Athens: Pangaea Logistics Solutions has received extensions for two contracts of affreightment (COA) for dry bulk materials, which it says will generate up to $22m in revenue over the next three years.
The extended contracts will also optimally position Pangaea vessels for backhaul routes, the NASDAQ-listed company said.
A major international aluminum company has extended its COA with Pangaea for a further two years through 2017 and 2018. Supramax vessels will be deployed to carry 400,000-500,000 tonnes of cargo per year from Brazil to the east coast of Canada.
The same company has separately extended its existing COA by one year, during which Pangaea will carry around 850,000 tonnes of pig iron from Brazil to the United States.
“These COA extensions not only reflect our ability to continually expand our mutually beneficial relationships with our partners, but also showcase the effectiveness of our backhaul strategy,” said Ed Coll, chairman and CEO of Pangaea.
“These routes are some of the busiest in the world and strategically position us for additional for voyage days. We continue to execute on our disciplined growth strategy, with a focus on stable, long-term COAs and specialised backhaul and ice-class trades.”
