New York: Pangaea Logistics Solutions, a NASDAQ-listed bulker operator with around 12 ships in its fleet, has scored a $20m five-year contract of affreightment to transport 2m tons of steel-related products. The first shipment is scheduled to commence in 2016 and the contract will provide a minimum of 570 cargo days. Vessels will be loading in the Gulf of Mexico and discharging in Central America.
“We are extremely pleased to announce this accretive COA at a time where broader market fundamentals are still facing significant headwinds,” said Ed Coll, Pangaea’s ceo.