Rand Logistics Inc.

CONFIDENTIAL - NOT FOR DISSEMINATION

                              FOR IMMEDIATE RELEASE

        RAND LOGISTICS REDUCES EXERCISE PRICE OF PUBLIC WARRANTS TO $4.50
                        FROM $5.00 THROUGH JULY 9, 2007

New York, NY - May 3, 2007 - Rand Logistics, Inc. (NASDAQ: RLOG, RLOGW, RLOGU)
today announced that it reduced the exercise price of its outstanding, publicly
traded warrants (``Warrants'') to $4.50 (from the $5.00 exercise price provided
by the original terms of the Warrants) until 5:00 p.m. eastern time on July 9,
2007 (the "Expiration Time"). Any and all Warrants properly exercised in
accordance with the terms of the Warrants prior to the Expiration Time will be
accepted by Rand at the reduced exercise price, and one share of registered
common stock per Warrant will be issued to the exercising Warrantholder. After
the Expiration Time, the $5.00 exercise price included in the original terms of
the Warrants will be reinstituted. Except for the reduced exercise price of the
Warrants prior to the Expiration Time, the terms of the Warrants remain
unchanged. The reduced exercise price applies to all of Rand's currently
outstanding publicly traded Warrants, including those Warrants still included as
part of the units issued in Rand's initial public offering. Holders of Warrants
that desire to exercise their Warrants should contact their brokers and instruct
them to effectuate an exercise of the Warrants prior to the Expiration Time.

As of today's date, approximately 7,692,180 Warrants are outstanding. Rand's
Warrants, common stock and units are listed on the Nasdaq Capital Market under
the symbols RLOGW, RLOG AND RLOGU, respectively. On May 3, 2007, the last
reported sale prices of the Warrants, common stock and units were $1.99, $6.91
and $11.00, respectively. Rand recommends that Warrantholders obtain current
market quotations for Rand's securities before deciding whether or not to
exercise their Warrants.

On April 30, 2007, Rand raised $6,768,000 upon the exercise of 1,504,000
Warrants by one of Rand's largest shareholders. The Warrants were exercised at
an exercise price of $4.50, rather than the $5.00 exercise price in the
Warrants, in accordance with the terms of an agreement between Rand and the
shareholder. For additional information, see Rand's Form 8-K filed today with
the Securities and Exchange Commission.

Approximately 1,571,349 of the Warrants are held by individuals, or affiliates
of individuals, who are officers, directors, employees or consultants of Rand.
Each such officer, director, employee and consultant has agreed not to exercise
his Warrants prior to the Expiration Time.

Laurence Levy, Chairman and CEO of Rand Logistics, stated, "We are pleased to
offer our warrantholders the opportunity to exercise their warrants at a reduced
exercise price of $4.50, and hope that a substantial number of warrants will be
exercised. In addition to potentially raising a significant amount of capital
for the Company, we believe that a reduction in the number of our outstanding
warrants will simplify our capital structure and reduce the overhang of those
warrants on the Company's common stock. We also believe that an increase in the
number of outstanding shares of common stock resulting from the exercise of
warrants will provide greater liquidity for our common stock."



While Rand considers acquisition and other investment opportunities on a regular
basis, Rand does not presently have any contemplated specific use for the
proceeds of any Warrant exercises, other than for general working capital
purposes.

RAND'S BOARD OF DIRECTORS HAS APPROVED THE WARRANT EXERCISE PRICE REDUCTION.
HOWEVER, NEITHER RAND NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY
RECOMMENDATION AS TO WHETHER TO EXERCISE WARRANTS. EACH HOLDER OF A WARRANT MUST
MAKE ITS OWN DECISION AS TO WHETHER TO EXERCISE SOME OR ALL OF ITS WARRANTS.

The information above does not constitute an offer to buy or exchange securities
or constitute the solicitation of an offer to sell or exchange any securities in
Rand.

About Rand Logistics

Rand Logistics, Inc. is a leading provider of bulk freight shipping services
throughout the Great Lakes region. Through its subsidiaries, the Company
operates a fleet of eleven self-unloading bulk carriers, including nine River
Class vessels and one River Class self-unloading tug/barge unit. The Company is
the only carrier able to offer significant domestic port-to-port services in
both Canada and the U.S. on the Great Lakes. The Company's vessels operate under
the U.S. Jones Act - which dictates that only ships that are built, crewed and
owned by U.S. citizens can operate between U.S. ports - and the Canada Marine
Act - which requires Canadian commissioned ships to operate between Canadian
ports.

Forward-Looking Statements

This press release may contain forward-looking statements (within the meaning of
the Private Securities Litigation Reform Act of 1995) concerning the Company and
its operating subsidiaries. Forward-looking statements are statements that are
not historical facts, but instead statements based upon the current beliefs and
expectations of management of the Company. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual results to differ
from the results included in such forward-looking statements.

CONTACT:                                -OR-         INVESTOR RELATIONS COUNSEL:
Rand Logistics, Inc.                                 The Equity Group Inc.
Laurence S. Levy, Chairman & CEO                     Loren G. Mortman
212-644-3450                                         (212) 836-9604
                                                     LMortman@equityny.com
                                                     www.theequitygroup.com

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