Pangaea Logistics wins 10-year COA extension

Pangaea Logistics wins 10-year COA extension

Pangaea Logistics Solutions has won a 10-year extension to an existing contract of affreightment (COA) from a “major aluminium producer” for up to 35m tonnes of cargo.

The extended contract will terminate in 2026 and will generate up to $350m in revenue during the 10-year period for the NASDAQ-listed carrier.

Three vessels will be employed full-time on the contract, which will transport cargo through the Caribbean.

“This long-term contract extension demonstrates our ability to continue our momentum into the second half of 2015 and generate strong, sustainable revenue streams by strategically partnering with our clients and acting as an integral part of their supply chains,” said Ed Coll, Pangaea’s chairman and CEO.

In June, Pangaea Logistics received extensions for two COAs for dry bulk materials, also from a “major international aluminium company”.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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