The new ships, built at a cost of approximately $38m each, are Pangaea's first newbuilding order in China.
Ed Coll, chief executive officer of Pangaea said that the ship design was a fuel efficient one, making it competitive with non-ice class vessels when not trading in ice, and the ships would comply with all Polar Code requirements for safety and environmental demands, said.
The two bulk carriers are to be delivered in the first half of 2021 and will be deployed for Pangaea’s ten-year contract with Baffinland Iron Mines Corporation for service in the Canadian Arctic.
Pangaea Logistics Solutions provides logistics services to dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.
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