Pangaea Logistics Solutions Announces Five-Year Contract of Affreightment in Gulf of Mexico
05 March 2015 - 1:30AM
Business Wire
Pangaea Logistics Solutions, Ltd. (“Pangaea” or the “Company”)
(NASDAQ:PANL) announced today that it has entered into a five-year
Contract of Affreightment (“COA”) for the transportation of two
million 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 for duration of the contract. The COA is
expected to generate approximately $20 million over its term. The
performing 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, Chief Executive Officer of Pangaea
Logistics Solutions. “Our long standing leadership position in
maritime logistics has enabled us to develop deep and trusted
partnerships with producers and manufacturers, clearly illustrated
by today’s announcement.”
About Pangaea Logistics Solutions, Ltd.
Pangaea Logistics Solutions Ltd. provides logistics services to
a broad base of industrial customers who require the transportation
of a wide variety of dry bulk cargoes, including grains, pig iron,
hot briquetted iron, bauxite, alumina, cement clinker, dolomite,
and limestone. The Company addresses the transportation needs of
its customers with a comprehensive set of services and activities,
including cargo loading, cargo discharge, vessel chartering, and
voyage planning. Learn more at www.pangaeals.com.
Investor Relations:Prosek PartnersThomas Rozycki,
212-279-3115 x208Managing Directortrozycki@prosek.com
Pangaea Logistics Soluti... (NASDAQ:PANL)
Historical Stock Chart
From Apr 2024 to May 2024
Pangaea Logistics Soluti... (NASDAQ:PANL)
Historical Stock Chart
From May 2023 to May 2024