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.