Pangaea Expands its Ice Class Fleet for Arctic Operations

Pangaea Logistics Solutions has taken delivery of an ice class Post-Panamax bulker, part of a fleet modernization program aimed at growing its market share. The new Nordic Nuluujaak has been delivered to its Danish subsidiary, Nordic Bulk Carriers.  

According to Pangaea, Nordic Nuluujaak will be the most efficient ship trading in the Arctic thanks to its high cargo lift and fuel-efficient design. It will serve long-time customer, Baffinland Iron Mines, which had expressed a need for special tonnage to carry its high-grade iron ore.

The vessel is the first ice class 1A Post-Panamax bulker in a series of four from Guangzhou International Shipyard. The remaining three ships will be delivered within the next few months.

“These vessels expand our ice class fleet to 12 modern ships between 60,000 dwt and 95,000 dwt.  They will work hard to serve our customer requirements and we will operate them in a manner that fully respects the special areas in which they will trade,” noted Coll.

Pangaea has been on a fleet expansion drive focusing on young vessels in order to capitalize on a recovering market. The dry bulk market is on the rebound after being dampened by the COVID-19 pandemic, with freight rates rising to multi-year highs during the first quarter of the year, a period that is usually weak.

Last month the firm announced that its gross profit for the first quarter of the year stood at $10.6 million compared to $1.6 million in the same period in 2020. Revenues revenues grew to $125 million from $96 million last year.