rand Logistics completed in April 2025 a $525 million credit refinance, led by PNC Bank. https://www.abladvisor.com/news/40489/p ... gic-growth

[Guest]

Rand is not remotely close to bankruptcy and it is not the only G/L operator to have long-term idle assets

[guest]

Good Lord, what kind of interest rate would you give those guys, only had two NTSB investigations going on one ship(Mariner) at the same time last year, not to mention nearly losing the Michipcoten, a boat burning at Drummond, another on fire in Lake erie, I'm pretty sure I'm missing some incidents. Not exactly what I would call a good investment. Ogelbay was taking 25% interest against their boats on their way out.

Rand hasn't any capital to spend, the end is in sight.

Rand just acquired a half-billion dollar loan last month.

[Guest]

Rand hasn't any capital to spend, the end is in sight.

Rand just acquired a half-billion dollar loan last month.

[guest]

You're correct. From a very reliable source, Rand is bankrupt.

You two know zero. Rand isnt going anywhere

[Jared]

It's a shame they can't tow her out to the lake and scuttle her for a diving attraction. No asbestos treatment is needed.

[Guest]

Rand just bought Andrie Inc last year. Definitely not going anywhere anytime soon.

[Guest]

They're not going broke, the investment firm that owns them is just milking everything they can put of LLT/Grand River and ASC. Also, no scrapyard wants to deal with the asbestos and hardened cement thats on the CTC

[Guest]

If Rand does go broke, would the taxpayer be on the hook for the C.T.C. No. 1 removal or will the DOJ go after the bankruptcy estate of the company to pay for it?

Plenty of stories on the internet about communities having to pay to remove wrecks. Didn't Milwaukee just do that for a large yacht that was up on the rocks?

[guest]

You're correct. From a very reliable source, Rand is bankrupt.

[guest]

Rand hasn't any capital to spend, the end is in sight.

[Guest]

Has there been any further activity on the C.T.C. No. 1? A few years ago there were reports that its departure from South Chicago for scrapping was imminent, but obviously that has yet to happen. I thought the comments by one of the port's spokespersons or director seemed quite excited that it was to leave as it was termed as an eyesore (or something to that effect). I believe it would take a lot more than the towing away of the C.T.C. No. 1 to beautify that area but oh well that is just my opinion.

I know that LLT/Rand purchased this vessel as a long term strategic capital asset primarily, I would suppose, in that it is a Jones Act compliant hull for its US operations. However, with the vessel now over 80 years old and configured to handle cement it would seem unlikely that a large investment would be warranted to bring it back into service especially given the economic conditions of today and the foreseeable future. Is the ship actually equipped as a standard cement carrier or is its handling equipment only configured to handle storage cargoes? I just find it odd that this vessel has not went to scrap as of yet when it would have to be most likely completely reconditioned and repowered to bring back into service. I would assume that it may be more possible to convert it into a self-unloading barge along the lines of what was done with the Joseph H. Thompson, Reserve, and Buckeye.