A Nasdaq-listed dry bulk shipping company Pangaea Logistics Solutions has entered into a five-year Contract of Affreightment (COA) for the transportation of two million tons of steel-related products, with an undisclosed client.
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 USD 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.