Mainstay Maritime

What Mainstay Maritime does

Mainstay Maritime operates a Jones Act-compliant fleet of 23 U.S.-flagged vessels providing bulk and liquid freight shipping services on the Great Lakes. The company is headquartered in Williamsville, New York, and operates through three core subsidiaries — American Steamship Company (founded 1907), Grand River Navigation (established 2000), and Andrie (acquired 2024) — supplemented by an in-house ship repair facility (Conneaut Creek Ship Repair, Ashtabula, OH) and warehouse operations in Toledo and Duluth. Its fleet spans Class I 1,000-foot self-unloading bulk carriers (up to 80,900 gross tons, 10,000 tons/hour unloading), Class II vessels (680'-815'), Class III vessels (630'-730') for tight waterways, tug-and-barge units, and liquid transporters (including the Endeavour/Karen at 51,942 barrels and Endurance at 36,475 barrels). Mainstay is described as the market leader for Jones Act shipping on the Great Lakes and the only carrier offering significant scale and vessel diversity in the region.

The company sells mission-critical marine logistics to enterprise industrial customers in North American manufacturing, infrastructure, and food/agriculture under multi-year contracts with negotiated, quote-based pricing not publicly disclosed. Revenue is generated through transportation of dry bulk and liquid commodities under subscription/recurring enterprise arrangements, with 1,436 annual vessel discharges and 337,000 miles traveled per season reported as operational benchmarks. The business carries 825+ employees including mariners and shoreside staff, and operates exclusively within the Great Lakes region under U.S. Jones Act regulations that restrict domestic waterborne commerce to U.S.-owned, U.S.-built, and U.S.-crewed vessels.

Mainstay is privately held by Duration Capital Partners, which completed its spin-out from Oaktree Capital in 2024 and acquired the predecessor Rand Logistics (previously NASDAQ-listed) through Oaktree's 2021-2023 take-private. In 2026 the company rebranded from Rand Logistics to Mainstay Maritime and divested its Canadian subsidiary Lower Lakes Towing (six vessels) to Algoma Central Corporation to focus exclusively on its U.S. Jones Act business. The strategic posture is a focused, PE-backed industrial shipping platform emphasizing scale, fleet diversity, and regulatory-protected domestic market access.

Name

Mainstay Maritime

Legal name

Mainstay Maritime, Inc.

Website

https://mainstaymaritime.com

Company type

Private

Founded year

1907

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mainstay Maritime operates a Jones Act-compliant fleet of 23 U.S.-flagged vessels providing bulk and liquid freight shipping on the Great Lakes for enterprise industrial customers in manufacturing, infrastructure, and food. It is privately held by Duration Capital Partners.

Ownership category

akta.pro rank

Product category

Marine Logistics Services

NAICS

Coastal and Great Lakes Freight Transportation (483113), Deep Sea, Coastal, and Great Lakes Water Transportation (48311), Marine Cargo Handling (488320)

SIC

Water Transportation (4400), Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

akta.pro secondary industries

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD), Commercial Ship Repair & Drydocking (TLAKAKAA)

Keywords

• Great Lakes shipping
• Jones Act shipping
• Marine bulk transport
• Liquid bulk logistics
• Self-unloading vessels

Headquarters

HQ city

Williamsville

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Marine Bulk Freight Transportation: Transportation of dry bulk and liquid commodities across the Great Lakes via a fleet of 23 U.S.-flagged vessels, operating under Jones Act regulations for domestic waterborne commerce.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Mainstay Maritime provides marine bulk and liquid freight transportation services on the Great Lakes using a Jones Act-compliant fleet of 23 U.S.-flagged vessels, including self-unloading bulk carriers, tug and barge units, and liquid transporters. Operations span dry bulk and liquid cargo transport, in-house ship repair through Conneaut Creek Ship Repair, and warehouse and distribution services at Toledo and Duluth facilities, serving manufacturing, infrastructure, and food industry customers. The company is the market leader for Jones Act shipping on the Great Lakes.

Product overview

Mainstay Maritime operates a unified marine logistics platform serving the Great Lakes Region, comprising 23 U.S.-flagged vessels managed through three subsidiaries: American Steamship Company (founded 1907), Grand River Navigation (established 2000), and Andrie (acquired 2024). The fleet includes 16 self-unloading bulk carriers and 6 tug-barge units, organized into Class I (1,000-foot vessels up to 80,900 GT), Class II (680'-815' vessels for longer distances), and Class III (630'-730' vessels for tight waterways) segments, plus specialty liquid transporters. The company offers integrated services including marine cargo transport, ship repair (Conneaut Creek Ship Repair), and warehouse facilities (Toledo and Duluth). Operating exclusively under the U.S. Jones Act, Mainstay is the market leader for Jones Act shipping on the Great Lakes.

Differentiator

Problem solved

Functional benefit

Products and services

• Great Lakes Marine Bulk and Liquids Logistics Comprehensive supply chain solutions for marine bulk and liquids logistics in the Great Lakes Region, including dry bulk and liquid cargo transportation across 23 U.S.-flagged vessels, ship repair services, and warehouse and distribution facilities. Serves manufacturing, infrastructure, and food industry customers requiring reliable Jones Act-compliant domestic waterborne commerce.
• Dry Bulk Freight Transportation (Self-Unloading Bulk Carriers)

Quantifiable outcome

• 337,000 miles traveled annually across the Great Lakes
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Algoma Central CorporationminorOthersAlgoma Central Corporation agreed to purchase Mainstay Maritime's Canadian fleet and operating companies. The transaction involves six vessels and was expected to close in Q1 2026. This divestiture positioned Mainstay to focus on its core U.S. Jones Act business.

Scale indicators6 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Algoma Central Corporation: Canadian-based Great Lakes marine transportation operator that just acquired Mainstay's Canadian fleet and operating companies (Lower Lakes Towing, six vessels, Q1 2026). Operates a comparable mix of self-unloading bulk carriers and tankers on the Great Lakes, with overlapping customer base in iron ore, grain, and salt transport.
• Interlake Steamship Company: One of the largest U.S.-flagged Great Lakes self-unloading bulk carrier operators, family-owned and based in Ohio. Directly competes with Mainstay's American Steamship Company subsidiary for iron ore, limestone, and coal tonnage, making it the closest head-to-head self-unloader fleet on the Great Lakes.
• The CSL Group (Canada Steamship Lines): Montreal-based global shipping company that is the largest operator of self-unloading vessels in the world, with a major Great Lakes presence. Competes with Mainstay for the same iron ore, coal, and limestone routes on the Great Lakes and shares the self-unloading vessel technology model.

Regional players

• Van Enkevort Tug & Barge: Family-owned Great Lakes tug and barge operator running self-unloading bulk carriers on U.S. and Canadian waters. Directly comparable to Mainstay's tug-barge segment and overlaps in limestone, iron ore, and construction aggregate customers on the upper Great Lakes.
• Great Lakes Dredge & Dock Corporation: Houston-based largest provider of dredging services in the U.S., with extensive Great Lakes operations. Adjacent peer as a marine services platform on the same waterways, though focused on dredging rather than cargo transport; shares the same regulatory and Jones Act constraints for U.S.-flagged operations.

Broad incumbents

• Kirby Corporation: Houston-based largest U.S. inland tank barge operator (~$3B revenue) with growing coastal and offshore operations. Comparable to Mainstay's liquid bulk business model (post-Andrie acquisition) and shares asset-heavy marine transportation economics, though Kirby operates primarily on U.S. rivers and coastal waterways rather than the Great Lakes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mainstay Maritime