Rand Logistics (RLOG) 10-Q 10 Nov 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Nov. 09, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Rand Logistics, Inc.
Entity Central Index Key	1,294,250
Trading Symbol	rlog
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,569,186
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 409	$ 77
Accounts receivable, net	12,796	2,697
Income taxes receivable	38	47
Prepaid expenses and other current assets	6,645	6,320
Total current assets	19,888	9,141
PROPERTY AND EQUIPMENT, NET	218,051	228,504
OTHER ASSETS	62	102
DEFERRED DRYDOCK COSTS, NET	6,330	6,660
INTANGIBLE ASSETS, NET	5,368	5,904
GOODWILL	10,193	10,193
Total assets	259,892	260,504
CURRENT
Accounts payable	9,425	17,822
Accrued liabilities	11,906	8,144
Other current liability	115	776
Income taxes payable	15	34
Current portion of deferred payment liability	281	564
Total current liabilities	21,742	27,340
LONG-TERM DEBT	117,065	112,426
Subordinated Long-term Debt, Noncurrent	76,001	75,317
DEFERRED INCOME TAXES	5,642	5,825
Total liabilities	220,450	220,908
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, Issued and outstanding 295,480 shares at September 30, 2016 and at March 31, 2016 (Note 17)	14,674	14,674
Common stock, $.0001 par value, Authorized 50,000,000 shares, Issued and outstanding 18,569,186 shares at September 30, 2016 and 18,359,397 shares at March 31, 2016 (Note 17)	1	1
Additional paid-in capital	91,233	90,993
Accumulated deficit	(56,904)	(56,537)
Accumulated other comprehensive loss	(9,562)	(9,535)
Total stockholders’ equity	39,442	39,596
Total liabilities and stockholders’ equity	$ 259,892	$ 260,504

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	295,480	295,480
Preferred stock, shares outstanding	295,480	295,480
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	18,569,186	18,359,397
Common stock, shares outstanding	18,569,186	18,359,397

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUE
Freight and related revenue	$ 37,518	$ 43,835	$ 70,623	$ 82,803
Fuel and other surcharges	1,722	5,563	2,434	9,527
Outside voyage charter revenue (Note 18)	0	2,535	0	4,430
TOTAL REVENUE	39,240	51,933	73,057	96,760
EXPENSES
Outside voyage charter fees	0	2,652	0	4,493
Vessel operating expenses	22,028	30,030	40,870	56,586
Repairs and maintenance	100	57	1,085	897
General and administrative	3,855	3,099	7,730	6,399
Depreciation	5,203	4,603	10,501	9,310
Amortization of drydock costs	754	885	1,607	1,767
Amortization of intangibles	252	272	505	556
(Gain) loss on foreign exchange, net	(540)	14	(1,663)	305
Restructuring Charges	0	0	2,375	0
Asset Impairment Charges	0	0	1,872	0
TOTAL EXPENSES	31,652	41,612	64,882	80,313
OPERATING INCOME	7,588	10,321	8,175	16,447
OTHER INCOME AND EXPENSES
Interest expense	4,276	2,962	7,896	5,981
Interest income	(2)	0	(4)	(4)
TOTAL OTHER (INCOME) AND EXPENSES	4,274	2,962	7,892	5,977
INCOME BEFORE INCOME TAXES	3,314	7,359	283	10,470
(RECOVERY) PROVISION FOR INCOME TAXES
Deferred	318	(4,508)	(131)	(4,328)
TOTAL PROVISION FOR INCOME TAXES	318	(4,508)	(131)	(4,328)
NET INCOME BEFORE PREFERRED STOCK DIVIDENDS	2,996	11,867	414	14,798
PREFERRED STOCK DIVIDENDS	395	328	781	649
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS	$ 2,601	$ 11,539	$ (367)	$ 14,149
Net income (loss) per share basic (usd per share)	$ 0.14	$ 0.64	$ (0.02)	$ 0.79
Net income (loss) per share diluted (usd per share)	$ 0.14	$ 0.58	$ (0.02)	$ 0.73
Weighted average shares basic (in shares)	18,379,565	17,960,000	18,349,970	17,930,473
Weighted average shares diluted (in shares)	20,762,468	20,379,355	20,732,873	20,349,828
Weighted Average Number of Shares Outstanding, Basic and Diluted			18,349,970

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income before preferred dividends	$ 2,996	$ 11,867	$ 414	$ 14,798
Change in foreign currency translation adjustment	(175)	(1,654)	(27)	(1,628)
COMPREHENSIVE INCOME BEFORE PREFERRED STOCK DIVIDENDS	$ 2,821	$ 10,213	$ 387	$ 13,170

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Balances (in shares) at Mar. 31, 2015		300,000	18,035,427
Balances at Mar. 31, 2015	$ 46,247	$ 14,900	$ 1	$ 90,130	$ (50,972)	$ (7,812)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(4,232)				(4,232)
Preferred stock dividends	(1,333)				(1,333)
Restricted stock issued (Note 17) (in shares)		0	13,801
Restricted stock issued (Note 17)	25	$ 0	$ 0	25	0	0
Unrestricted stock issued (Note 17) (in shares)		0	264,814
Unrestricted stock issued (Note 17)	524	$ 0	$ 0	524	0	0
Restricted stock units granted (in shares)			8,905
Restricted stock units granted	57	$ 0	$ 0	57	0	0
Preferred stock conversion to common stock (in shares)		4,520	36,450
Preferred stock conversion to common stock	0	$ (226)		226	0	0
Stock options issued	31			31	0	0
Translation adjustment	(1,723)					(1,723)
Balances (in shares) at Mar. 31, 2016		295,480	18,359,397
Balances at Mar. 31, 2016	39,596	$ 14,674	$ 1	90,993	(56,537)	(9,535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(2,582)				(2,582)
Preferred stock dividends	(386)				(386)
Restricted stock issued (Note 17) (in shares)		0	103,301
Restricted stock issued (Note 17)	96	$ 0	$ 0	96	0	0
Unrestricted stock issued (Note 17) (in shares)		0	44,396
Unrestricted stock issued (Note 17)	48	$ 0	$ 0	48	0	0
Restricted stock units granted (in shares)			0
Restricted stock units granted	15	$ 0	$ 0	15	0	0
Stock options issued	12			12	0	0
Translation adjustment	148					148
Balances (in shares) at Jun. 30, 2016		295,480	18,507,094
Balances at Jun. 30, 2016	36,947	$ 14,674	$ 1	91,164	(59,505)	(9,387)
Balances (in shares) at Mar. 31, 2016		295,480	18,359,397
Balances at Mar. 31, 2016	39,596	$ 14,674	$ 1	90,993	(56,537)	(9,535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	414
Translation adjustment	(27)
Balances (in shares) at Sep. 30, 2016		295,480	18,569,186
Balances at Sep. 30, 2016	39,442	$ 14,674	$ 1	91,233	(56,904)	(9,562)
Balances (in shares) at Jun. 30, 2016		295,480	18,507,094
Balances at Jun. 30, 2016	36,947	$ 14,674	$ 1	91,164	(59,505)	(9,387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,996	0	0	0	2,996	0
Preferred stock dividends	(395)	$ 0	$ 0	0	(395)	0
Unrestricted stock issued (Note 17) (in shares)		0	62,092
Unrestricted stock issued (Note 17)	47	$ 0	$ 0	47	0	0
Restricted stock units granted (in shares)			0
Restricted stock units granted	15	0	$ 0	15	0	0
Stock options issued	7			7	0	0
Translation adjustment	(175)	$ 0	$ 0	0	0	(175)
Balances (in shares) at Sep. 30, 2016		295,480	18,569,186
Balances at Sep. 30, 2016	$ 39,442	$ 14,674	$ 1	$ 91,233	$ (56,904)	$ (9,562)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 414	$ 14,798
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of drydock costs	12,108	11,077
Amortization of intangibles and deferred financing costs	1,731	1,196
Deferred income taxes	(131)	(4,328)
Asset Impairment Charges	1,872	0
Equity compensation granted	240	97
Unrealized foreign exchange loss	381	1,756
Restructuring Charges	2,375	0
Deferred drydock costs paid	(2,821)	(1,539)
Changes in operating assets and liabilities:
Accounts receivable	(10,099)	(19,561)
Prepaid expenses and other current assets	(323)	(646)
Accounts payable and accrued liabilities	(234)	9,011
Other assets and liabilities, net	(623)	335
Income taxes payable, net	(12)	0
NET CASH PROVIDED BY OPERATING ACTIVITIES	4,878	12,196
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(9,095)	(38,086)
NET CASH USED IN INVESTING ACTIVITIES	(9,095)	(38,086)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred payment liability obligation	(283)	(263)
Proceeds from long-term debt	28,153	35,426
Long-term debt repayment	(23,190)	(10,100)
Debt financing cost	(284)	(498)
NET CASH PROVIDED BY FINANCING ACTIVITIES	4,396	24,565
EFFECT OF FOREIGN EXCHANGE RATES ON CASH	153	285
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	332	(1,040)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR	77	3,298
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	409	2,258
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for interest, net of amount capitalized	6,578	4,193
Unpaid purchases of property and equipment	901	1,679
Unpaid purchases of deferred drydock costs	54	2
Payment of income taxes	$ 0	$ 1

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Rand Logistics, Inc. (the “Company”), a Delaware corporation, is a leading provider of bulk freight shipping services throughout the Great Lakes region. The Company believes that it is the only company providing significant domestic port-to-port services to both Canada and the United States in the Great Lakes region. The Company maintains this operating flexibility by operating both U.S. and Canadian flagged vessels in compliance with the Shipping Act, 1916, and the Merchant Marine Act, 1920, commonly referred to as the Jones Act in the U.S. and the Coasting Trade Act in Canada, respectively.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of Rand Finance Corp. (“Rand Finance”), Rand LL Holdings Corp. ("Rand LL Holdings") and Black Creek Shipping Holding Company, Inc. ("Black Creek Holdings"), wholly-owned subsidiaries of the Company, the accounts of Lower Lakes Towing Ltd. ("Lower Lakes Towing"), Lower Lakes Transportation Company ("Lower Lakes Transportation") and Grand River Navigation Company, Inc. ("Grand River"), each of which is a wholly-owned subsidiary of Rand LL Holdings, Black Creek Shipping Company, Inc. ("Black Creek"), which is a wholly-owned subsidiary of Black Creek Holdings, and Lower Lakes Ship Repair Company Ltd. ("Lower Lakes Ship Repair") and Lower Lakes Towing (17) Ltd. ("Lower Lakes (17)"), each of which is a wholly-owned subsidiary of Lower Lakes Towing. The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. In the opinion of management, the interim consolidated financial statements contain all adjustments necessary (consisting of normal recurring accruals) to present fairly the financial information contained herein. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full year, in part due to the seasonal nature of the business. The comparative consolidated balance sheet amounts and the consolidated statement of stockholders' equity for the year ended March 31, 2016 are derived from the audited consolidated financial statements for the fiscal year ended March 31, 2016. As discussed in Note 3, the accompanying consolidated balance sheet as of March 31, 2016 has been retroactively reclassified in connection with a change in accounting principle related to the adoption of a new accounting standard in the first quarter of the fiscal year ended March 31, 2016. The statements and related notes have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements that were included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2016. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Accounts receivable The majority of the Company’s accounts receivable are amounts due from customers and other accounts receivable, including insurance and harmonized sales tax refunds. The majority of accounts receivable are due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. The Company extends credit to its customers based upon its assessment of their creditworthiness and past payment history. Accounts outstanding longer than the contractual payment terms are considered past due. Revenue and operating expenses recognition The Company generates revenues from freight billings under contracts of affreightment (voyage charters) generally on a rate per ton basis based on origin-destination and cargo carried. Voyage revenue is recognized ratably over the duration of a voyage, which average from 2 to 3 days, based on the relative transit time in each reporting period when the following conditions are met: the Company has a signed contract of affreightment, the contract price is fixed or determinable and collection is reasonably assured. Included in freight billings are other fees such as fuel surcharges and other freight surcharges, which represent pass-through charges to customers for toll fees, lockage fees and ice breaking fees paid to other parties. Fuel surcharges are recognized ratably over the duration of the voyage, while freight surcharges are recognized when the associated costs are incurred. Freight surcharges are less than 5% of total revenue for all periods presented. Marine operating costs included in vessel operating expenses such as crewing costs, fuel, tugs and insurance are recognized as incurred or consumed and thereby are recognized ratably in each reporting period. Repairs and maintenance and certain other insignificant costs are recognized as incurred. The Company subcontracts excess customer demand to other freight providers. Service to customers under such arrangements is transparent to the customer and no additional services are provided to customers. Consequently, revenues recognized for customers serviced by freight subcontractors are recognized on the same basis as described above. Costs for subcontracted freight providers, presented as “outside voyage charter fees” in the consolidated statements of operations, are recognized as incurred and therefore are recognized ratably over the voyage. The Company accounts for sales taxes imposed on its services on a net basis in the consolidated statements of operations. In addition, all revenues are presented on a gross basis. Vessel acquisitions Vessels are stated at cost, which consists of the purchase price and any material incremental expenditures incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Significant financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost. Fuel and lubricant inventories Raw materials, fuel and certain operating supplies are accounted for on a first-in, first-out cost method (based on monthly averages). Raw materials and fuel are stated at the lower of actual cost (first-in, first-out method) or market and are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Operating supplies are stated at actual cost or average cost and are recognized in expenses as they are consumed. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Intangible assets and goodwill Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line Deferred financing costs are amortized on a straight-line basis over the term of the related debt, which approximates the effective interest method. On adoption of ASU 2015-03 for the first quarter of the 2017 fiscal year ended June 30, 2016 (as discussed in Note 3), this cost is classified as an offset against our long-term debt and subordinated debt. Property and equipment Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 30 years straight-line Leasehold improvements 7 - 11 years straight-line Purchased software 3 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance Impairment of fixed assets and finite-lived intangible assets Fixed assets (e.g., property and equipment) and finite-lived intangible assets (e.g., customer relationships and contracts) are tested for impairment upon the occurrence of a triggering event that indicates the carrying value of such an asset or asset group (e.g., tugs and barges) might be no longer recoverable. Examples of such triggering events include, but are not limited to a significant disposal of a portion of such assets, an adverse change in the market involving the business employing the related asset(s), a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business, and a significant change in the operations of an acquired business. Once a triggering event has occurred, the recoverability test employed is based on whether the intent is to hold the asset(s) for continued use or to hold the asset(s) for sale. If the intent is to hold the asset(s) for continued use, the recoverability test involves a comparison of undiscounted cash flows excluding interest expense but including any proceeds from eventual disposition, against the carrying value of the asset(s) as an initial test. If the carrying value of such asset(s) exceeds the undiscounted cash flow, the carrying amount of the asset(s) would be deemed to be impaired. Impairment would then be measured as the difference between the fair value of the fixed or amortizing intangible asset and the carrying value of such asset(s). The Company generally determines fair value by using the discounted cash flow method. If the intent is to hold the asset(s) for sale and certain other criteria are met (i.e., the asset(s) can be disposed of currently, appropriate levels of authority have approved the sale and there is an actively pursuing buyer), the impairment test is a comparison of the carrying value of the asset(s) to its fair value less costs to sell. To the extent that the carrying value is greater than the fair value less costs to sell, an impairment loss is recognized for the difference. As of June 30, 2016, the Company determined that the smallest carrying capacity Canadian flag bulk carrier was unlikely to generate a sufficient long term return on capitalized expenses necessary to continue operating the vessel. As a result, the Company decided to retire this vessel. The Company has also determined that the carrying value of the vessel is greater than the fair value and hence impairment charges were recorded to write off the carrying value of the vessel. Other than this vessel, there were no adverse changes in our markets or other triggering events that could affect the valuation of our assets during the three and six month period ended September 30, 2016, and there are no other assets held for sale except as discussed above as of September 30, 2016. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Evaluation of goodwill for impairment The Company annually reviews the carrying value of goodwill residing in its reporting units, to determine whether impairment may exist. Accounting principles generally accepted in the United States ("GAAP") requires that goodwill and certain indefinite-lived intangible assets be assessed annually for impairment using fair value measurement techniques. Specifically, goodwill impairment is determined using a three-step process. The first step of the goodwill impairment test is to perform a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. Only if the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the next two steps of the goodwill impairment test. The second step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of fair value of the Company’s two reporting units, which are the Company’s Canadian and U.S. operations (excluding the parent), are determined using various valuation techniques with the primary techniques being a discounted cash flow analysis and peer analysis. A discounted cash flow analysis requires various judgmental assumptions, including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecast and long-term estimates. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the third step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The third step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the existing assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. As of March 31, 2016, the Company conducted the qualitative assessment and determined that the fair value of its two reporting units exceeded their carrying amounts and the remaining two-step impairment testing was therefore not necessary. The Company has determined that there were no adverse changes in the Company's markets or other triggering events that indicated that it is more likely than not that the fair value of the Company's reporting units was less than the carrying value during the six month period ended September 30, 2016. Drydock costs Drydock costs incurred during statutory Canadian and United States certification processes are capitalized and amortized on a straight-line basis over the benefit period, which is generally sixty (60) months. Drydock costs include costs of work performed by third party shipyards and subcontractors and other direct expenses to complete the mandatory certification process. Repairs and maintenance The Company’s vessels require repairs and maintenance each year to ensure the fleet is operating efficiently during the shipping season. The majority of repairs and maintenance are completed in January, February, and March of each year when the vessels are not engaged in affreightment activities. The Company expenses such routine repairs and maintenance costs as incurred. Significant repairs to the Company’s vessels, such as major engine overhauls and major hull steel repairs, are capitalized and amortized over the remaining useful life of the upgrade or asset repaired. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Income taxes The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740 “ Income Taxes ”, which requires the determination of deferred tax assets and liabilities based on the differences between the financial statement and income tax bases of tax assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized, if necessary, to measure tax benefits to the extent that, based on available evidence, it is more likely than not that they will be realized. Income tax expense (or benefit) for an interim period is based on income taxes computed for ordinary income or loss and income taxes computed for items or events that are not part of ordinary income or loss. At the end of each interim period, the Company applies an estimate of the effective tax rate expected to be applicable for the full fiscal year to the year-to-date ordinary income (or loss) at the end of the interim period. The Company classifies interest expense related to income tax liabilities, when applicable, as part of the interest expense in its consolidated statements of operations rather than income tax expense. To date, the Company has not incurred material interest expenses or penalties relating to assessed taxation amounts. An examination by the U.S. taxing authorities for the fiscal year ended March 31, 2012 was completed, with no adjustments warranted. Lower Lakes Towing is currently under examination by the Canadian taxing authority for the tax years 2014 and 2015. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin, New Jersey and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years (Fiscal Years) Federal (U.S.A) 2013 – 2016 Various states 2012 – 2016 Federal (Canada) 2011 – 2016 Ontario 2011 – 2016 Foreign currency translation The Company uses the U.S. Dollar as its reporting currency. The functional currency of the Company's Canadian subsidiaries is the Canadian Dollar. The functional currency of the Company’s U.S. subsidiaries is the U.S. Dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the rate of exchange at the balance sheet date, while revenue and expenses are translated at the average exchange rates prevailing during the respective month. Components of stockholders’ equity are translated at historical exchange rates. Exchange gains and losses resulting from translation are reflected in accumulated other comprehensive income or loss, except for financial assets and liabilities designated in foreign currency, which are reflected in the Company's consolidated statements of operations. Advertising costs The Company expenses all advertising costs as incurred. These costs are included in general and administrative expenses and were insignificant during the periods presented. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates used in the preparation of these consolidated financial statements include the assumptions used in determining the useful lives of long-lived assets, the assumptions used in determining whether assets are impaired, the assumptions used in determining the valuation allowance for deferred income tax assets and the assumptions used in stock-based compensation awards. Actual results could differ from those estimates. Stock-based compensation The Company recognizes compensation expense for all newly granted awards and awards modified, repurchased or cancelled based on fair value at the date of grant. Financial instruments The Company accounts for its foreign currency hedge contracts on its subordinated debt utilizing ASC 815 “ Derivatives and Hedging ” ("ASC 815"). All changes in the fair value of the contracts are recorded in earnings and the fair value of settlement costs to terminate the contract is included in current assets or current liabilities on the consolidated balance sheets. Disclosure requirements of ASC 815 are presented in Note 22. Fair value of financial instruments ASC 820 “ Fair Value Measurements and Disclosures ” ("ASC 820") defines fair value, establishes a framework for measuring fair value in GAAP and establishes a hierarchy that categorizes and prioritizes the inputs to be used to estimate fair value. The three levels of inputs used are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The disclosure requirements of ASC 820 related to the Company’s financial assets and liabilities are presented in Note 22.

RECENTLY ISSUED PRONOUNCEMENTS

RECENTLY ISSUED PRONOUNCEMENTS	6 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED PRONOUNCEMENTS	RECENTLY ISSUED PRONOUNCEMENTS Revenue from Contracts with Customers In May 2014, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 would have been effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB voted to delay the effective date of the new standard by one year to annual periods beginning after December 15, 2017. ASU 2014-09, as subsequently amended, s hall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is permitted as of the original effective date. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("ASU 2016-11"). ASU 2016-11 rescinds several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance relating to accounting for shipping and handling fees and freight services. In addition, in March 2016, the FASB issued ASU No. 2016-08 (Topic 606) Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”) , which clarifies the principal-versus-agent guidance in Topic 606 and requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. In April 2016, the FASB also issued ASU No. 2016-10 (Topic 606) Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (“ASU 2016-10”), which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB also issued ASU No. 2016-12 (Topic 606) Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), which amends the revenue guidance to clarify measurement and presentation as well as to include some practical expedients and policy elections. There are two transition methods available under the new standard, either cumulative effect or retrospective. ASU 2016-08, ASU 2016-10, and ASU 2016-12 must be adopted concurrently with the adoption of ASU 2014-09. The Company is evaluating the effect, if any, that adopting these new accounting standards will have on the Company's consolidated financial statements and related disclosures. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance on management's responsibility in evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 also provides guidance related to the required disclosures as a result of management's evaluation. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, this ASU 2014-15 will have when adopted. 3. RECENTLY ISSUED PRONOUNCEMENTS (continued) Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). This guidance requires that the debt issuance costs related to a recognized term debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt dis count. This amendment is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015 and has been applied retrospectively to each period presented. The Company adopted the provisions of ASU 2015-03 for the first quarter of the 2017 fiscal year ended June 30, 2016. As a result of the adoption of this pronouncement, our unamortized deferred financing costs at March 31, 2016 of $4,903 were reclassified from intangible assets to an offset against our long-term debt and subordinated debt. The effect of the adoption did not result in a change to equity or net income (See Notes 10, 13 and 14). Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 revises the existing guidance related to leases by requiring lessees to recognize a lease liability and a right-of-use asset for all leases, as well as additional disclosure regarding leasing arrangements. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective adoption, with earlier adoption permitted. The Company is currently evaluating the effects of the adoption of ASU 2016-02 on its consolidated financial statements. Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") . ASU 2016-09 simplifies certain aspects of the accounting for share-based payment transactions, including tax consequences, classification of awards, the option to recognize stock compensation expense with actual forfeitures as they occur, and the classifications on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within each reporting period, with early adoption permitted. The Company is currently evaluating the effects of the adoption of ASU 2016-09 on its consolidated financial statements. Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15 (Topic 230) Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments. The pronouncement provides clarification guidance on certain cash flow presentation issues such as debt prepayment or debt extinguishment costs and contingent consideration payments made after a business combination. This pronouncement is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact that this standard will have on its Consolidated Statements of Cash Flows. Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU No. 2016-16"). ASU No. 2016-16 provides guidance on recognition of current income tax consequences for intra-entity asset transfers (other than inventory) at the time of transfer. This represents a change from current GAAP, where the consolidated tax consequences of intra-entity asset transfers are deferred from the time of transfer to a future period. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption at the beginning of an annual period is permitted. The Company is currently assessing the potential impact that ASU No. 2016-16 will have on the financial statements and disclosures.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
ACCOUNTS RECEIVABLE, NET	ACCOUNTS RECEIVABLE, NET Trade receivables are presented net of an allowance for doubtful accounts. The allowance was $114 as of September 30, 2016 and $116 as of March 31, 2016 . The Company manages and evaluates the collectability of its trade receivables as follows: management reviews aged accounts receivable listings and contact is made with customers that have extended beyond agreed upon credit terms. Senior management and operations are notified so that when they are contacted by such customers for a future delivery, they can request that the customer pays any past due amounts before any future cargo is booked for shipment. Customer credit risk is also managed by reviewing the history of payments by the customer, the size and credit quality of the customer, the period of time remaining within the shipping season and demand for future cargos.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Sep. 30, 2016
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are comprised of the following: September 30, 2016 March 31, 2016 Prepaid insurance $ 527 $ 1,012 Fuel and lubricant inventories 4,392 3,872 Deposits and other prepaids 1,726 1,436 $ 6,645 $ 6,320

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the six month period ended September 30, 2016 was a deferred tax benefit of 46.3% compared to a deferred tax benefit of 41.3% for the six month period ended September 30, 2015. The change in effective tax rate was primarily due to changes in permanent differences and discrete items compared to the prior year comparative period. For state tax purposes, the Company is in a small net deferred tax liability position before the consideration of the valuation allowance at September 30, 2016. After the consideration of the reversing patterns of these liabilities on a separate jurisdiction basis, it is expected that a portion of these liabilities will reverse within the period of time available for existing deferred tax assets including the net operating loss carryforward. The Company recorded a small valuation allowance against the U.S. state net deferred tax assets as of September 30, 2016. The effective tax rate for the six month period ended September 30, 2016 was lower than the statutory tax rate due to the implementation of the valuation allowance related to the net U.S. Federal and state deferred tax assets, which are primarily net operating losses. The Company had no unrecognized tax benefits as of September 30, 2016. The Company did not incur any income tax related interest expense or penalties related to uncertain tax positions during each of the six month periods ended September 30, 2016 and September 30, 2015.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT, NET Property and equipment, net are comprised of the following: September 30, 2016 March 31, 2016 Cost Vessels $ 317,814 $ 319,689 Leasehold improvements 98 88 Furniture and equipment 492 588 Vehicles 16 16 Computer, communication equipment and purchased software 3,201 3,185 $ 321,621 $ 323,566 Accumulated depreciation Vessels $ 100,881 $ 92,482 Leasehold improvements 63 58 Furniture and equipment 319 351 Vehicles 13 13 Computer, communication equipment and purchased software 2,294 2,158 $ 103,570 $ 95,062 Total Cost less Depreciation $ 218,051 $ 228,504 Property and equipment as of September 30, 2016 includes capitalized interest during the three and six month periods ended September 30, 2016 of $Nil ( $1,161 for the fiscal year ended March 31, 2016). As of June 30, 2016, the Company determined that its smallest carrying capacity Canadian flag bulk carrier was unlikely to generate a sufficient long-term return on capitalized expenses necessary to continue operating the vessel. As a result, the Company decided to retire this vessel as of June 30, 2016. The Company has also determined that the carrying value of the vessel is greater than the fair value and hence impairment charges of $1,872 including write-off of unamortized drydock costs were recorded during the three month period ended June 30, 2016. The vessel did not sail during the three month period ended September 30, 2016. The operating loss of the vessel, included in the Consolidated Statement of Operations for the three month period ended September 30, 2016 was $Nil versus operating profit of $444 for the three month period ended September 30, 2015.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Sep. 30, 2016
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets classified as non-current include certain customer contract related expenditures, which are amortized over a five -year period. The current portion of such costs represents the amounts expected to be recognized as expenses during the next fiscal year. September 30, 2016 March 31, 2016 Customer contract costs $ 119 $ 287 Prepaid expenses and other assets 6,588 6,135 Total $ 6,707 $ 6,422 Current portion (Note 5) 6,645 6,320 Other long-term assets $ 62 $ 102

DEFERRED DRYDOCK COSTS, NET

DEFERRED DRYDOCK COSTS, NET	6 Months Ended
	Sep. 30, 2016
Deferred Drydock Costs [Abstract]
DEFERRED DRYDOCK COSTS, NET	DEFERRED DRYDOCK COSTS, NET Deferred drydock costs, net are comprised of the following: September 30, 2016 March 31, 2016 Drydock expenditures $ 15,480 $ 17,930 Accumulated amortization (9,150 ) (11,270 ) $ 6,330 $ 6,660 The following table shows periodic deferrals of drydock costs and amortization. Balance as of March 31, 2015 $ 7,590 Drydock costs accrued and incurred 2,828 Amortization of drydock costs (3,507 ) Foreign currency translation adjustment (251 ) Balance as of March 31, 2016 6,660 Drydock costs accrued and incurred 1,494 Amortization of drydock costs (1,607 ) Unamortized dry-dock cost write-off of a retired vessel (138 ) Foreign currency translation adjustment (79 ) Balance as of September 30, 2016 $ 6,330

INTANGIBLE ASSETS, NET AND GOOD

INTANGIBLE ASSETS, NET AND GOODWILL	6 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET AND GOODWILL	INTANGIBLE ASSETS, NET AND GOODWILL Intangibles, net are comprised of the following: September 30, 2016 March 31, 2016 Intangible assets: Customer relationships and contracts $ 15,022 $ 15,122 Total identifiable intangibles 15,022 15,122 Accumulated amortization: Customer relationships and contracts 9,654 9,218 Total accumulated amortization 9,654 9,218 Net intangible assets $ 5,368 $ 5,904 Goodwill $ 10,193 $ 10,193 As a result of the adoption of ASU 2015-03 " Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs" (as discussed in Note 3) , deferred financing costs at March 31, 2016 were reclassified from intangible assets to an offset against long-term debt and subordinated debt. Intangible asset amortization over the next five years is estimated as follows: Twelve month period ending: September 30, 2017 $ 1,001 September 30, 2018 1,002 September 30, 2019 1,001 September 30, 2020 1,002 September 30, 2021 616 $ 4,622

VESSEL ACQUISITION

VESSEL ACQUISITION	6 Months Ended
	Sep. 30, 2016
Vessel Acquisitions [Abstract]
VESSEL ACQUISITION	VESSEL ACQUISITION On March 11, 2014, Lower Lakes Towing entered into and consummated the transactions contemplated by a Memorandum of Agreement with Uni-Tankers M/T “Lalandia Swan” ApS, pursuant to which Lower Lakes Towing purchased the Lalandia Swan for a purchase price of $7,000 . Lower Lakes Towing subsequently transferred the title of such vessel to Lower Lakes (17). This acquisition was funded with borrowings under the subordinated debt described in Note 14. The vessel was converted to a self-unloading vessel. The Lalandia Swan was renamed the M.V. Manitoulin. The vessel was placed into service in November 2015.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities are comprised of the following: September 30, 2016 March 31, 2016 Deferred financing and other transaction costs $ — $ 4 Payroll compensation and benefits 1,179 786 Preferred stock dividends 2,701 1,920 Professional fees 430 488 Interest 2,401 2,305 Winter work, deferred drydock expenditures and capital expenditures 25 834 Capital and franchise taxes 26 12 Restructuring charges (Note 20) 1,398 — Other 3,746 1,795 $ 11,906 $ 8,144

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT September 30, 2016 March 31, 2016 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 44,980 43,120 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 73,900 71,400 $ 118,880 $ 114,520 Less unamortized debt issuance costs (1,815 ) (2,094 ) 117,065 112,426 Less amounts due within 12 months — — $ 117,065 $ 112,426 The effective interest rates at September 30, 2016 were 3.64% ( 3.60% at March 31, 2016) on the Canadian Revolving Facility (defined below) and 3.48% ( 3.37% at March 31, 2016) on the U.S. Revolving Facility (defined below). On March 27, 2015, the Company and certain of its subsidiaries entered into a Credit Agreement ( as amended from time to time, the “First Lien Credit Agreement”) with Bank of America, N.A., in its capacity as agent and lender, and certain other lenders party thereto. Lower Lakes Towing, Lower Lakes Transportation, Grand River, and Black Creek are borrowers (the “Borrowers”) under the First Lien Credit Agreement. Black Creek, Lower Lakes Transportation, Grand River, Black Creek Holdings, Rand LL Holdings and Rand Finance, each of which is a direct or indirect wholly-owned subsidiary of the Company and the Company itself are guarantors of all United States and Canadian obligations under the First Lien Credit Agreement (collectively, the “U.S. Guarantors”). Lower Lakes (17) and Lower Lakes Ship Repair are guarantors of all Canadian obligations under the First Lien Credit Agreement and are direct or indirect wholly-owned subsidiaries of the Company (collectively, the “Canadian Guarantors”; and together with the U.S. Guarantors, the “Guarantors”). The proceeds of the First Lien Credit Agreement were used to extinguish certain then existing indebtedness and to provide working capital financing and funds for other general corporate and permitted purposes. The obligations are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of the Borrowers and the Guarantors party to the agreement, including a pledge of all or a portion of the equity interests of the Borrowers and the Guarantors. The security interests are evidenced by pledge, security and guaranty agreements and other related agreements, including certain fleet mortgages. 13. LONG-TERM DEBT (continued) The credit facilities (the “Credit Facilities”) under the First Lien Credit Agreement consist of: • A revolving credit facility under which Lower Lakes Towing may borrow up to US $80,000 (CDN or USD currency to be selected by Lower Lakes Towing ) with a final maturity date of September 30, 2019 (the “Canadian Revolving Facility”); • A revolving credit facility under which Lower Lakes Transportation, Grand River and Black Creek may borrow up to USD $90,000 with a final maturity date of September 30, 2019 (the “U.S. Revolving Facility”); • A swing line facility under which Lower Lakes Towing may borrow up to the lesser of CDN $8,000 and the CDN maximum borrowing availability less the outstanding balance of the CDN revolving line at such time, with a final maturity date of September 30, 2019 (the “Canadian Swing Line Facility”); and • A swing line facility under which Lower Lakes Transportation, Grand River and Black Creek may borrow the lesser of up to USD $9,000 and the maximum borrowing availability less the outstanding balance of the U.S.Revolving Facility at such time, with a final maturity date of September 30, 2019 (the “U.S. Swing Line Facility”). Borrowings under the Credit Facilities will bear interest, in each case plus an applicable margin, as follows: • Canadian Revolving Facility: if funded in Canadian Dollars, the BA Rate (as defined in the First Lien Credit Agreement) or, at the borrower’s option, the Canadian Prime Rate (as defined in the First Lien Credit Agreement) and if funded in U.S. Dollars, the Canadian Base Rate (as defined in the First Lien Credit Agreement) or, at the borrower’s option, the LIBOR Rate (as defined in the First Lien Credit Agreement); • U.S. Revolving Facility: the US Base Rate (as defined in the First Lien Credit Agreement) or, at the borrower’s option, the LIBOR Rate; • Canadian Swing Line Facility: the Canadian Prime Rate or, at the borrower’s option, the Canadian Base Rate; and • U.S. Swing Line Facility: the US Base Rate. The applicable margin to the BA Rate, Canadian Prime Rate, Canadian Base Rate, US Base Rate and the LIBOR Rate is subject to specified changes depending on the Senior Funded Debt to EBITDA Ratio (as defined in the First Lien Credit Agreement). The Borrowers will also pay a monthly commitment fee at an annual rate of 0.25% on the undrawn committed amount available under the Canadian Revolving Facility and the U.S. Revolving Facility (the “Revolving Facilities”), which rate shall increase to 0.375% in the event the undrawn committed amount is greater than or equal to 50% of the aggregate committed amount under the Revolving Facilities. Any amounts outstanding under the Credit Facilities are due at maturity. In addition, subject to certain exceptions, the Borrowers will be required to make principal repayments on amounts outstanding under the Credit Facilities from the net proceeds of specified types of asset sales, debt issuances and equity offerings. No such transactions have occurred as of September 30, 2016. The First Lien Credit Agreement contains certain negative covenants, including those limiting the Guarantors’, the Borrowers’, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the First Lien Credit Agreement requires the Borrowers to maintain certain financial ratios. On February 9, 2016, the Company and the lenders entered into an Amendment No. 1 and Waiver Agreement pursuant to which certain covenant breaches were waived by the lenders. 13. LONG-TERM DEBT (continued) As of June 30, 2016, the Company was not in compliance with certain covenants in the First Lien Credit Agreement. On August 26, 2016, the parties to the First Lien Credit Agreement entered into an Amendment No. 2 and Waiver Agreement (the “First Lien Waiver”) pursuant to which the lenders under the First Lien Credit Agreement waived the breach of certain financial and other covenants by the Company, including breach of the Maximum Senior Funded Debt to EBITDA covenant therein, calculated as of June 30, 2016. The First Lien Waiver also modifies the Maximum Fixed Charge Coverage Ratio and the Maximum Senior Funded Debt to EBITDA Ratio covenants, further limits the exceptions to the Restricted Payments (as defined in the First Lien Credit Agreement) allowed to be made by the Company, provides for additional fees, and incorporates new restrictions on certain Company activities. As of September 30, 2016, the Company was in compliance with covenants set forth in the First Lien Credit Agreement as amended. As of September 30, 2016 , the Company had credit availability of USD $50,684 under the Credit Facilities based on eligible receivables and vessel collateral value.

SUBORDINATED DEBT

SUBORDINATED DEBT	6 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
SUBORDINATED DEBT	SUBORDINATED DEBT September 30, 2016 March 31, 2016 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 39,826 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 78,126 78,126 Less unamortized debt issuance costs (2,125 ) (2,809 ) 76,001 75,317 Less amounts due within 12 months — — $ 76,001 $ 75,317 The effective interest rates at September 30, 2016 were 10.75% ( 10.75% at March 31, 2016 ) on each of the Second Lien CDN Term Loan (defined below) and the Second Lien U.S. Term Loan (defined below). On March 11, 2014, Lower Lakes Towing, Grand River and Black Creek, as borrowers, Rand LL Holdings, Rand Finance, Black Creek Holdings and the Company, as guarantors, Guggenheim Corporate Funding, LLC, as agent and Lender, and certain other lenders, entered into a Term Loan Credit Agreement (as amended from time to time, the “Second Lien Credit Agreement”). The Second Lien Credit Agreement initially provided for (i) a U.S. Dollar denominated term loan facility under which Lower Lakes Towing was obligated to the lenders in the amount of $34,200 (the “Second Lien CDN Term Loan”), (ii) a U.S. dollar denominated term loan facility under which Grand River and Black Creek were obligated to the Lenders in the amount of $38,300 (the “Second Lien U.S. Term Loan”) and (iii) an uncommitted incremental term loan facility of up to $32,500 . The outstanding principal amount of the Second Lien CDN Term Loan borrowings and the Second Lien U.S. Term Loan borrowings will be repayable upon their maturity on March 11, 2020. The Second Lien CDN Term Loan and Second Lien U.S. Term Loan bear an interest rate per annum at borrowers’ option, equal to (i) LIBOR (as defined in the Amended Second Lien Credit Agreement) plus 9.50% per annum, or (ii) the U.S. Base Rate (as defined in the Amended Second Lien Credit Agreement), plus 8.50% per annum. 14. SUBORDINATED DEBT (continued) Obligations under the Second Lien Credit Agreement are secured by the first-priority liens and security interests in substantially all of the assets of the borrowers and the guarantors, including a pledge of all or a portion of the equity interests of the borrowers and the guarantors. The indebtedness of each domestic borrower under the Second Lien Credit Agreement is unconditionally guaranteed by each other domestic borrower and by the guarantors which are domestic subsidiaries, and such guaranty is secured by a lien on substantially all of the assets of each borrower and each guarantor. Each domestic borrower also guarantees the obligations of the Canadian borrower and each Canadian guarantor guarantees the obligations of the Canadian borrower. Under the Second Lien Credit Agreement and subject to the terms of the Intercreditor Agreement (as defined below), the borrowers will be required to make mandatory prepayments of principal on term loan borrowings (i) in the event of certain dispositions of assets and insurance proceeds (all subject to certain exceptions), in an amount equal to 100% of the net proceeds received by the borrowers therefrom, and (ii) in an amount equal to 100% of the net proceeds to a borrower from any issuance of a borrower’s debt or equity securities (all subject to certain exceptions). The Second Lien Credit Agreement contains certain covenants, including those limiting the guarantors, the borrowers, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Second Lien Credit Agreement requires the borrowers to maintain certain financial ratios. Failure of the borrowers or the guarantors to comply with any of these covenants or financial ratios could result in the loans under the Second Lien Credit Agreement being accelerated. The obligations of the borrowers and the liens of the lenders under the Second Lien Credit Agreement are subject to the terms of an Intercreditor Agreement, which is further described below under the heading “Intercreditor Agreement”. On April 11, 2014, the Company and certain of its subsidiaries entered into a First Amendment (the “First Amendment“) to the Second Lien Credit Agreement. The First Amendment extended the due date of certain post-closing deliverables. In connection with the First Lien Credit Agreement described above, on March 27, 2015 the Company and certain of its subsidiaries entered into a Second Amendment (the “Second Amendment”) to the Second Lien Credit Agreement. The Second Amendment conformed certain provisions of the Amended Second Lien Credit Agreement to the First Lien Credit Agreement, reduced the uncommitted incremental facility to $22,500 , and also amended certain other covenants and terms thereof. On February 9, 2016, Rand and the lenders entered into a Third Amendment and Waiver Under Term Loan Credit Agreement pursuant to which certain covenant breaches were waived by the lenders. As of June 30, 2016, the Company was not in compliance with certain covenants contained in the Second Lien Credit Agreement (formal notice of such noncompliance was received by the Company on August 24, 2016, but was later rescinded after a waiver from the lenders was obtained). On August 26, 2016, the parties to the Second Lien Credit Agreement entered into a Fourth Amendment and Waiver To Term Loan Credit Agreement (the “Second Lien Waiver”) pursuant to which the lenders under the Second Lien Credit Agreement waived the breach of certain financial and other covenants by the Company, including the Maximum Senior Funded Debt to EBITDA Ratio and the Maximum Total Funded Debt to EBITDA Ratio covenants therein, in each case calculated as of June 30, 2016. The Second Lien Waiver also modifies the Minimum Fixed Charge Coverage Ratio, the Maximum Senior Funded Debt to EBITDA Ratio and the Maximum Total Funded Debt to EBITDA Ratio covenants, further limits the exceptions to the Restricted Payments (as defined in the Second Lien Credit Agreement) allowed to be made by the Company, incorporates new restrictions on certain Company activities, provides for (1) additional fees, (2) additional pay-in-kind interest under certain circumstances, and (3) certain additional Events of Default (as defined in the Second Lien Credit Agreement), including the non-payment of certain current and potential future fees that will only become due and payable if certain milestones are not met related to the Company's progress towards a refinancing of the Second Lien Credit Agreement. As of September 30, 2016, the Company was in compliance with the covenants set forth in the Second Lien Credit Agreement as amended. 14. SUBORDINATED DEBT (continued) Intercreditor Agreement In connection with the First Lien Credit Agreement and the Second Lien Credit Agreement described above, on March 27, 2015, the Company and certain of its subsidiaries (collectively, the “Credit Parties”) entered into an Intercreditor Agreement (the “Intercreditor Agreement”) with Bank of America, N.A., as agent for the lenders under the First Lien Credit Agreement (the “First Lien Lenders”) and Guggenheim Corporate Funding, LLC, as agent for the lenders under the Second Lien Credit Agreement (the “Second Lien Lenders”). Under the Intercreditor Agreement, the Second Lien Lenders have agreed to subordinate the obligations of the Credit Parties to them to the repayment of the obligations of the Credit Parties to the First Lien Lenders and have further agreed to subordinate their liens on the assets of the Credit Parties to the liens granted in favor of the First Lien Lenders. Absent the occurrence of an Event of Default under the First Lien Credit Agreement, the Second Lien Lenders are permitted to receive regularly scheduled principal and interest payments under the Second Lien Credit Agreement.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS The Company did not have any leases which met the criteria of a capital lease as of September 30, 2016 . Leases which do not qualify as capital leases are classified as operating leases. Operating lease rental and sublease rental payments included in general and administrative expenses are as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Operating leases $ 161 $ 142 $ 292 $ 269 Operating sublease — 42 — 83 $ 161 $ 184 $ 292 $ 352 The Company’s future minimum rental commitments under other operating leases are as follows. Twelve month period ending: September 30, 2017 $ 583 September 30, 2018 564 September 30, 2019 432 September 30, 2020 329 September 30, 2021 160 Thereafter 104 $ 2,172 As of September 30, 2016 , the Company had signed contractual commitments with several suppliers totaling $102 ( $1,526 as of March 31, 2016 ) in connection with capital expenditures and drydock projects due in less than one year.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Sep. 30, 2016
Loss Contingency [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is not involved in any legal proceedings which management expects to have a material adverse effect on the Company's business, financial position, results of operations or liquidity, nor is the Company aware of any proceedings that are pending or threatened which management believes may have a material adverse effect on the Company’s business, financial position, results of operations or liquidity. From time to time, the Company may be subject to ordinary routine litigation and claim incidental to the business involving principally commercial charter party disputes, and claims for alleged property damages, personal injuries and other matters. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. It is expected that larger claims would be covered by insurance, subject to customary deductibles, if they involve liabilities that may arise from collision, other marine casualty, damage to cargoes, oil pollution, death or personal injuries to crew. The Company evaluates the need for loss accruals under the requirements of ASC 450 – Contingencies. The Company records an estimated loss for any claim, lawsuit, investigation or proceeding when it is probable that a liability has been incurred and the amount of the loss can reasonably be estimated. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate, then the Company records the minimum amount in the range as the loss accrual. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. As of September 30, 2016 , an accrual of $255 ( $247 as of March 31, 2016 ) was recorded for various claims. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these claims, however the Company cannot assure that such reserves will be sufficient to cover all costs incurred, or that insurance will be available or sufficient, or that any defenses will be successful.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY On September 21, 2011, the Company completed a public underwritten offering of 2,800,000 shares of the Company’s common stock for $6.00 per share. The Company’s proceeds from the offering, net of underwriter’s commissions and expenses, were $15,525 . On February 11, 2011, in connection with the Company's acquisition of two vessels, the Company issued 1,305,963 shares of the Company’s common stock to the seller of such vessels. Such shares were valued at $5.175 , the average high and low per share price on that day. The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences that may be determined from time to time by the Board of Directors. On March 3, 2006, the Company issued 300,000 shares of series A convertible preferred stock. The shares of the Company's series A convertible preferred stock: rank senior to the Company’s common stock with respect to liquidation and dividends; are entitled to receive a cash dividend at the annual rate of 7.75% (based on the $50 per share issue price) payable quarterly (subject to increases of 0.5% for each six month period in respect of which the dividend is not timely paid, up to a maximum of 12% , subject to reversion to 7.75% upon payment of all accrued and unpaid dividends); are convertible into shares of the Company’s common stock at any time at the option of the series A preferred stockholder at a conversion price of $6.20 per share (based on the $50 per share issue price and subject to adjustment) or 8.065 shares of common stock for each series A convertible preferred share (subject to adjustment); are convertible into shares of the Company’s common stock (based on a conversion price of $6.20 per share, subject to adjustment) at the option of the Company if, after the third anniversary of the acquisition, the trading price of the Company’s common stock for 20 trading days within any 30 trading day period equals or exceeds $8.50 per share (subject to adjustment); may be redeemed by the Company in connection with certain change of control or acquisition transactions; will vote on an as-converted basis with the Company’s common stock; and have a separate vote over certain material transactions or changes involving the Company. In March 2016, 4,520 shares of series A convertible preferred stock were converted into common stock at a conversion price of $6.20 per share. The accrued preferred stock dividends payable at September 30, 2016 were $2,701 and at March 31, 2016 were $1,920 . As of September 30, 2016 the effective dividend rate of the preferred stock was 9.25% . As of March 31, 2016 , the effective dividend rate of the preferred stock was 8.75% . Since January 2007, share-based compensation has been granted to management and directors from time to time. The Company had no surviving, outstanding share-based compensation agreements with employees or directors prior to that date except as described below. The Company has reserved 2,500,000 shares for issuance under the Company’s 2007 Long Term Incentive Plan (the “LTIP”) to employees, officers, directors and consultants. At September 30, 2016, a total of 79,263 shares ( 267,758 shares at March 31, 2016) were available under the LTIP for future awards. 17. STOCKHOLDERS’ EQUITY (continued) The following table summarizes shares issued to officers under employment agreements and restricted stock agreements from time to time. Date issued No. of Officers Covered No. of Shares Share Price Reference Expense recognized during the period Vesting terms Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Jun 5, 2013 6 54,337 5.55 Restricted Share Award Agreement — 25 7 51 Three years in equal installments on each anniversary date. Jul 22, 2014 10 105,189 5.90 Restricted Share Award Agreement 16 71 65 134 Three years in equal installments on each anniversary date. Oct 27, 2015 1 4,429 2.19 Restricted Share Award Agreement 1 — 2 — Three years in equal installments on each anniversary date. Oct 27, 2015 1 10,871 2.19 Restricted Share Award Agreement 2 — 7 — Three years in equal installments on each of March 31. May 31, 2016 1 102,301 0.92 Restricted Share Award Agreement 8 — 13 — Three years in equal installments on each anniversary date. For all share-based compensation, as employees and directors render service over the vesting periods, expense is recorded in general and administrative expenses. Share capital and additional paid-in capital are increased on the grant date with an offset to prepaid assets. Grant date fair value for all non-option share-based compensation is the average of the high and low trading prices on the date of grant. 17. STOCKHOLDERS’ EQUITY (continued) The general characteristics of share-based awards granted under the LTIP through September 30, 2016 are as follows: Stock Awards - All of the shares issued to non-employee outside directors vest immediately. The first award to non-employee outside directors in the amount of 12,909 shares was made on February 13, 2008 for services through March 31, 2008. During the fiscal year ended March 31, 2009, the Company awarded 15,948 shares for services from April 1, 2008 through December 31, 2008. The Company awarded 37,144 shares during the fiscal year ended March 31, 2010 for services from January 1, 2009 through March 31, 2010. During the fiscal year ended March 31, 2011, the Company awarded 14,007 shares for services provided from April 1, 2010 through March 31, 2011. During the fiscal year ended March 31, 2012, the Company awarded 10,722 shares for services from April 1, 2011 to March 31, 2012. During the fiscal year ended March 31, 2013, the Company awarded 10,854 shares for services provided from April 1, 2012 to March 31, 2013. During the fiscal year ended March 31, 2014, the Company awarded 19,256 shares for services rendered from April 1, 2013 to March 31, 2014. During the fiscal year ended March 31, 2015, the Company awarded 26,067 shares for services rendered from April 1, 2014 to March 31, 2015. For the fiscal year ended March 31, 2016, the Company awarded 92,167 shares for services provided from April 1, 2015 through March 31, 2016. For the three month period ended June 30, 2016, the Company awarded 44,396 shares for services provided from April 1, 2016 through June 30, 2016. For the three month period ended September 30, 2016, the Company awarded 62,092 shares for services rendered from July 1, 2016 through September 30, 2016. Grant date fair market value for all these awards is the average of the high and low trading prices of the Company’s common stock on the date of grant. On July 31, 2008, the Company’s Board of Directors authorized management to make payments effective as of that date to the participants in the management bonus program. Pursuant to the terms of the management bonus program, the Company issued 478,232 shares of common stock to such employee participants. On October 27, 2015, the Company issued 111,025 shares to two executives pursuant to the terms of their severance agreements. Stock Options - Stock options granted to management employees vest over three years in equal annual installments. All options issued through September 30, 2016 expire ten years from the date of grant. Stock option grant date fair values are determined at the date of grant using a Black-Scholes option pricing model, a closed-form fair value model based on exercise price and market prices at the date of grant and other assumptions. At each grant date the Company has estimated a dividend yield of 0% . The weighted average risk free interest rate within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant, which was 4.14% for the fiscal 2009 (July 2008) grant and 0.80% to 1.60% for the fiscal 2016 grant. Expected volatility was 39.49% for the fiscal 2009 grant and 33.5% to 37.2% . for the fiscal 2016 grant. All of the stock options granted in February 2008 ( 243,199 ) and July 2008 ( 236,586 ), had vested as of September 30, 2016. During the twelve months ended March 31, 2016, 306,766 options expired. During the six month period ended September 30, 2016, 136,267 options expired. Options outstanding ( 341,752 ) at September 30, 2016 had a remaining weighted average contractual life of approximately four years and five months. The Company recorded compensation expenses related to such stock options of $7 for the three month period ended September 30, 2016 and $19 for the six month period ended September 30, 2016 and $Nil for the three and six month periods ended September 30, 2015. None of the outstanding stock options were in-the-money as of September 30, 2016 or September 30, 2015. 17. STOCKHOLDERS’ EQUITY (continued) Shares issued in lieu of cash compensation - The Company experienced a decrease in customer demand at the beginning of the 2009 sailing season and in an effort to maximize the Company’s liquidity, the Compensation Committee of the Company’s Board of Directors requested that three of the Company’s executive officers and all of its outside directors receive common stock as compensation in lieu of cash until the Company had better visibility about its outlook. As of November 16, 2009, the Company issued 158,325 shares to such officers and all of its outside directors at the average of the high and low sale prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. Beginning the third quarter of the fiscal year ended March 31, 2010, such executives' and outside directors’ compensation reverted back to cash. On September 16, 2010, the Company issued 15,153 shares to a key executive for payment of the fiscal year 2010 bonus at the average of the high and low sale prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. On February 15, 2013, the Company issued 94,993 shares to eligible Canadian and U.S. employees for a bonus. On December 8, 2015, the Company issued 61,622 shares to eligible Canadian and U.S. employees for incentive compensation at the average of the high and low trading prices of the Company’s common stock on the date of grant. On April 1, 2016, the Company issued 1,000 shares to an executive as a signing bonus. Grant date fair market value for all these awards is the average of the high and low trading prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. Restricted Stock Units - On June 27, 2014, the Company issued 30,050 Restricted Stock Units (“RSU”) to eligible U.S. and Canadian employees under the LTIP. Each RSU represents one share of the Company's common stock. The grant date fair value of each RSU was $5.99 , which represents the average of the high and low sale prices of the Company’s common stock on the date of grant. One-third of the RSUs vest on March 31st of each year, beginning on March 31, 2015. RSUs are not entitled to dividends or voting rights, if any, until the underlying shares of common stock are delivered. The total compensation cost of this grant is $204 , net of estimated forfeitures. The fair value of the RSU awards is recognized on a straight-line basis over the vesting period. The Company recorded expense of $15 for the three month periods ended September 30, 2016 and September 30, 2015 and $30 for the six month periods ended September 30, 2016 and September 30, 2015. On the first vesting date of March 31, 2015, 10,559 shares vested. On the second vesting date of March 31, 2016, 8,905 shares vested.

OUTSIDE VOYAGE CHARTER FEES

OUTSIDE VOYAGE CHARTER FEES	6 Months Ended
	Sep. 30, 2016
Outside Voyage Charter Fees [Abstract]
OUTSIDE VOYAGE CHARTER FEES	OUTSIDE VOYAGE CHARTER FEES Outside voyage charter fees relate to the subcontracting of external vessels chartered to service the Company’s customers and supplement the existing shipments made by the Company’s operated vessels.

INTEREST EXPENSE

INTEREST EXPENSE	6 Months Ended
	Sep. 30, 2016
Interest Expense [Abstract]
INTEREST EXPENSE	INTEREST EXPENSE Interest expense, net of interest capitalized is comprised of the following: Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Amortization of deferred financing costs 901 316 1,226 640 Long-term debt-senior 1,210 989 2,384 2,014 Long-term debt-subordinated 2,158 2,020 4,270 4,001 Interest rate caps — 3 — 5 Deferred payment liability 7 16 16 36 Interest capitalized — (382 ) — (715 ) $ 4,276 $ 2,962 $ 7,896 $ 5,981

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
RESTRUTURING CHARGES	RESTRUCTURING CHARGES In connection with cost-reduction and operating efficiency initiatives, which primarily include the streamlining of certain functions, locations and the management structure to support the business, and implementing the necessary system changes to support these initiatives, the Company has recorded expenses of $2,375 during the three month period ended June 30, 2016 as restructuring costs that primarily include severance costs and related benefits. The Company follows guidance provided in ASC 420, " Exit or Disposal Cost Obligations". The Company recognized the liability incurred in the three month period ended June 30, 2016 and any future operating losses will be recognized in the period(s) they are incurred. The following table summarizes activities in the restructuring costs accrual balance during the periods: September 30, 2016 September 30, 2015 Restructuring costs accrual 2,375 — Restructuring costs paid (977 ) — Restructuring costs accrual balance 1,398 — The restructuring costs accrual balance is included in accrued liabilities.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has identified only one reportable operating segment under ASC 280 “ Segment Reporting ”. Information about geographic operations is as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Revenue by country: Canada $ 22,895 $ 28,126 $ 42,295 $ 53,266 United States 16,345 23,807 30,762 43,494 $ 39,240 $ 51,933 $ 73,057 $ 96,760 Revenues from external customers are allocated based on the country of the legal entity of the Company in which the revenues were recognized. September 30, 2016 March 31, 2016 Property and equipment, net by country: Canada $ 109,904 $ 116,719 United States 108,147 111,785 $ 218,051 $ 228,504 Intangible assets, net by country: Canada $ 3,283 $ 3,652 United States 2,085 2,252 $ 5,368 $ 5,904 Goodwill by country: Canada $ 8,284 $ 8,284 United States 1,909 1,909 $ 10,193 $ 10,193 Total assets by country: Canada $ 139,398 $ 141,019 United States 120,494 119,485 $ 259,892 $ 260,504

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Sep. 30, 2016
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Fair value of financial instruments Financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable, senior and subordinated debts, a deferred payment liability and accrued liabilities. The estimated fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate book values because of the short-term maturities of these instruments. The estimated fair value of senior and subordinated debt approximates the carrying value as the debt bears interest at variable interest rates, which are based on rates for similar debt with similar credit rates in the open market. The deferred payment liabilities are valued based on the interest rate of similar debt in the open market. Commencing August 2014, the Company entered into rolling foreign currency hedge contracts of various amounts to mitigate currency fluctuation risk on its subordinated U.S. dollar denominated debt owed by Lower Lakes Towing. Fair value guidance establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the fair value of the foreign currency hedge contracts measured on a recurring basis as of September 30, 2016 and March 31, 2016: Fair value measurements at Fair value measurements at September 30, 2016 March 31, 2016 Carrying value at September 30, 2016 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Carrying value at March 31, 2016 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Foreign currency hedge contracts $(437) $— $(437) $(268) $— $(268) The foreign currency hedge contracts are measured at fair value using available rates on the similar instruments and are classified within Level 2 of the valuation hierarchy. These contracts are accounted for using the mark-to-market accounting method as if they were terminated at the day of valuation. There were no transfers into or out of Levels 1 and 2 of the fair value hierarchy during the three month period ended September 30, 2016. The Company recorded a payable of $437 as of September 30, 2016 for the foreign currency hedge contract on the Company’s U.S. dollar denominated subordinated debt owed by Lower Lakes Towing. For the three month period ended September 30, 2016, the fair value adjustments of the foreign currency hedge contract resulted in a gain of $1,185 (gain of $2,215 for the three month period ended September 30, 2015) and a gain of $2,050 for the six month period ended September 30, 2016 (gain of $1,484 for the six month period ended September 30, 2015). These gains are included in the Company’s earnings, and the fair value of settlement costs to terminate the contract is included in current liabilities on the Company's consolidated balance sheet. 22. FINANCIAL INSTRUMENTS (continued) The following table sets forth the fair value of the foreign currency hedge instruments as of the dates set forth below: Derivatives not designated as hedging instrument: Balance Sheet location Fair Value as at September 30, 2016 Fair Value as at March 31, 2016 Foreign currency hedge contracts Accrued liabilities $(437) $(268) The Company has not designated this contract as a hedging instrument. The changes in fair value of the foreign currency hedge contracts are recorded in earnings as follows: Derivatives not designated as hedging instrument: Location of (Gain) Recognized in earnings Three month period ended September 30, 2016 Three month period ended September 30, 2015 Six month period ended September 30, 2016 Six month period ended September 30, 2015 Foreign currency hedge contracts (Gain) on foreign exchange $(1,185) $(2,215) $(2,050) $(1,484) Foreign exchange risk Foreign currency exchange risk to the Company results primarily from changes in exchange rates between the Company’s reporting currency, the U.S. Dollar, and the Canadian dollar. As discussed above, in August 2014, the Company commenced entering into rolling foreign currency hedge contracts to mitigate currency fluctuation risk on its U.S. dollar denominated subordinated debt owed by Lower Lakes Towing. The Company is exposed to fluctuations in foreign exchange as a significant portion of revenue and operating expenses are denominated in Canadian dollars. Interest rate risk The Company is exposed to fluctuations in interest rates as a result of its banking facilities and senior debt bearing variable interest rates. In December 2012, the Company entered into two interest rate cap contracts covering 50% of its then outstanding term debt on the date of such contracts at a cap of three month LIBOR at 2.5% on its U.S. term debt borrowings and a cap of three month BA rates at 3.0% on its Canadian term debt borrowings. The notional amount on each of these instruments decreased with each scheduled principal payment of the term loan, notwithstanding the termination of such agreement. The interest rate cap contracts terminated on December 1, 2015 and were not renewed. Credit risk Accounts receivable credit risk is mitigated by the diversification of the Company’s customers among industries and the short shipping season. 22. FINANCIAL INSTRUMENTS (continued) Liquidity risk Tightened credit in financial markets or an economic downturn in certain of our markets may adversely affect the ability of the Company’s customers and suppliers to obtain financing for significant operations and purchases and to perform their obligations under agreements with the Company. A tightening of credit could (i) result in a decrease in, or cancellation of, existing business, (ii) limit new business, (iii) negatively impact the Company’s ability to collect accounts receivable on a timely basis and (iv) affect the eligible receivables that are collateral for the Company’s lines of credit. Excluding vessel acquisitions or major vessel conversion contracts, the Company makes seasonal net incremental borrowings under its Credit Agreement during the first quarter of each fiscal year to fund working capital needed to commence the sailing season. Such borrowings are then reduced during the second half of each fiscal year.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE ("EPS") The Company had a total of 18,569,186 shares of common stock issued and outstanding as of September 30, 2016 , out of an authorized total of 50,000,000 shares. The diluted calculation considers a total of 20,762,468 and 20,379,355 shares for the three month periods ended September 30, 2016 and 2015 respectively and 20,732,873 and 20,349,828 shares for the six month period ended September 30, 2016 and 2015, respectively. The Calculation for six month period September 30, 2016 is anti-dilutive, the basic and diluted weighted average shares outstanding are 18,349,970 . The convertible preferred shares outstanding as of September 30, 2016 convert to an aggregate of 2,382,903 common shares based on a conversion price of $6.20 per share. Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Numerator: Net income before preferred dividends $ 2,996 $ 11,867 $ 414 $ 14,798 Preferred stock dividends (395 ) (328 ) (781 ) (649 ) Net income (loss) applicable to common stockholders $ 2,601 $ 11,539 $ (367 ) $ 14,149 Denominator: Weighted average common shares for basic EPS 18,379,565 17,960,000 18,349,970 17,930,473 Effect of dilutive securities: Average price during period 0.94 2.68 0.96 3.03 Long term incentive stock option plan 246,007 479,785 304,193 479,785 Average exercise price of stock options 3.85 5.66 3.85 5.66 Shares that could be acquired with the proceeds of options — — — — Dilutive shares due to options — — — — Restricted Stock Units (RSU)-unvested 10,586 19,491 10,586 — Average grant date fair value of unvested RSU 5.99 5.99 5.99 5.99 Shares that could be acquired with the proceeds of RSU — — — — Dilutive shares due to RSU — — — — Incremental shares due to unvested restricted shares — — — — Weighted average convertible preferred shares at $6.20 2,382,903 2,419,355 2,382,903 2,419,355 Weighted average common shares for diluted EPS 20,762,468 20,379,355 18,349,970 20,349,828 Basic EPS $ 0.14 $ 0.64 $ (0.02 ) $ 0.79 Diluted EPS $ 0.14 $ 0.58 $ (0.02 ) $ 0.73

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Accounts receivable	Accounts receivable The majority of the Company’s accounts receivable are amounts due from customers and other accounts receivable, including insurance and harmonized sales tax refunds. The majority of accounts receivable are due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. The Company extends credit to its customers based upon its assessment of their creditworthiness and past payment history. Accounts outstanding longer than the contractual payment terms are considered past due.
Revenue and operating expenses recognition	Revenue and operating expenses recognition The Company generates revenues from freight billings under contracts of affreightment (voyage charters) generally on a rate per ton basis based on origin-destination and cargo carried. Voyage revenue is recognized ratably over the duration of a voyage, which average from 2 to 3 days, based on the relative transit time in each reporting period when the following conditions are met: the Company has a signed contract of affreightment, the contract price is fixed or determinable and collection is reasonably assured. Included in freight billings are other fees such as fuel surcharges and other freight surcharges, which represent pass-through charges to customers for toll fees, lockage fees and ice breaking fees paid to other parties. Fuel surcharges are recognized ratably over the duration of the voyage, while freight surcharges are recognized when the associated costs are incurred. Freight surcharges are less than 5% of total revenue for all periods presented. Marine operating costs included in vessel operating expenses such as crewing costs, fuel, tugs and insurance are recognized as incurred or consumed and thereby are recognized ratably in each reporting period. Repairs and maintenance and certain other insignificant costs are recognized as incurred. The Company subcontracts excess customer demand to other freight providers. Service to customers under such arrangements is transparent to the customer and no additional services are provided to customers. Consequently, revenues recognized for customers serviced by freight subcontractors are recognized on the same basis as described above. Costs for subcontracted freight providers, presented as “outside voyage charter fees” in the consolidated statements of operations, are recognized as incurred and therefore are recognized ratably over the voyage. The Company accounts for sales taxes imposed on its services on a net basis in the consolidated statements of operations. In addition, all revenues are presented on a gross basis.
Vessel acquisitions	Vessel acquisitions Vessels are stated at cost, which consists of the purchase price and any material incremental expenditures incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Significant financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.
Fuel and lubricant inventories	Fuel and lubricant inventories Raw materials, fuel and certain operating supplies are accounted for on a first-in, first-out cost method (based on monthly averages). Raw materials and fuel are stated at the lower of actual cost (first-in, first-out method) or market and are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Operating supplies are stated at actual cost or average cost and are recognized in expenses as they are consumed.
Intangible assets and goodwill	Intangible assets and goodwill Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line Deferred financing costs are amortized on a straight-line basis over the term of the related debt, which approximates the effective interest method. On adoption of ASU 2015-03 for the first quarter of the 2017 fiscal year ended June 30, 2016 (as discussed in Note 3), this cost is classified as an offset against our long-term debt and subordinated debt.
Property and equipment	Property and equipment Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 30 years straight-line Leasehold improvements 7 - 11 years straight-line Purchased software 3 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance
Impairment of fixed assets and finite-lived intangible assets	Impairment of fixed assets and finite-lived intangible assets Fixed assets (e.g., property and equipment) and finite-lived intangible assets (e.g., customer relationships and contracts) are tested for impairment upon the occurrence of a triggering event that indicates the carrying value of such an asset or asset group (e.g., tugs and barges) might be no longer recoverable. Examples of such triggering events include, but are not limited to a significant disposal of a portion of such assets, an adverse change in the market involving the business employing the related asset(s), a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business, and a significant change in the operations of an acquired business. Once a triggering event has occurred, the recoverability test employed is based on whether the intent is to hold the asset(s) for continued use or to hold the asset(s) for sale. If the intent is to hold the asset(s) for continued use, the recoverability test involves a comparison of undiscounted cash flows excluding interest expense but including any proceeds from eventual disposition, against the carrying value of the asset(s) as an initial test. If the carrying value of such asset(s) exceeds the undiscounted cash flow, the carrying amount of the asset(s) would be deemed to be impaired. Impairment would then be measured as the difference between the fair value of the fixed or amortizing intangible asset and the carrying value of such asset(s). The Company generally determines fair value by using the discounted cash flow method. If the intent is to hold the asset(s) for sale and certain other criteria are met (i.e., the asset(s) can be disposed of currently, appropriate levels of authority have approved the sale and there is an actively pursuing buyer), the impairment test is a comparison of the carrying value of the asset(s) to its fair value less costs to sell. To the extent that the carrying value is greater than the fair value less costs to sell, an impairment loss is recognized for the difference. As of June 30, 2016, the Company determined that the smallest carrying capacity Canadian flag bulk carrier was unlikely to generate a sufficient long term return on capitalized expenses necessary to continue operating the vessel. As a result, the Company decided to retire this vessel. The Company has also determined that the carrying value of the vessel is greater than the fair value and hence impairment charges were recorded to write off the carrying value of the vessel. Other than this vessel, there were no adverse changes in our markets or other triggering events that could affect the valuation of our assets during the three and six month period ended September 30, 2016, and there are no other assets held for sale except as discussed above as of September 30, 2016.
Impairment of goodwill	Evaluation of goodwill for impairment The Company annually reviews the carrying value of goodwill residing in its reporting units, to determine whether impairment may exist. Accounting principles generally accepted in the United States ("GAAP") requires that goodwill and certain indefinite-lived intangible assets be assessed annually for impairment using fair value measurement techniques. Specifically, goodwill impairment is determined using a three-step process. The first step of the goodwill impairment test is to perform a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. Only if the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the next two steps of the goodwill impairment test. The second step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of fair value of the Company’s two reporting units, which are the Company’s Canadian and U.S. operations (excluding the parent), are determined using various valuation techniques with the primary techniques being a discounted cash flow analysis and peer analysis. A discounted cash flow analysis requires various judgmental assumptions, including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecast and long-term estimates. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the third step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The third step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the existing assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. As of March 31, 2016, the Company conducted the qualitative assessment and determined that the fair value of its two reporting units exceeded their carrying amounts and the remaining two-step impairment testing was therefore not necessary. The Company has determined that there were no adverse changes in the Company's markets or other triggering events that indicated that it is more likely than not that the fair value of the Company's reporting units was less than the carrying value during the six month period ended September 30, 2016.
Drydock costs	Drydock costs Drydock costs incurred during statutory Canadian and United States certification processes are capitalized and amortized on a straight-line basis over the benefit period, which is generally sixty (60) months. Drydock costs include costs of work performed by third party shipyards and subcontractors and other direct expenses to complete the mandatory certification process.
Repairs and maintenance	Repairs and maintenance The Company’s vessels require repairs and maintenance each year to ensure the fleet is operating efficiently during the shipping season. The majority of repairs and maintenance are completed in January, February, and March of each year when the vessels are not engaged in affreightment activities. The Company expenses such routine repairs and maintenance costs as incurred. Significant repairs to the Company’s vessels, such as major engine overhauls and major hull steel repairs, are capitalized and amortized over the remaining useful life of the upgrade or asset repaired.
Income taxes	Income taxes The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740 “ Income Taxes ”, which requires the determination of deferred tax assets and liabilities based on the differences between the financial statement and income tax bases of tax assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized, if necessary, to measure tax benefits to the extent that, based on available evidence, it is more likely than not that they will be realized. Income tax expense (or benefit) for an interim period is based on income taxes computed for ordinary income or loss and income taxes computed for items or events that are not part of ordinary income or loss. At the end of each interim period, the Company applies an estimate of the effective tax rate expected to be applicable for the full fiscal year to the year-to-date ordinary income (or loss) at the end of the interim period. The Company classifies interest expense related to income tax liabilities, when applicable, as part of the interest expense in its consolidated statements of operations rather than income tax expense. To date, the Company has not incurred material interest expenses or penalties relating to assessed taxation amounts. An examination by the U.S. taxing authorities for the fiscal year ended March 31, 2012 was completed, with no adjustments warranted. Lower Lakes Towing is currently under examination by the Canadian taxing authority for the tax years 2014 and 2015. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin, New Jersey and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years (Fiscal Years) Federal (U.S.A) 2013 – 2016 Various states 2012 – 2016 Federal (Canada) 2011 – 2016 Ontario 2011 – 2016
Foreign currency translation	Foreign currency translation The Company uses the U.S. Dollar as its reporting currency. The functional currency of the Company's Canadian subsidiaries is the Canadian Dollar. The functional currency of the Company’s U.S. subsidiaries is the U.S. Dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the rate of exchange at the balance sheet date, while revenue and expenses are translated at the average exchange rates prevailing during the respective month. Components of stockholders’ equity are translated at historical exchange rates. Exchange gains and losses resulting from translation are reflected in accumulated other comprehensive income or loss, except for financial assets and liabilities designated in foreign currency, which are reflected in the Company's consolidated statements of operations.
Advertising costs	Advertising costs The Company expenses all advertising costs as incurred. These costs are included in general and administrative expenses and were insignificant during the periods presented.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates used in the preparation of these consolidated financial statements include the assumptions used in determining the useful lives of long-lived assets, the assumptions used in determining whether assets are impaired, the assumptions used in determining the valuation allowance for deferred income tax assets and the assumptions used in stock-based compensation awards. Actual results could differ from those estimates.
Stock-based compensation	Stock-based compensation The Company recognizes compensation expense for all newly granted awards and awards modified, repurchased or cancelled based on fair value at the date of grant.
Financial instruments	Financial instruments The Company accounts for its foreign currency hedge contracts on its subordinated debt utilizing ASC 815 “ Derivatives and Hedging ” ("ASC 815"). All changes in the fair value of the contracts are recorded in earnings and the fair value of settlement costs to terminate the contract is included in current assets or current liabilities on the consolidated balance sheets. Disclosure requirements of ASC 815 are presented in Note 22.
Fair value of financial instruments	Fair value of financial instruments ASC 820 “ Fair Value Measurements and Disclosures ” ("ASC 820") defines fair value, establishes a framework for measuring fair value in GAAP and establishes a hierarchy that categorizes and prioritizes the inputs to be used to estimate fair value. The three levels of inputs used are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The disclosure requirements of ASC 820 related to the Company’s financial assets and liabilities are presented in Note 22.
Recently issued pronouncements	Revenue from Contracts with Customers In May 2014, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 would have been effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB voted to delay the effective date of the new standard by one year to annual periods beginning after December 15, 2017. ASU 2014-09, as subsequently amended, s hall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is permitted as of the original effective date. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("ASU 2016-11"). ASU 2016-11 rescinds several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance relating to accounting for shipping and handling fees and freight services. In addition, in March 2016, the FASB issued ASU No. 2016-08 (Topic 606) Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”) , which clarifies the principal-versus-agent guidance in Topic 606 and requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. In April 2016, the FASB also issued ASU No. 2016-10 (Topic 606) Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (“ASU 2016-10”), which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB also issued ASU No. 2016-12 (Topic 606) Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), which amends the revenue guidance to clarify measurement and presentation as well as to include some practical expedients and policy elections. There are two transition methods available under the new standard, either cumulative effect or retrospective. ASU 2016-08, ASU 2016-10, and ASU 2016-12 must be adopted concurrently with the adoption of ASU 2014-09. The Company is evaluating the effect, if any, that adopting these new accounting standards will have on the Company's consolidated financial statements and related disclosures. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance on management's responsibility in evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 also provides guidance related to the required disclosures as a result of management's evaluation. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, this ASU 2014-15 will have when adopted. 3. RECENTLY ISSUED PRONOUNCEMENTS (continued) Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). This guidance requires that the debt issuance costs related to a recognized term debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt dis count. This amendment is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015 and has been applied retrospectively to each period presented. The Company adopted the provisions of ASU 2015-03 for the first quarter of the 2017 fiscal year ended June 30, 2016. As a result of the adoption of this pronouncement, our unamortized deferred financing costs at March 31, 2016 of $4,903 were reclassified from intangible assets to an offset against our long-term debt and subordinated debt. The effect of the adoption did not result in a change to equity or net income (See Notes 10, 13 and 14). Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 revises the existing guidance related to leases by requiring lessees to recognize a lease liability and a right-of-use asset for all leases, as well as additional disclosure regarding leasing arrangements. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective adoption, with earlier adoption permitted. The Company is currently evaluating the effects of the adoption of ASU 2016-02 on its consolidated financial statements. Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") . ASU 2016-09 simplifies certain aspects of the accounting for share-based payment transactions, including tax consequences, classification of awards, the option to recognize stock compensation expense with actual forfeitures as they occur, and the classifications on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within each reporting period, with early adoption permitted. The Company is currently evaluating the effects of the adoption of ASU 2016-09 on its consolidated financial statements. Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15 (Topic 230) Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments. The pronouncement provides clarification guidance on certain cash flow presentation issues such as debt prepayment or debt extinguishment costs and contingent consideration payments made after a business combination. This pronouncement is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact that this standard will have on its Consolidated Statements of Cash Flows. Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU No. 2016-16"). ASU No. 2016-16 provides guidance on recognition of current income tax consequences for intra-entity asset transfers (other than inventory) at the time of transfer. This represents a change from current GAAP, where the consolidated tax consequences of intra-entity asset transfers are deferred from the time of transfer to a future period. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption at the beginning of an annual period is permitted. The Company is currently assessing the potential impact that ASU No. 2016-16 will have on the financial statements and disclosures.

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Amortization periods of intangible assets	Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line
Useful lives of property and equipment	Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 30 years straight-line Leasehold improvements 7 - 11 years straight-line Purchased software 3 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance
Open tax years	The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin, New Jersey and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years (Fiscal Years) Federal (U.S.A) 2013 – 2016 Various states 2012 – 2016 Federal (Canada) 2011 – 2016 Ontario 2011 – 2016

PREPAID EXPENSES AND OTHER CU33

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Sep. 30, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Components of prepaid expenses and other current assets	Prepaid expenses and other current assets are comprised of the following: September 30, 2016 March 31, 2016 Prepaid insurance $ 527 $ 1,012 Fuel and lubricant inventories 4,392 3,872 Deposits and other prepaids 1,726 1,436 $ 6,645 $ 6,320

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net are comprised of the following: September 30, 2016 March 31, 2016 Cost Vessels $ 317,814 $ 319,689 Leasehold improvements 98 88 Furniture and equipment 492 588 Vehicles 16 16 Computer, communication equipment and purchased software 3,201 3,185 $ 321,621 $ 323,566 Accumulated depreciation Vessels $ 100,881 $ 92,482 Leasehold improvements 63 58 Furniture and equipment 319 351 Vehicles 13 13 Computer, communication equipment and purchased software 2,294 2,158 $ 103,570 $ 95,062 Total Cost less Depreciation $ 218,051 $ 228,504

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Sep. 30, 2016
Other Assets [Abstract]
Schedule of other assets	The current portion of such costs represents the amounts expected to be recognized as expenses during the next fiscal year. September 30, 2016 March 31, 2016 Customer contract costs $ 119 $ 287 Prepaid expenses and other assets 6,588 6,135 Total $ 6,707 $ 6,422 Current portion (Note 5) 6,645 6,320 Other long-term assets $ 62 $ 102

DEFERRED DRYDOCK COSTS, NET (Ta

DEFERRED DRYDOCK COSTS, NET (Tables)	6 Months Ended
	Sep. 30, 2016
Deferred Drydock Costs [Abstract]
Schedule of deferred drydock costs	Deferred drydock costs, net are comprised of the following: September 30, 2016 March 31, 2016 Drydock expenditures $ 15,480 $ 17,930 Accumulated amortization (9,150 ) (11,270 ) $ 6,330 $ 6,660
Summary of changes in deferred drydock costs	The following table shows periodic deferrals of drydock costs and amortization. Balance as of March 31, 2015 $ 7,590 Drydock costs accrued and incurred 2,828 Amortization of drydock costs (3,507 ) Foreign currency translation adjustment (251 ) Balance as of March 31, 2016 6,660 Drydock costs accrued and incurred 1,494 Amortization of drydock costs (1,607 ) Unamortized dry-dock cost write-off of a retired vessel (138 ) Foreign currency translation adjustment (79 ) Balance as of September 30, 2016 $ 6,330

INTANGIBLE ASSETS, NET AND GO37

INTANGIBLE ASSETS, NET AND GOODWILL (Tables)	6 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	Intangibles, net are comprised of the following: September 30, 2016 March 31, 2016 Intangible assets: Customer relationships and contracts $ 15,022 $ 15,122 Total identifiable intangibles 15,022 15,122 Accumulated amortization: Customer relationships and contracts 9,654 9,218 Total accumulated amortization 9,654 9,218 Net intangible assets $ 5,368 $ 5,904 Goodwill $ 10,193 $ 10,193
Schedule of expected amortization expense	Intangible asset amortization over the next five years is estimated as follows: Twelve month period ending: September 30, 2017 $ 1,001 September 30, 2018 1,002 September 30, 2019 1,001 September 30, 2020 1,002 September 30, 2021 616 $ 4,622

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Components of accrued liabilities	Accrued liabilities are comprised of the following: September 30, 2016 March 31, 2016 Deferred financing and other transaction costs $ — $ 4 Payroll compensation and benefits 1,179 786 Preferred stock dividends 2,701 1,920 Professional fees 430 488 Interest 2,401 2,305 Winter work, deferred drydock expenditures and capital expenditures 25 834 Capital and franchise taxes 26 12 Restructuring charges (Note 20) 1,398 — Other 3,746 1,795 $ 11,906 $ 8,144

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	September 30, 2016 March 31, 2016 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 44,980 43,120 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 73,900 71,400 $ 118,880 $ 114,520 Less unamortized debt issuance costs (1,815 ) (2,094 ) 117,065 112,426 Less amounts due within 12 months — — $ 117,065 $ 112,426 September 30, 2016 March 31, 2016 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 39,826 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 78,126 78,126 Less unamortized debt issuance costs (2,125 ) (2,809 ) 76,001 75,317 Less amounts due within 12 months — — $ 76,001 $ 75,317

SUBORDINATED DEBT (Tables)

SUBORDINATED DEBT (Tables)	6 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	September 30, 2016 March 31, 2016 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 44,980 43,120 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 73,900 71,400 $ 118,880 $ 114,520 Less unamortized debt issuance costs (1,815 ) (2,094 ) 117,065 112,426 Less amounts due within 12 months — — $ 117,065 $ 112,426 September 30, 2016 March 31, 2016 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 39,826 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 78,126 78,126 Less unamortized debt issuance costs (2,125 ) (2,809 ) 76,001 75,317 Less amounts due within 12 months — — $ 76,001 $ 75,317

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating lease rental and sublease rental payments	Operating lease rental and sublease rental payments included in general and administrative expenses are as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Operating leases $ 161 $ 142 $ 292 $ 269 Operating sublease — 42 — 83 $ 161 $ 184 $ 292 $ 352
Schedule of future minimum rental commitments	The Company’s future minimum rental commitments under other operating leases are as follows. Twelve month period ending: September 30, 2017 $ 583 September 30, 2018 564 September 30, 2019 432 September 30, 2020 329 September 30, 2021 160 Thereafter 104 $ 2,172

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of share-based compensation awards	The following table summarizes shares issued to officers under employment agreements and restricted stock agreements from time to time. Date issued No. of Officers Covered No. of Shares Share Price Reference Expense recognized during the period Vesting terms Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Jun 5, 2013 6 54,337 5.55 Restricted Share Award Agreement — 25 7 51 Three years in equal installments on each anniversary date. Jul 22, 2014 10 105,189 5.90 Restricted Share Award Agreement 16 71 65 134 Three years in equal installments on each anniversary date. Oct 27, 2015 1 4,429 2.19 Restricted Share Award Agreement 1 — 2 — Three years in equal installments on each anniversary date. Oct 27, 2015 1 10,871 2.19 Restricted Share Award Agreement 2 — 7 — Three years in equal installments on each of March 31. May 31, 2016 1 102,301 0.92 Restricted Share Award Agreement 8 — 13 — Three years in equal installments on each anniversary date.

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	6 Months Ended
	Sep. 30, 2016
Interest Expense [Abstract]
Components of interest expense	Interest expense, net of interest capitalized is comprised of the following: Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Amortization of deferred financing costs 901 316 1,226 640 Long-term debt-senior 1,210 989 2,384 2,014 Long-term debt-subordinated 2,158 2,020 4,270 4,001 Interest rate caps — 3 — 5 Deferred payment liability 7 16 16 36 Interest capitalized — (382 ) — (715 ) $ 4,276 $ 2,962 $ 7,896 $ 5,981

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Summary of restructuring costs	The following table summarizes activities in the restructuring costs accrual balance during the periods: September 30, 2016 September 30, 2015 Restructuring costs accrual 2,375 — Restructuring costs paid (977 ) — Restructuring costs accrual balance 1,398 —

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Revenue and long-lived assets by geographical segment	Information about geographic operations is as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Revenue by country: Canada $ 22,895 $ 28,126 $ 42,295 $ 53,266 United States 16,345 23,807 30,762 43,494 $ 39,240 $ 51,933 $ 73,057 $ 96,760 Revenues from external customers are allocated based on the country of the legal entity of the Company in which the revenues were recognized. September 30, 2016 March 31, 2016 Property and equipment, net by country: Canada $ 109,904 $ 116,719 United States 108,147 111,785 $ 218,051 $ 228,504 Intangible assets, net by country: Canada $ 3,283 $ 3,652 United States 2,085 2,252 $ 5,368 $ 5,904 Goodwill by country: Canada $ 8,284 $ 8,284 United States 1,909 1,909 $ 10,193 $ 10,193 Total assets by country: Canada $ 139,398 $ 141,019 United States 120,494 119,485 $ 259,892 $ 260,504

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 30, 2016
Financial Instruments [Abstract]
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]	The following table provides the fair value of the foreign currency hedge contracts measured on a recurring basis as of September 30, 2016 and March 31, 2016: Fair value measurements at Fair value measurements at September 30, 2016 March 31, 2016 Carrying value at September 30, 2016 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Carrying value at March 31, 2016 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Foreign currency hedge contracts $(437) $— $(437) $(268) $— $(268) The following table sets forth the fair value of the foreign currency hedge instruments as of the dates set forth below: Derivatives not designated as hedging instrument: Balance Sheet location Fair Value as at September 30, 2016 Fair Value as at March 31, 2016 Foreign currency hedge contracts Accrued liabilities $(437) $(268)
Schedule of contracts not designated for hedge accounting treatment, changes in fair value recorded in earnings	The changes in fair value of the foreign currency hedge contracts are recorded in earnings as follows: Derivatives not designated as hedging instrument: Location of (Gain) Recognized in earnings Three month period ended September 30, 2016 Three month period ended September 30, 2015 Six month period ended September 30, 2016 Six month period ended September 30, 2015 Foreign currency hedge contracts (Gain) on foreign exchange $(1,185) $(2,215) $(2,050) $(1,484)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Three months ended September 30, 2016 Three months ended September 30, 2015 Six months ended September 30, 2016 Six months ended September 30, 2015 Numerator: Net income before preferred dividends $ 2,996 $ 11,867 $ 414 $ 14,798 Preferred stock dividends (395 ) (328 ) (781 ) (649 ) Net income (loss) applicable to common stockholders $ 2,601 $ 11,539 $ (367 ) $ 14,149 Denominator: Weighted average common shares for basic EPS 18,379,565 17,960,000 18,349,970 17,930,473 Effect of dilutive securities: Average price during period 0.94 2.68 0.96 3.03 Long term incentive stock option plan 246,007 479,785 304,193 479,785 Average exercise price of stock options 3.85 5.66 3.85 5.66 Shares that could be acquired with the proceeds of options — — — — Dilutive shares due to options — — — — Restricted Stock Units (RSU)-unvested 10,586 19,491 10,586 — Average grant date fair value of unvested RSU 5.99 5.99 5.99 5.99 Shares that could be acquired with the proceeds of RSU — — — — Dilutive shares due to RSU — — — — Incremental shares due to unvested restricted shares — — — — Weighted average convertible preferred shares at $6.20 2,382,903 2,419,355 2,382,903 2,419,355 Weighted average common shares for diluted EPS 20,762,468 20,379,355 18,349,970 20,349,828 Basic EPS $ 0.14 $ 0.64 $ (0.02 ) $ 0.79 Diluted EPS $ 0.14 $ 0.58 $ (0.02 ) $ 0.73

SIGNIFICANT ACCOUNTING POLICI48

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Significant Accounting Policies [Line Items]
Debt Issuance Costs, Net		$ 4,903
Amortization period of drydock costs	60 months
Purchased Software [Member]
Significant Accounting Policies [Line Items]
Useful life	3 years
Vehicles [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Furniture and equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Computer equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	45.00%
Communication equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Trademarks and trade names [Member]
Significant Accounting Policies [Line Items]
Amortization period	10 years
Customer relationships and contracts [Member]
Significant Accounting Policies [Line Items]
Amortization period	15 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Age of receivables	30 days
Minimum [Member] | Vessels [Member]
Significant Accounting Policies [Line Items]
Useful life	5 years
Minimum [Member] | Leasehold improvements [Member]
Significant Accounting Policies [Line Items]
Useful life	7 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Age of receivables	60 days
Freight surcharges as a percent of revenue	5.00%
Maximum [Member] | Vessels [Member]
Significant Accounting Policies [Line Items]
Useful life	30 years
Maximum [Member] | Leasehold improvements [Member]
Significant Accounting Policies [Line Items]
Useful life	11 years

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Allowance for doubtful accounts	$ 114	$ 116

PREPAID EXPENSES AND OTHER CU50

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 527	$ 1,012
Fuel and lubricants	4,392	3,872
Deposits and other prepaids	1,726	1,436
Prepaid expenses and other current assets	$ 6,645	$ 6,320

INCOME TAXES (Details)

INCOME TAXES (Details)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	46.30%	41.30%

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Cost	$ 321,621			$ 321,621		$ 323,566
Accumulated depreciation	103,570			103,570		95,062
Property and equipment, net	218,051			218,051		228,504
Interest Costs Capitalized	0		$ 382	0	$ 715	1,161
Asset Impairment Charges	0	$ 1,872	0	1,872	$ 0
Operating Income By Vessel	0		$ (444)
Vessels [Member]
Property, Plant and Equipment [Line Items]
Cost	317,814			317,814		319,689
Accumulated depreciation	100,881			100,881		92,482
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	98			98		88
Accumulated depreciation	63			63		58
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	492			492		588
Accumulated depreciation	319			319		351
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Cost	16			16		16
Accumulated depreciation	13			13		13
Computer, communication equipment and purchased software [Member]
Property, Plant and Equipment [Line Items]
Cost	3,201			3,201		3,185
Accumulated depreciation	$ 2,294			$ 2,294		$ 2,158

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Other Assets [Abstract]
Amortization period of customer contract costs	5 years
Customer contract costs	$ 119	$ 287
Prepaid expenses and other assets	6,588	6,135
Total	6,707	6,422
Current portion	6,645	6,320
Other long term assets	$ 62	$ 102

DEFERRED DRYDOCK COSTS, NET (Ba

DEFERRED DRYDOCK COSTS, NET (Balance Sheet Details) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Deferred Drydock Costs [Abstract]
Deferred expenditures	$ 15,480	$ 17,930
Accumulated amortization	(9,150)	(11,270)
Deferred drydock costs, net	$ 6,330	$ 6,660	$ 7,590

DEFERRED DRYDOCK COSTS, NET (Ch

DEFERRED DRYDOCK COSTS, NET (Changes in Deferred Balances) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Deferred Drydock Costs [Roll Forward]
Balance at beginning of period			$ 6,660	$ 7,590	$ 7,590
Drydock costs accrued			1,494		2,828
Amortization of drydock costs	$ (754)	$ (885)	(1,607)	$ (1,767)	(3,507)
Unamortized dry-dock cost write-off of a retired vessel			(138)
Foreign currency translation adjustment			(79)		(251)
Balance at end of period	$ 6,330		$ 6,330		$ 6,660

INTANGIBLE ASSETS, NET AND GO56

INTANGIBLE ASSETS, NET AND GOODWILL (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 15,022	$ 15,122
Accumulated amortization	9,654	9,218
Intangible assets	5,368	5,904
Goodwill	10,193	10,193
Twelve month period ending:
September 30, 2017	1,001
September 30, 2018	1,002
September 30, 2019	1,001
September 30, 2020	1,002
September 30, 2021	616
Total	4,622
Customer relationships and contracts [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	15,022	15,122
Accumulated amortization	$ 9,654	$ 9,218

VESSEL ACQUISITION (Details)

VESSEL ACQUISITION (Details) $ in Thousands	Mar. 11, 2014USD ($)
LalandiaSwan [Member] | Lower Lakes Towing (17) Ltd. [Member]
Vessel purchase price	$ 7,000

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015
Payables and Accruals [Abstract]
Deferred financing and other transaction costs	$ 0	$ 4
Payroll compensation and benefits	1,179	786
Preferred stock dividends	2,701	1,920
Professional fees	430	488
Interest	2,401	2,305
Winter work, deferred drydock and capital expenditures	25	834
Capital and franchise taxes	26	12
Restructuring costs accrual balance	1,398	0	$ 0
Other	3,746	1,795
Accrued liabilities	$ 11,906	$ 8,144

LONG-TERM DEBT (Schedule of Lon

LONG-TERM DEBT (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Long-term Debt, Current and Noncurrent [Abstract]
Long-term Debt, Gross	$ 118,880	$ 114,520
Debt Issuance Costs, Net		(4,903)
Long-term debt	117,065	112,426
Long-term Debt, Current Maturities	0	0
Long-term debt, excluding current maturities	117,065	112,426
Revolving Credit Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Issuance Costs, Net	(1,815)	(2,094)
Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Long-term Debt, Gross	44,980	43,120
Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Long-term Debt, Gross	$ 73,900	$ 71,400

LONG-TERM DEBT (Additional Info

LONG-TERM DEBT (Additional Information) (Details) - Credit Facitities [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016	Mar. 27, 2015
Debt Instrument [Line Items]
Fee on unused borrowings, percent			0.25%
Maximum unused commitment before rate change			50.00%
Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Debt Instrument [Line Items]
Effective interest rate including effect of interest rate swap contracts	3.64%	3.60%
US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Debt Instrument [Line Items]
Effective interest rate including effect of interest rate swap contracts	3.48%	3.37%
United States of America, Dollars
Debt Instrument [Line Items]
Unused borrowing capacity, amount	$ 50,684
United States of America, Dollars | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Debt Instrument [Line Items]
Authorized amount of line of credit			$ 80,000
United States of America, Dollars | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Debt Instrument [Line Items]
Authorized amount of line of credit			90,000
United States of America, Dollars | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member] | Swing Line Facility [Member]
Debt Instrument [Line Items]
Authorized amount of line of credit			9,000
Canada, Dollars | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member] | Swing Line Facility [Member]
Debt Instrument [Line Items]
Authorized amount of line of credit			$ 8,000
Maximum [Member]
Debt Instrument [Line Items]
Fee on unused borrowings, percent			0.375%

SUBORDINATED DEBT (Schedule of

SUBORDINATED DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands	Mar. 13, 2014	Sep. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Subordinated Debt		$ 76,001	$ 75,317
Long-term Debt, Gross		118,880	114,520
Debt Issuance Costs, Net			(4,903)
Subordinated Debt, Current		0	0
Subordinated Long-term Debt, Noncurrent		76,001	75,317
Subordinated Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		78,126	78,126
Debt Issuance Costs, Net		(2,125)	(2,809)
United States of America, Dollars | Lower Lakes Towing Ltd. [Member] | Subordinated Debt [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Subordinated Debt		39,826	39,826
United States of America, Dollars | Grand River Navigation Company, Inc. [Member] | Subordinated Debt [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Subordinated Debt		$ 38,300	$ 38,300
LIBOR [Member] | Lower Lakes Towing Ltd. [Member] | Subordinated Debt [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9.50%
LIBOR [Member] | Grand River Navigation Company, Inc. [Member] | Subordinated Debt [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9.50%
US Base Rate [Member] | Lower Lakes Towing Ltd. [Member] | Subordinated Debt [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
US Base Rate [Member] | Grand River Navigation Company, Inc. [Member] | Subordinated Debt [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%

SUBORDINATED DEBT (Additional I

SUBORDINATED DEBT (Additional Infomration) (Details) - Subordinated Debt [Member] - USD ($)	Mar. 13, 2014	Sep. 30, 2016	Mar. 31, 2016	Mar. 27, 2015	Mar. 11, 2014
Debt Instrument [Line Items]
Covenant description, mandatory prepayment, net proceeds from disposition of assets	100.00%
Covenant description, mandatory prepayment, net proceeds from issuance of debt or equity securities	100.00%
United States of America, Dollars
Debt Instrument [Line Items]
Unused borrowing capacity, amount					$ 32,500,000
Lower Lakes Towing Ltd. [Member] | United States of America, Dollars | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Effective interest rate including effect of interest rate swap contracts		10.75%	10.75%
Face amount					34,200,000
Grand River Navigation Company, Inc. [Member] | United States of America, Dollars | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Effective interest rate including effect of interest rate swap contracts		10.75%	10.75%
Face amount					$ 38,300,000
LIBOR [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9.50%
LIBOR [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9.50%
US Base Rate [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
US Base Rate [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
Amended Second Lien Credit Agreement [Member] | United States of America, Dollars
Debt Instrument [Line Items]
Unused borrowing capacity, amount				$ 22,500,000

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Commitments [Line Items]
Rental payments	$ 161	$ 184	$ 292	$ 352
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract]
September 30, 2017	583		583
September 30, 2018	564		564
September 30, 2019	432		432
September 30, 2020	329		329
September 30, 2021	160		160
Thereafter	104		104
Total	2,172		2,172
Contractual commitments	102		102		$ 1,526
Operating leases [Member]
Commitments [Line Items]
Rental payments	161	142	292	269
Operating sublease [Member]
Commitments [Line Items]
Rental payments	$ 0	$ 42	$ 0	$ 83

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Unasserted claim
Contingencies:
Contingency accrual	$ 255	$ 247

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 21, 2011	Feb. 11, 2011	Mar. 03, 2006	Sep. 30, 2016	Mar. 31, 2016
Class of Stock [Line Items]
Number of shares offered	2,800,000
Sale of stock, price per share	$ 6
Proceeds from the offering, net of underwriter’s commissions and expenses	$ 15,525
Shares issued of the Company’s common stock to Buckeye		1,305,963
Share price, average of high and low price		$ 5.175
Preferred stock, shares authorized				1,000,000	1,000,000
Preferred Stock, Shares Issued				295,480	295,480
Cash dividend annual rate				9.25%	8.75%
Preferred stock dividends				$ 2,701	$ 1,920
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized				1,000,000
Preferred Stock, Shares Issued			300,000
Cash dividend annual rate			7.75%
Price per share basis for dividend			$ 50
Dividend rate subject to percentage increase every six months			0.50%
Conversion price per share			$ 6.2		$ 6.20
Conversion option rate, shares			8.065
Conversion option determination, number of trading days price per share exceeds $8.50 (in days)			20 days
Conversion option determination, number of trading days cutoff period			30 days
Conversion option determination, agreed upon price per common share			$ 8.50
Maximum [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Cash dividend annual rate			12.00%
Long Term Incentive Plan 2007 [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				79,263	267,758
Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion to common stock (in shares)					4,520

STOCKHOLDERS' EQUITY (Share-bas

STOCKHOLDERS' EQUITY (Share-based Compensation) (Details)	May 31, 2016executive$ / sharesshares	May 31, 2016executive$ / shares	Apr. 02, 2016shares	Dec. 08, 2015shares	Oct. 27, 2015executive$ / sharesshares	Mar. 31, 2015shares	Jul. 22, 2014executive$ / sharesshares	Jun. 27, 2014USD ($)$ / sharesshares	Jun. 05, 2013executive$ / sharesshares	Feb. 15, 2013shares	Sep. 16, 2010shares	Nov. 16, 2009shares	Jul. 31, 2008shares	Feb. 13, 2008shares	Jul. 31, 2008shares	Feb. 29, 2008shares	Sep. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016shares	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2008shares	Mar. 31, 2016shares	Mar. 31, 2015shares	Mar. 31, 2014shares	Mar. 31, 2013shares	Mar. 31, 2012shares	Mar. 31, 2011shares	Mar. 31, 2009executive	Mar. 31, 2010shares	Feb. 11, 2011$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price, average of high and low price | $ / shares																															$ 5.175
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility rate measurement period																													6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																				17 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Weighted Average Value | $ / shares																	$ 5.99		$ 5.99	$ 5.99	$ 5.99
Long Term Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized																	2,500,000			2,500,000
Number of shares available for grant																	79,263			79,263			267,758
Shares issued to non-employees														12,909			62,092	44,396				15,948	92,167	26,067	19,256	10,854	10,722	14,007		37,144
Long Term Incentive Plan 2007 [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded					111,025								478,232
Number of key executives to receive awards | executive					2
Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recorded | $																	$ 7,000		$ 0	$ 19,000	$ 0
Award vesting period																				3 years
Options expiration period																				10 years
Expected dividend rate																				0.00%
Risk free interest rate																													4.14%
Expected volatility rate																													39.49%
Number of options outstanding																	341,752			341,752
Options granted															236,586	243,199
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period																				136,267			306,766
Long Term Incentive Plan 2007 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded						10,559																	8,905
Expense recorded | $																	$ 15,000		15,000	$ 30,000	30,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments Granted								30,050
Unrecognized compensation cost at March 31 | $								$ 204,000
Unvested, Weighted Average Value | $ / shares								$ 5.99
June 5, 2013 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded									54,337
Share price, average of high and low price | $ / shares									$ 5.55
Expense recorded | $																	0		25,000	7,000	51,000
Number of key executives to receive awards | executive									6
Award vesting period									3 years
July 22, 2014 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded							105,189
Share price, average of high and low price | $ / shares							$ 5.90
Expense recorded | $																	16,000		71,000	65,000	134,000
Number of key executives to receive awards | executive							10
Award vesting period							3 years
Oct 27 2015 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded					4,429
Share price, average of high and low price | $ / shares					$ 2.19
Expense recorded | $																	1,000		0	2,000	0
Number of key executives to receive awards | executive					1
Award vesting period					3 years
Oct 27 2015 Grants B [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded					10,871
Share price, average of high and low price | $ / shares					$ 2.19
Expense recorded | $																	2,000		0	7,000	0
Number of key executives to receive awards | executive					1
Award vesting period					3 years
May 31 2016 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	102,301
Share price, average of high and low price | $ / shares	$ 0.92	$ 0.92
Expense recorded | $																	$ 8,000		$ 0	$ 13,000	$ 0
Number of key executives to receive awards | executive	1	1
Award vesting period		3 years
Shares Issued in Lieu of Cash Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded			1,000	61,622						94,993	15,153	158,325
Number of executive officers asked to receive shares in lieu of cash compensation | executive																													3
Minimum [Member] | Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate																							0.80%
Expected volatility rate																							33.50%
Maximum [Member] | Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate																							1.60%
Expected volatility rate																							37.20%

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Interest Expense [Line Items]
Amortization of deferred financing costs	$ 901	$ 316	$ 1,226	$ 640
Interest rate caps	0	3	0	5
Deferred payment liability	7	16	16	36
Interest capitalized	0	(382)	0	(715)	$ (1,161)
Interest expense	4,276	2,962	7,896	5,981
Long-term debt - senior
Interest Expense [Line Items]
Debt	1,210	989	2,384	2,014
Subordinated note
Interest Expense [Line Items]
Debt	$ 2,158	$ 2,020	$ 4,270	$ 4,001

RESTRUCTURING CHARGES (Addition

RESTRUCTURING CHARGES (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	$ 0	$ 2,375	$ 0	$ 2,375	$ 0

RESTRUCTURING CHARGES (Summary

RESTRUCTURING CHARGES (Summary of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring costs accrual	$ 0	$ 2,375	$ 0	$ 2,375	$ 0
Restructuring costs paid				(977)	0
Restructuring costs accrual balance	$ 1,398		$ 0	$ 1,398	$ 0	$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Segment information:
Revenue	$ 39,240	$ 51,933	$ 73,057	$ 96,760
Property and equipment, net	218,051		218,051		$ 228,504
Intangible assets	5,368		5,368		5,904
Goodwill	10,193		10,193		10,193
Assets	259,892		259,892		260,504
Canada
Segment information:
Revenue	22,895	28,126	42,295	53,266
Property and equipment, net	109,904		109,904		116,719
Intangible assets	3,283		3,283		3,652
Goodwill	8,284		8,284		8,284
Assets	139,398		139,398		141,019
United States
Segment information:
Revenue	16,345	$ 23,807	30,762	$ 43,494
Property and equipment, net	108,147		108,147		111,785
Intangible assets	2,085		2,085		2,252
Goodwill	1,909		1,909		1,909
Assets	$ 120,494		$ 120,494		$ 119,485

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Derivative [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	$ (437)		$ (437)		$ (268)
Gain (loss) on foreign currency derivative instruments	(1,185)	$ (2,215)	(2,050)	$ (1,484)
Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	0		0		0
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	$ (437)		$ (437)		$ (268)

FINANCIAL INSTRUMENTS (Addition

FINANCIAL INSTRUMENTS (Additional Information) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 12, 2012interest_rate_cap_contract
Derivative [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	$ 437		$ 437		$ 268
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 1,185	$ 2,215	$ 2,050	$ 1,484
Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Number of contracts entered into | interest_rate_cap_contract						2
Percent of outstanding term debt covered						50.00%
UNITED STATES | Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fixed interest rate						2.50%
CANADA | Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fixed interest rate						3.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 03, 2006	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Earnings Per Share [Line Items]
Common Stock, Shares, Issued		18,569,186			18,569,186		18,359,397
Common stock, shares authorized		50,000,000			50,000,000		50,000,000
Numerator:
Net income before preferred dividends		$ 2,996	$ (2,582)	$ 11,867	$ 414	$ 14,798	$ (4,232)
Preferred stock dividends		(395)		(328)	(781)	(649)
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS		$ 2,601		$ 11,539	$ (367)	$ 14,149
Denominator:
Weighted average common shares for basic EPS		18,379,565		17,960,000	18,349,970	17,930,473
Effect of dilutive securities:
Average price during period (in dollars per share)		$ 0.94		$ 2.68	$ 0.96	$ 3.03
Long term incentive stock option plan (in shares)		246,007		479,785	304,193	479,785
Average exercise price of stock options (in dollars per share)		$ 3.85		$ 5.66	$ 3.85	$ 5.66
Incremental Common Shares Attributable to Share-based Payment Arrangements, Restricted Stock		0		0	0	0
Weighted average convertible preferred shares at $6.20		2,382,903		2,419,355	2,382,903	2,419,355
Weighted Average Number of Shares Outstanding, Diluted		20,762,468		20,379,355	20,732,873	20,349,828
Weighted Average Number of Shares Outstanding, Basic and Diluted					18,349,970
Basic EPS (in dollars per share)		$ 0.14		$ 0.64	$ (0.02)	$ 0.79
Diluted EPS (in dollars per share)		$ 0.14		$ 0.58	$ (0.02)	$ 0.73
Series A Preferred Stock [Member]
Effect of dilutive securities:
Conversion price per share	$ 6.2						$ 6.20
Stock Options [Member]
Effect of dilutive securities:
Shares that could be acquired with the proceeds of options		0		0	0	0
Dilutive shares due to options		0		0	0	0
Restricted Stock Units (RSUs) [Member]
Effect of dilutive securities:
Shares that could be acquired with the proceeds of options		0		0	0	0
Dilutive shares due to options		10,586		19,491	10,586	0
Average exercise price of RSU (in dollars per share)		$ 5.99		$ 5.99	$ 5.99	$ 5.99
Restricted Stock, Dilutive Shares [Member]
Effect of dilutive securities:
Dilutive shares due to options		0		0	0	0