AmericasDry Cargo

Pangaea Logistics Solutions lower rates for client facing bankruptcy

Pangaea Logistics Solutions on Friday announced it has amended the terms of a long-term contract of affreightment (COA) with a client that is entering Chapter 11 bankruptcy.

Since that client, a major aluminium producer, filed for Chapter 11 on February 8, Pangaea has continued to provide it with freight services

The amendments to the COA will see lower freight rates charged to the aluminum company, which will reduce Pangaea’s revenue by about $4.2m.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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