Pangaea Logistics Solutions Announces Ten-Year Contract Extension
August 19 2015 - 4:03PM
Business Wire
Agreement with major aluminum producer may
generate up to $350 million in revenue
Pangaea Logistics Solutions, Ltd. (“Pangaea” or the “Company”)
(NASDAQ:PANL) announced today that it has extended a Contract of
Affreightment (“COA”) with a major aluminum producer through 2026,
which has the potential to generate up to $350 million in revenue
over the ten-year term of the extension.
The extension to the COA covers the shipment of 35 million tons
of cargo through the Caribbean and will provide fulltime employment
for three vessels.
“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, Chairman and Chief Executive Officer of
Pangaea Logistics Solutions. “We will continue to seek out and
secure profitable contracts that allow us to grow our business in a
disciplined manner that positions us to generate attractive returns
irrespective of the rate environment, and this is yet another
example of Pangaea executing on that strategy.”
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150819006128/en/
Investor Relations:Prosek PartnersThomas Rozycki,
(212) 279-3115 x208Managing Directortrozycki@prosek.com
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