Pinnacle Renewable Energy Group has agreed a long-term charter of a handysize ship with Japanese NYK Bulk & Projects Carriers. The launching ceremony for the new “MS New Pinnacle” was held in the Shikoku dockyard in Takamatsu City in the presence of Pinnacle CEO Rob McCurdy at the end of October. With the aid of the long-term charter of the 40,000-t ship, the group wants to become more flexible and cheaper with its pellet-export logistics.
Pinnacle has signed three other contracts with pellet customers in Japan in the last six months. According to a current corporate presentation, Pinnacle had orders worth 4.6bn CAD with customers in Japan and South Korea as per end September. The company gave the total value of the backlog of orders under contract as 7.1bn CAD. The annual volume of deliveries to Japan and South Korea is currently around 1.47m t.
