Key Developments: Pangaea Logistics Solutions Ltd (PANL.PH)

PANL.PH on Philadelphia Stock Exchange

22 Sep 2015
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Latest Key Developments (Source: Significant Developments)

Pangaea Logistics Solutions secures strategic contract extensions
Monday, 1 Jun 2015 08:57am EDT 

Pangaea Logistics Solutions:Extensions to two of its Contracts of Affreightment (COA) with leading global companies.Together these extensions have the potential to generate up to $22 million in revenue over the next 3 years and will optimally position the Company to execute on its backhaul strategy.Specifically, a major international aluminum company has agreed to a two year COA extension that will cover 2017 and 2018 and utilize Supramax vessels on a route from Brazil to the east coast of Canada.This extension provides for the shipment of 400,000-500,000 metric tons of cargo per year.Separately, the company announced a one year extension of a COA for the shipment of approximately 850,000 metric tons of pig iron from Brazil to the United States.  Full Article

Pangaea Logistics Solutions announces long-term contract of affreightment utilizing Ice-Class Vessels
Wednesday, 20 May 2015 08:53am EDT 

Pangaea Logistics Solutions:Enters into a three to five-year Contract of Affreightment with a major international steel producer that will utilize its ice-class tonnage and has the potential to produce up to $135 million in revenue over five years.First shipment is scheduled to commence in the summer of 2015 and the contract provides for up to 30 shipments per year, each generating nearly $1 million in revenue.Accordingly, the COA is expected to produce approximately $80 million in revenue over the initial three year term, and has the capacity to contribute up to $135 million in revenue over its maximum term.Says the performing vessels will be loading on the east coast of Canada and discharging in Europe and will be operated by Pangaea Logistics Solutions' ice-class specialist subsidiary, Nordic Bulk Carriers, which is based in Copenhagen.  Full Article

Pangaea Logistics Solutions announces five-year contract of Affreightment in Gulf of Mexico
Wednesday, 4 Mar 2015 09:30am EST 

Pangaea Logistics Solutions:Enters into a five-year Contract of Affreightment (COA) for the transportation of two mln tons of steel-related products.First shipment is scheduled to commence in 2016 and the contract will provide a minimum of 570 cargo days for duration of the contract.COA is expected to generate about $20 mln over its term.Performing vessels will be loading in the Gulf of Mexico and discharging in Central America.  Full Article

Pangaea Logistics Solutions Ltd enters into letter of intent with ASO 2020 Maritime
Wednesday, 8 Oct 2014 05:26pm EDT 

Pangaea Logistics Solutions Ltd:Entered into an agreement in principle with ASO 2020 Maritime.Pursuant to the letter of intent and subject to certain conditions, ASO 2020, an affiliate of the Alexander S. Onassis Foundation, will acquire a stake in Pangaea.Terms of the investment, which is expected to close within 60 days, were not disclosed.  Full Article

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