Two Ice Class Bulker Newbuildings Join Pangaea’s Fleet

Newport-based dry bulk shipping and logistics provider Pangaea Logistics Solutions has taken delivery of two Ultramax dry bulk carriers from Oshima Shipyard in Japan, completing its current newbuilding program of six ice class bulkers.

The two ice class 1C bulkers, Bulk Destiny and Bulk Endurance, were ordered by Pangaea’s 50% owned joint venture company Nordic Bulk Ventures Holding (NBVH) in 2013. Pangaea revealed it has purchased its JV partner’s 50% interest in NBVH, which will give the firm full control of both new ships.

“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, bringing our ice class fleet to ten ships,” Edward Coll, Pangaea’s Chairman and Chief Executive Officer, said.

With a gross tonnage of 34,261 tons, each of the two bulker newbuildings features a length of 200 meters and a width of 32.3 meters.

The company has financed the 59,500 dwt vessels under separate agreements. Bulk Destiny was financed under a sale-leaseback transaction for a total of USD 21 million, inclusive of the purchase price at the end of the seven-year lease term. In addition, the firm obtained commercial financing with a European bank for Bulk Endurance, which is divided into a senior debt tranche of USD 16 million and a junior debt tranche of USD 3.5 million.

Furthermore, Pangaea informed that the counterparty to a long-term contract of affreightment (COA), an undisclosed alumina producer that filed for bankruptcy early in 2016, was acquired by a new entity that has assumed the COA under its existing terms. The contract employs the company’s three vessels in a shuttle service and extends through 2025.

Pangaea recently loaded its one-millionth ton of cargo under a logistics-based COA to provide for the transportation of about 3.5 million tons of construction material to a major port on the Unites States’ East Coast. The COA is serviced by four Ultramax vessels.

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