Pangaea Logistics Solutions, Ltd. (NASDAQ: PANL), announced that it has taken delivery of two ultramax ice-class dry bulk carriers from Oshima Shipyard in Japan. The ships were ordered in 2013 by Nordic Bulk Ventures Holding, Ltd. Further, the Company has purchased its joint venture partner’s 50% interest in NBVH, which will give the Company full control of both new ships.
Edward Coll, Chairman and Chief Executive Officer of Pangaea Logistics Solutions Ltd. said:
“The delivery of Bulk Destiny and Bulk Endurance completes our current newbuilding program of six ice class bulk carriers. The new ships were immediately employed to service our cargo portfolio and, with their ice class designations, nicely complement our existing ice class fleet of eight vessels, bringing our ice class fleet to ten ships. “
The company has financed the vessels under separate agreements. The company further announced that the counterparty to a long-term contract of affreightment (“COA”), an alumina producer that filed for bankruptcy early in 2016, was acquired by a new entity that has assumed the COA under its existing terms. This contract employs three company vessels in a shuttle service, and extends through 2025.
Pangaea recently loaded its one-millionth ton of cargo under a logistics-based COA to provide for the transportation of approximately 3.5 million tons of construction material to a major port on the Unites States’ east coast. This COA is continuously serviced by four ultramax vessels.
Source: Pangaea Logistics Solutions
