How financiers stepped in when Pangaea Logistics had two ships and the client wanted four

Rhode Island-based Pangaea Logistics Solution had a problem to solve.

A key client, Baffinland Iron Mines, approached the niche-market dry cargo owner in 2019 about prospects to build a series of ice-class newbuildings to serve its long-term needs.

“We investigated and came back to them and said ‘we found a way we can build you two new ships.’ They said ‘that’s really nice, can you build us four?” recalled Pangaea chief financial officer Gianni Del Signore in a recent interview with TradeWinds.