X0202 4 2006-08-03 0 0001294250 Rand Logistics, Inc. RLOG 0001106191 GMT CAPITAL CORP GMT CAPITAL CORP 2100 RIVEREDGE PARKWAY SUITE 840 ATLANTA GA 30328 0 0 1 0 Common Stock, par value $0.0001 per share 2006-08-03 4 P 0 146500 5.41 A 146500 I Owned directly by Bay Common Stock, par value $0.0001 per share 2006-08-03 4 P 0 80300 5.41 A 80300 I Owned directly by Bay II Common Stock, par value $0.0001 per share 2006-08-03 4 P 0 23200 5.41 A 23200 I Owned directly by Claugus Series A Convertible Preferred Stock 6.2 2006-03-03 4 P 0 63878 50 A 2006-03-03 Common Stock, par value $0.0001 per share 515144 63878 I Owned directly by Bay Series A Convertible Preferred Stock 6.2 2006-03-03 4 P 0 41707 50 A 2006-03-03 Common Stock, par value $0.0001 per share 336346 41707 I Owned directly by Bay II Series A Convertible Preferred Stock 6.2 2006-03-03 4 P 0 34350 50 A 2006-03-03 Common Stock, par value $0.0001 per share 277016 34350 I Owned directly by Offshore Fund Series A Convertible Preferred Stock 6.2 2006-03-03 4 P 0 10065 50 A 2006-03-03 Common Stock, par value $0.0001 per share 81169 10065 I Owned directly by Claugus This Form 4 is being jointly filed by Bay Resource Partners, L.P., a Delaware limited partnership ("Bay"), Bay II Resource Partners, L.P., a Delaware limited partnership ("Bay II"), Bay Resource Partners Offshore Fund, Ltd., an exempted company organized under the laws of the Cayman Islands ("Offshore Fund"), GMT Capital Corp., a Georgia corporation ("GMT Capital"), and Thomas E. Claugus, a United States citizen ("Claugus"). GMT Capital, the general partner of Bay and Bay II, has the power to direct the affairs of Bay and Bay II, including the voting and disposition of shares. As the discretionary investment manager of the Offshore Fund, GMT Capital has power to direct the voting and disposition of shares held by the Offshore Fund. Mr. Claugus is the President of GMT Capital and in that capacity directs the operations of each of Bay and Bay II and the voting and disposition of shares held by the Offshore Fund. GMT Capital and Mr. Claugus may be deemed to beneficially own indirect pecuniary interest as the result of performance-based fees and profit allocations. Each of GMT Capital and Mr. Claugus disclaims such beneficial ownership except to the extent ultimately realized. The Series A Convertible Preferred Stock does not expire. By: Thomas E. Claugus, President, GMT Capital Corp. 2007-07-26