Lloyd's List is part of Maritime Intelligence

This site is operated by a business or businesses owned by Maritime Insights & Intelligence Limited, registered in England and Wales with company number 13831625 and address c/o Hackwood Secretaries Limited, One Silk Street, London EC2Y 8HQ, United Kingdom. Lloyd’s List Intelligence is a trading name of Maritime Insights & Intelligence Limited. Lloyd’s is the registered trademark of the Society Incorporated by the Lloyd’s Act 1871 by the name of Lloyd’s.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

Printed By

UsernamePublicRestriction

Sovcomflot affiliate replaced as Pangaea Logistics ice-class fleet manager

Dry bulk owner says that sanctions forced change from SCF to Bernard Schulte, while war has also prompted a shift in commercial focus

‘The change in the technical managers is unfortunate, but we do not believe it will be costly,’ says Pangaea Logistics chief executive Mark Filanowski

PANGAEA Logistics Solutions is replacing an affiliate of Sovcomflot as technical shipmanager for its ice-class bulker fleet because of sanctions imposed over the Ukraine invasion.

The US-listed dry bulk carrier owner and operator said it was “in the process of moving the ice class 1A fleet” from SCF Management Services to Bernhard Schulte Shipmanagement for technical management services.

SCF was “a Russian company which is subject to sanctions imposed by the US and other governments in February 2022”, the owner said.

Pangaea controls a fleet of 25 bulkers including 10 panamaxes and post-panamaxes that are ice-class 1A. Seamar Management in Greece provides technical management for its other vessels, including two ultramaxes of ice-class 1C.

The company said in a statement it doubled fourth quarter of the year net income to $15.2m,  while adjusted net income reached $24.9m compared with a $6.2m profit in the fourth quarter of 2020. Full-year net income was $67.2m, up from $11.4m the previous year.

“The change in the technical managers is unfortunate, but we do not believe it will be costly,” said chief executive Mark Filanowski, who told analysts that the change was “a little disruptive” but the company had realised “early on” that it would be needed. “However, it was then required under the sanctions,” he said.

In addition to the management change, said Mr Filanowski, Pangaea had had to “refocus” some of [its] commercial attention away from Baltic seaports and cargoes.

“Going forward, things will pivot. They have already pivoted. We see cargoes moving from different places into Europe, and we will participate in that. The cargo that used to come out of Ukraine and now to Russia in the Black Sea, it's still needed somewhere. So it is coming from different places, probably adding ton miles.”

The earnings call was the first since Mr Filanowski was appointed following the death of Pangaea founder and chief executive Ed Coll in December.

“It really was a banner year in 2021 for Pangaea’s performance,” Mr Filanowski said. “It was a year that Ed Coll...would be extremely proud of.”

 

Related Content

Topics

  • Related Companies
  • UsernamePublicRestriction

    Register

    LL1140211

    Ask The Analyst

    Please Note: You can also Click below Link for Ask the Analyst
    Ask The Analyst

    Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

    All fields are required.

    Please make sure all fields are completed.

    Please make sure you have filled out all fields

    Please make sure you have filled out all fields

    Please enter a valid e-mail address

    Please enter a valid Phone Number

    Ask your question to our analysts

    Cancel