US-based shipping company Pangaea Logistics Solutions has placed an order for two Post-Panamax dry bulk vessels at China’s Guangzhou Shipyard International.
The 95,000 dwt units with Ice Class 1A classification were ordered to support a new ten-year contract with Baffinland Iron Mines Corporation. They are scheduled to join their owner in April and May 2021.
The new ships, with a building cost of around USD 38 million each, are Pangaea’s first shipbuilding contracts in China. The company holds options to build two more bulkers at the China State Shipbuilding Corporation-affiliated shipyard.
“Our ships are custom-designed for the ice trades our Nordic Bulk Carriers subsidiary has developed over the past decade,” Ed Coll, Chief Executive Officer of Pangaea, said.
Upon delivery, the new ships will serve Pangaea’s contract with Baffinland for summer service in the Canadian Arctic, existing customers in the Baltic Sea winters, and the trade routes in high northern latitudes.
“The new ship design is a fuel efficient one, making it competitive with non-ice class vessels when not trading in ice, and the ships will comply with all Polar Code requirements for safety and environmental demands,” Coll added.