July 26, 2016 / 8:37 PM / 2 years ago

BRIEF-Pangaea Logistics Solutions provides business update

July 26 (Reuters) - Pangaea Logistics Solutions Ltd

* Bolstered its fleet with addition of two supramax vessels

* Pangaea has amended a coa in gulf of mexico that is scheduled to commence in september

* Contract in gulf of mexico increased from 400,000 metric tons per annum to 700,000 metric tons per annum for coming year

* New logistics based coa wherein it will provide transportation of 3.5 million tons of construction material to major port on u.s. East coast

* Amended contract in gulf of mexico has potential for increase to continue for remainder of five-year term of coa

* Pangaea logistics solutions provides business update

* Expects two new vessels to be accretive to earnings

* Logistics based coa will commence in september and is expected to generate approximately $29 million in gross revenue over 14 months

* Gulf of mexico coa will contribute approximately $20 million in gross revenue over five-year period Source text for Eikon: Further company coverage:

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