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Pangaea takes delivery of two ultramax carriers

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World Cement,

Pangaea Logistics Solutions, a NASDAQ-listed dry bulk shipping company, has taken delivery of two ultramax ice-class dry bulk carriers from Oshima Shipyard in Japan. The company has also bought out its 50% joint venture partner in Nordic Bulk Ventures Holding (NBVH), giving it full control of the company.

NBVH had ordered the new ships in 2013. With Pangaea’s buy out of NBVH, the company also gains full control of the new ships, which have been named the Bulk Destiny and Bulk Endurance.

“The new ships were immediately employed to service our cargo portfolio and, with their ice-class designations, nicely complement our existing ice-class fleet of eight vessels,” said Edward Coll, Chairman and CEO of Pangaea.

NBVH ships a wide variety of commodities, including clinker, scrap steel, fertilizers, iron ore and grain.

In addition, the company said that it had loaded its millionth tonne of cargo under a logistics-based contract of affreightment (COA) to provide the transportation of about 3.5 million t of construction material to a port on the US East Coast. The COA is continuously serviced by four ultramax vessels.

"In a tumultuous time for long-term commitment in the dry bulk business, we have secured new tonnage for our fleet and attractive financing packages with world class lenders,” concluded Cox. “Our cargo customers recognise and appreciate the efforts we make to expand our services and their markets.”

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