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Pangaea Logistics extends freight agreement with Noranda

Published by , Assistant Editor
Dry Bulk,

Yesterday, Pangaea Logistics Solutions Ltd. (Pangaea), a global provider of comprehensive maritime logistics solutions, extended its contract to move bauxite from Jamaica to Gramercy in Louisiana (USA) for Noranda Bauxite and Alumina (Noranda) through year-end 2031.

"We are pleased to extend our partnership with Noranda," said Ed Coll, Pangaea's CEO.  

"Noranda and Pangaea know each other very well, having frequently found ways to enhance our relationship over many years, resulting in a true partnership. We look forward to serving Noranda's transportation, supply and logistics needs for many, many years, and we will work and grow together on marketing and logistics for other products related to the aluminum industry."  

CEO of Noranda, David F. D'Addario, added: "Having such a stable and dependable partner as Pangaea transporting our bauxite from Jamaica to Gramercy gives us comfort in knowing that our key raw material supply will get to our refinery timely and cost-effectively. With decades of bauxite supply under lease to us in Jamaica, it makes sense to extend our relationship with Pangaea through the next decade and create a pricing paradigm where our costs are much more predictable over that period."  

Along with extending the term of the contract, the parties agreed to a pricing structure designed to create, net of fuel and port cost variances, stable pricing with minor inflationary adjustments through the life of the contract. Pangaea moves over 3 million t of bauxite from Jamaica to Gramercy each year in an efficient ocean shuttle service utilising three dedicated vessels, and Coll indicated that over the period of the extended contract Pangaea will move over 40 million t of cargo for Noranda.  

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