Pangaea Logistics Solutions Announces the Delivery of the Ice-Class 1A Panamax Nordic Oshima
October 28 2014 - 8:30AM
Business Wire
Vessel expands world’s largest ice-class 1A
Panamax fleet, begins generating revenue immediately upon
delivery
Vessel to traverse the increasingly important
Northern Sea Route
Pangaea Logistics Solutions, Ltd. (“Pangaea” or the “Company”)
(NASDAQ:PANL) announced today the delivery of the Nordic Oshima, a
76,180 dwt ice-class 1A panamax dry bulk carrier. The Company took
delivery of the vessel on September 25, 2014 from Oshima
Shipbuilding Co., Ltd. Financial terms were not disclosed.
The Nordic Oshima is currently on a sixty-day repositioning
charter from Japan to Finland. The vessel will first stop in
Vancouver, Canada before traversing the Northern Sea Route (NSR).
By virtue of its high ice class specification, Nordic Oshima is
able to carry 12,000-15,000 metric tonnes more than a vessel
sailing through the Panama Canal. In addition to increased
capacity, the NSR route substantially reduces the number of transit
days on such voyages and has a dramatic impact on fuel costs and
emissions.
“This voyage exemplifies what Nordic Bulk Carriers, a Pangaea
Logistics Solutions company, does best. By traversing the NSR,
instead of the traditional route through the Panama Canal, we are
able to reduce emissions and our carbon footprint. At the same time
we are generating better economy through reduced bunker fuel
consumption and the ability to carry substantially greater cargo
intake,” said Ed Coll, Pangaea Logistics Solutions’ Chief Executive
Officer. “Significant resources have gone into optimizing the
design of the vessel to ensure superior economic performance and
environmental safety, which is of the upmost importance in
ice-class vessels.”
Building on its previous ice-class success, Nordic Bulk Carriers
was also the first company to traverse the Northwest Passage (NWP)
working closely in 2013 with Canadian Government entities to
successfully complete a voyage carrying Canadian Coal from
Vancouver, Canada to Pori, Finland and establishing this waterway
as a viable and vital sea route for dry bulk cargoes.
Coll added, “We are incredibly pleased with the success of our
ice-class program to date, particularly in the NSR and the NWP. We
will continue to work with governments, coast guards, and marine
authorities to ensure the highest standards of operational
excellence, safety, and environmental impact.”
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.
Prosek PartnersINVESTOR RELATIONSThomas Rozycki,
212-279-3115 x208Managing Directortrozycki@prosek.com
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