In a statement Nasdaq-quoted Pangaea said the deal calls for the transportation of two million tons of “steel-related products”.
The operator pointed out that the first shipment is scheduled in commence in 2016 and will involve the carriage of cargoes from the Gulf of Mexico to Central America.
“We are extremely pleased to announce this accretive COA at a time where broader market fundamentals are still facing significant headwinds,” added chief executive Ed Coll.
“Our long standing leadership position in maritime logistics has enabled us to develop deep and trusted partnerships with producers and manufacturers, clearly illustrated by today’s announcement.”
At last check Pangaea boasted a fleet of more than a dozen bulkers. Of these, several are ice-class panamaxes.
Today, the operator noted that the freshly-minted COA will involve at least 570 cargo days but didn’t say which vessels it plans to deploy.
In the wake of the revelation Pangaea’s stock gained traction before topping out at $3.00 in the hour leading up to the close, which represents a leap of roughly 5.26%.
