Pangaea Logistics Solutions, an American shipping company, confirmed the execution of an alternative order from guangdong shipbuilding international to add two 1A ice class 95,000 DWT ice bulk carriers, each costing about $37.7 million.
Including the latest order, Pangaea currently has four ice block bulk carriers on board international, the first two of which will be delivered in April and May 2021, and has signed a new 10-year contract with Canadian company Baffin Island for the latest two vessels to be delivered in November 2021.
The new ships, a 95,000 deadweight ton ice enhanced bulk carrier, will be classed as DNV GL, with an ice-breaking capacity up to the 1A ice class in DNV GL ice class rules, and can penetrate 0.8 meters of ice to operate normally, which will serve Pangaea's arctic customer base.
In April this year, guangdong ship international and Pangaea signed 2+2 1A ice class 95000 DWT ice bulk carrier construction contract, which is the first time for guangdong ship international to cooperate with Pangaea, and also the first time for guangdong ship international to undertake ice zone enhanced bulk carrier orders.
Pangaea is also financing guangdong shipbuilding international's ice bulk carrier through a $129.2 million bareboat charter structure.Upon delivery, each new ship will be sold to a subsidiary of CSSC Shipping and leased to an entity controlled by a new joint venture between Pangea and Hudson Structured Capital Management ltd. through a bareboat lease for 15 years.
It is understood that the order from Pangaea is the first time Pangaea has booked a ship in a Chinese shipping company.Pangaea's official website shows that Pangaea's fleet currently has 20 conventional/polar bulk carriers. Apart from two handy-size bulk carriers delivered by daewoo shipbuilding in 1995, the remaining 18 are all built by Japanese companies.
Learned, Pangaea was founded in 1996, is a world famous comprehensive shipping logistics company, headquartered in Newport, Rhode Island, and set up in Athens, Copenhagen, and Singapore experienced professional management team, committed to providing customers with comprehensive transportation service, ice is bulk carrier operations industry leader.
Source: International Shipping Network