Up Or Down? Pangaea Logistics Solutions (NASDAQ:PANL) In News

Pangaea Logistics Solutions (NASDAQ:PANL) is one moving higher in pre-market trading on Thursday.

M/V Nordic Nuluujaak Delivered to Pangaea Logistics Solutions Ltd.

  • announced today that M/V Nordic Nuluujaak, the first Ice Class 1A Post Panamax dry bulk vessel in a series of four ships being built for Pangaea at Guangzhou International Shipyard in China, has been delivered to its Danish subsidiary, Nordic Bulk Carriers. The remaining three ships in the series will be delivered within the next few months.
  • Nordic Nuluujaak, 95,758 deadweight tons and named for the Baffinland Iron Mines’ site on Baffin Island in the Canadian Arctic, will be the most efficient ship trading in the Arctic, with a high cargo lift and a fuel-efficient design.  
  • The ship carries the DNV “CLEAN” citation, meaning the ship fully complies with all MARPOL requirements and other requirements to help prevent air and water pollution. The engine room is fitted with TIER III NOX reducing technology that significantly reduces the nitric oxide emissions and today meets the air pollution requirements of tomorrow. Further, the most modern paints are used, for reduced environmental impact and friction under water, to improve fuel economy. 
  • Nordic Nuluujaak, and its sister ships, will comply with environmental regulations scheduled to come into force in coming years.

“This is a big step, and a proud day, for us,” commented Ed Coll, Pangaea’s Chief Executive Officer. “The combination of partners that came together to construct these high specification vessels, designed to trade safely and efficiently in challenging Arctic conditions, is truly remarkable. 

Market Action

As of 7:58, PANL is trading at $4.05, up by 0.50%. So far more than 300 shares have exchanged hands.

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