Former Pangaea Logistics Solutions (PANL) directors Eric Rosenfeld, David Sgro, and Anthony Laura are preparing to challenge the direction of Pangaea Logistics Solutions (PANL) after being removed from the Board of Directors (BOD), with the three former directors indicating that they may pursue an activist shareholder campaign and explore a possible sale of Pangaea Logistics Solutions (PANL). The dispute has placed the governance of Nasdaq-listed and Rhode Island-headquartered dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) under closer scrutiny, as Eric Rosenfeld, David Sgro, and Anthony Laura argue that their removal was intended to suppress disagreement within the Board of Directors (BOD). The boardroom conflict emerged after Pangaea Logistics Solutions (PANL) reduced the size of its Board of Directors (BOD) to seven members, a step that removed three of the longest-serving directors from Pangaea Logistics Solutions (PANL). Eric Rosenfeld, David Sgro, and Anthony Laura have claimed that the decision was not a routine corporate governance adjustment, but a deliberate move that weakened independent debate at Pangaea Logistics Solutions (PANL). The reduction also appears to increase the relative influence of the three nominees connected with largest shareholder Strategic Shipping – (Strategic Bulk Carriers (SBC), although those nominees are still classified as independent directors. Eric Rosenfeld, David Sgro, and Anthony Laura remain financially exposed to Pangaea Logistics Solutions (PANL), holding a combined 2.5% stake in Pangaea Logistics Solutions’ (PANL’s) New York-listed shares, even after Eric Rosenfeld recently reduced part of his personal position. Through Eric Rosenfeld’s Crescendo Partners, Eric Rosenfeld, David Sgro, and Anthony Laura said they intend to speak with outside parties, including investment banks, about strategic alternatives that could improve shareholder value. One of the options being considered is a sale of Pangaea Logistics Solutions (PANL), which would represent a major escalation in the disagreement between Eric Rosenfeld, David Sgro, and Anthony Laura and the remaining leadership of Pangaea Logistics Solutions (PANL). Eric Rosenfeld, David Sgro, and Anthony Laura also said they may seek a special general meeting of Pangaea Logistics Solutions (PANL) shareholders to request a vote of “no confidence” in the Board of Directors (BOD) and to raise other governance matters. According to Eric Rosenfeld, David Sgro, and Anthony Laura, such a meeting would give shareholders of Pangaea Logistics Solutions (PANL) an opportunity to express their views at a time when Eric Rosenfeld, David Sgro, and Anthony Laura believe open discussion is being restricted. Mads Boye Petersen, CEO of Pangaea Logistics Solutions (PANL), has defended the board reduction by saying that the Board of Directors (BOD) believes seven directors is the appropriate number for Pangaea Logistics Solutions (PANL), considering the size of Pangaea Logistics Solutions (PANL). Pangaea Logistics Solutions (PANL) CEO Mads Boye Petersen also acknowledged the contribution of Eric Rosenfeld, David Sgro, and Anthony Laura, saying Pangaea Logistics Solutions (PANL) appreciated the time and effort that Eric Rosenfeld, David Sgro, and Anthony Laura had given to Pangaea Logistics Solutions (PANL). Eric Rosenfeld is not new to shareholder activism, as Eric Rosenfeld and investment management firm Crescendo Partners have previously taken activist positions in public businesses. Crescendo Partners became particularly visible during its 2013 and 2014 activist campaign against teen clothing retailer Aeropostale, when Crescendo Partners nominated a competing slate of directors. That background gives the current dispute at Pangaea Logistics Solutions (PANL) additional significance, because Eric Rosenfeld, David Sgro, and Anthony Laura appear prepared to move beyond criticism and consider formal shareholder action. Eric Rosenfeld, David Sgro, and Anthony Laura described their removal from the Board of Directors (BOD) as a serious and concerning development, especially because the broader shareholder base that elected Eric Rosenfeld, David Sgro, and Anthony Laura was not consulted before the decision was made. Eric Rosenfeld, David Sgro, and Anthony Laura said the removal of dissenting directors suggests a governance culture in which opposing views are discouraged rather than debated. Eric Rosenfeld, David Sgro, and Anthony Laura also argued that the decision represents a sharp departure from sound corporate governance principles. In addition to shareholder activism, Eric Rosenfeld, David Sgro, and Anthony Laura said they are reviewing possible legal options in response to their removal from Pangaea Logistics Solutions (PANL). The controversy is particularly notable because Eric Rosenfeld, David Sgro, and Anthony Laura each had long-standing connections with Pangaea Logistics Solutions (PANL). Anthony Laura co-founded Pangaea Logistics Solutions (PANL) predecessor Bulk Partners with the late Edward Coll, former CEO of Pangaea Logistics Solutions (PANL), and Carl Claus Boggild, who continues to serve on the Board of Directors (BOD) after the transition. Anthony Laura was chief financial officer when Pangaea Logistics Solutions (PANL) became a publicly traded business in 2014, and Anthony Laura later joined the Board of Directors (BOD) in 2017. Eric Rosenfeld, CEO of investment firm Crescendo Partners, had served on the Board of Directors (BOD) from the time Pangaea Logistics Solutions (PANL) became public, while David Sgro, head of research at Jamarant Capital, had also been a director since that period. Under Pangaea Logistics Solutions’ bylaws, the removal of Eric Rosenfeld, David Sgro, and Anthony Laura would have required approval from all remaining members of the Board of Directors (BOD), including Mads Boye Petersen, long-time directors such as Carl Claus Boggild, and chairman Richard du Moulin. The dispute now leaves Pangaea Logistics Solutions (PANL) facing a potentially difficult shareholder confrontation, with Eric Rosenfeld, David Sgro, and Anthony Laura preparing to test whether other investors share their concerns about governance, board independence, and the strategic future of Pangaea Logistics Solutions (PANL). 12-June-2026
Nasdaq-listed and Rhode Island-headquartered dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is continuing to reshape its fleet through the disposal of an older bulk carrier, extending a divestment pattern that is closely linked to fleet modernization, operating efficiency and a broader effort to preserve a commercially competitive platform. Pangaea Logistics Solutions (PANL) said in its latest quarterly earnings report that it has entered into an agreement to sell the 2006-built panamax bulk carrier MV Bulk Xaymaca for approximately $9.6 million, with handover to the undisclosed buyer expected in Q2 2026. The transaction comes after the earlier sale of the ageing supramax bulk carrier MV Bulk Freedom, which was sold in Q4 2025 for the same amount, meaning Pangaea Logistics Solutions (PANL) has now moved to part with two of the oldest bulk carriers in its fleet within a relatively short period. Following the departure of supramax bulk carrier MV Bulk Freedom, panamax bulk carrier MV Bulk Xaymaca had become the oldest bulk carrier in the owned fleet, and its sale highlights that Pangaea Logistics Solutions (PANL) is not merely recycling tonnage on an occasional basis but is pursuing a deliberate programme aimed at keeping its fleet younger, more efficient and better suited to its commercial model. Pangaea Logistics Solutions (PANL) currently owns 39 ships and reinforces that owned fleet with more than 20 chartered-in ships in order to support cargo commitments and long-term contracts of affreightment, giving the group a structure that combines direct asset ownership with chartered flexibility. Pangaea Logistics Solutions (PANL) is not a traditional listed dry bulk owner built solely around spot-market exposure. The group has long defined itself as an integrated dry bulk logistics and transportation business focused on specialized shipping, supply chain and logistics services in commodity and niche markets, with management repeatedly stressing that its model is intended to generate premium returns measured in time charter equivalent per day rather than simply mirror broader market benchmarks. That identity helps explain why fleet renewal carries particular importance. For Pangaea Logistics Solutions (PANL), older ships are not just ageing assets; they can also become less compatible with customer requirements, fuel-efficiency targets, technical standards and the operational discipline needed for specialized trades. From that standpoint, the sale of panamax bulk carrier MV Bulk Xaymaca fits within a broader commercial philosophy in which owned ships must support an integrated logistics platform rather than exist merely as individual trading units. A major factor that sets Pangaea Logistics Solutions (PANL) apart from many listed peers is its position in ice-class shipping. The group has described itself as the operator of the world’s largest high ice-class dry bulk fleet of panamax and post-panamax ships, a niche that gives it access to harder-to-replicate trades and allows it to serve cargo programmes that require specialized ship capability. That strength in ice-class operations has remained a defining element of the investment case around Pangaea Logistics Solutions (PANL), because it supports above-index earnings potential in markets where technical capability and operational experience matter as much as fleet size. The latest reshaping of the fleet therefore should not be viewed only through the narrow lens of ageing-ship disposals. It also reflects a continuing effort by Pangaea Logistics Solutions (PANL) to protect the quality and relevance of the fleet that underpins its specialist market position. Pangaea Logistics Solutions (PANL) has also been broadening a wider maritime services platform around its ships. In addition to ship operations, the group provides stevedoring services and maintains port and terminal operations capabilities, while management has pointed to ongoing organic growth initiatives designed to expand the terminal operations business. That means the business is increasingly defined not only by the ships it owns, but also by how effectively it can connect ship employment, cargo handling, terminal infrastructure and customer logistics requirements into a single coordinated system. In that setting, the disposal of older bulk carriers such as panamax bulk carrier MV Bulk Xaymaca can be interpreted as part of a broader capital-allocation discipline. Pangaea Logistics Solutions (PANL) appears to be directing capital toward assets and operating segments that fit more closely with its integrated logistics strategy, rather than holding onto older ships simply to preserve fleet count. The development of the Pangaea Logistics Solutions (PANL) fleet has also been influenced by recent acquisition-led growth. Company disclosures have shown that the group expanded meaningfully through the Strategic Shipping transaction completed in late 2024, after which management began integrating the enlarged fleet and portfolio into the broader business. As of March 17, 2025, Pangaea Logistics Solutions (PANL) said it controlled 41 bulk carriers, including ice-class panamax, post-panamax, ultramax, supramax and handysize ships. Later fleet disclosures showed a composition that included owned and partly owned tonnage across panamax, ultramax, supramax and post-panamax segments, including the Nordic Bulk Holding Company structure with six panamax ice-class ships. Against that background, the decision to sell older units such as supramax bulk carrier MV Bulk Freedom and panamax bulk carrier MV Bulk Xaymaca appears to be the logical next stage after expansion: first broaden and diversify the platform, then refine it by removing older or less strategic ships. There is also a clear financial rationale behind the sale. In its fourth-quarter 2025 results, Pangaea Logistics Solutions (PANL) reported improved year-on-year revenue and earnings while continuing to emphasize disciplined fleet optimization. Management’s language around fleet renewal, premium-return niche markets and integrated logistics suggests that ship disposals are being treated as part of a wider return-on-capital framework rather than as isolated transactions. The repeated $9.6 million sale price achieved for both supramax bulk carrier MV Bulk Freedom and panamax bulk carrier MV Bulk Xaymaca may also indicate that Pangaea Logistics Solutions (PANL) has been able to monetize ageing ships at acceptable levels before larger capital expenditure, stricter environmental regulation or further ageing diminishes their strategic value. For a listed dry bulk owner with both owned ships and chartered-in flexibility, that timing can be important. It allows Pangaea Logistics Solutions (PANL) to continue serving contracted cargo without becoming overly reliant on older owned ships whose earnings profile or compliance standing may weaken over time. Pangaea Logistics Solutions (PANL) has likewise emphasized technical efficiency and digital performance improvements across its fleet. Its ESG reporting described further investment in vessel performance upgrades and outlined an objective of bringing all Pangaea ships under a unified performance platform tracking speed, fuel consumption, weather, currents and routing efficiency. That point matters because the sale of ageing ships is not only about reducing average fleet age. It is also about aligning the fleet with a more data-driven, fuel-conscious and operationally optimized model. Older ships can often be less well suited to that approach, especially when compared with newer or upgraded units that fit more naturally into performance-monitoring systems and evolving emissions expectations. In that regard, the disposal of panamax bulk carrier MV Bulk Xaymaca strengthens the view that Pangaea Logistics Solutions (PANL) is steadily steering its fleet toward higher efficiency, stronger technical oversight and better alignment with the demands of modern bulk transportation. Viewed more broadly, Pangaea Logistics Solutions (PANL) is positioning itself as more than a straightforward owner of dry bulk ships. It is building around specialization, ice-class leadership, logistics integration, terminal operations and cargo relationships supported by long-term contracts of affreightment. That business mix helps explain why the sale of one ageing panamax bulk carrier matters beyond the headline consideration. The disposal of panamax bulk carrier MV Bulk Xaymaca is another sign that Pangaea Logistics Solutions (PANL) is refining the makeup of its fleet to support a more modern, more efficient and more strategically aligned operating platform. Rather than treating fleet size as the principal measure of progress, Pangaea Logistics Solutions (PANL) appears to be concentrating on fleet quality, operational fit and earnings durability. For that reason, the sale of panamax bulk carrier MV Bulk Xaymaca can be understood not merely as the exit of one older ship, but as part of the continuing transformation of Pangaea Logistics Solutions (PANL) into a more specialized and more integrated dry bulk logistics group. 11-March-2026
Weight Watchers International chairman moves into the Rhode Island-headquartered dry bulk shipowner and operator Pangaea Logistics Solutions (PANL)’ BOD (Board of Directors) as Christina Tan resigns, marking the second shift in Strategic Bulk Carriers (SBC) board representation in under a month. USA-based MT Maritime Management (MTMM), the dry bulk carrier division of Strategic Bulk Carriers (SBC), executive chairman Christina Tan stepped down from the board of directors at Nasdaq-listed Pangaea Logistics Solutions (PANL), and Pangaea Logistics Solutions (PANL) named Eugene Davis to fill the vacancy, adding a corporate strategist with a long record of advising boards on shareholder value creation, corporate strategy, and governance oversight. The board change lands at a sensitive moment for New York-listed shipowner and operator Pangaea Logistics Solutions (PANL), because Strategic Bulk Carriers (SBC) remains a top Pangaea Logistics Solutions (PANL) shareholder and market participants continue to scrutinize what Strategic Bulk Carriers (SBC) intends to do next. Pangaea Logistics Solutions (PANL) did not provide a detailed explanation for Christina Tan’s resignation, despite the obvious significance of MT Maritime Management (MTMM)-managed Strategic Bulk Carriers (SBC) holding an influential equity position in Pangaea Logistics Solutions (PANL). Beyond the boardroom headline, Pangaea Logistics Solutions (PANL) is known for running a dry bulk platform that combines ship ownership, ship operation, and cargo-focused logistics execution, with an emphasis on complex trades and high ice class capability. Pangaea Logistics Solutions (PANL) commercially manages a mixed operating fleet that typically spans Supramax, Panamax, Handymax, and other handy segments, while also controlling high ice class dry bulk ships that support seasonally constrained routes and specialized cargo programs. Pangaea Logistics Solutions (PANL) markets its services as an integrated maritime logistics offering that can cover cargo sourcing and positioning, voyage planning, ship chartering, cargo loading and cargo discharge coordination, and port and terminal-linked project work, allowing Pangaea Logistics Solutions (PANL) to compete on execution as well as freight. Pangaea Logistics Solutions (PANL)’ operational footprint is also international, with day-to-day commercial management handled through a multi-office setup serving customers across major dry bulk commodity flows, making board-level changes closely watched by investors who view governance stability as a key factor in Pangaea Logistics Solutions (PANL)’ next strategic chapter. 27-December-2025
USA-based MT Maritime Management (MTMM), the dry bulk carrier division of Strategic Bulk Carriers (SBC), has issued new remarks concerning its position in Nasdaq-listed and Rhode Island-headquartered dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), drawing fresh attention to the deepening corporate linkage between the two maritime players. The recent uptick in Pangaea Logistics Solutions’ (PANL’s) share price has raised questions among market observers about whether the acceleration is driven purely by stronger earnings performance or whether additional strategic developments are contributing to investor enthusiasm. Hew Crooks has stepped into the role of CEO at MT Maritime Management (MTMM), a leadership transition that could influence the evolving dynamic between MT Maritime Management (MTMM) and Pangaea Logistics Solutions (PANL), especially as both organisations continue to refine their positions within the global dry bulk sector.And so another phase begins for bulker specialist Pangaea Logistics Solutions (PANL). Potential changes at the New York-listed shipowner and operator Pangaea Logistics Solutions (PANL) have been under close scrutiny since September 2024, when the organisation announced the acquisition of the bulker fleet belonging to private Connecticut-based shipowner MT Maritime Management (MTMM) through a shares-based transaction valued at $271 million. This transformative deal significantly expanded the operational scale of Pangaea Logistics Solutions (PANL), while creating a more intertwined commercial alignment between the two entities. Pangaea Logistics Solutions (PANL) has long cultivated a distinctive position within the dry bulk market by specialising in niche trades, high-latitude routes, ice-class shipping, and integrated logistics solutions. The organisation operates a diverse fleet combining ice-strengthened bulk carriers, conventional tonnage, and logistics-focused assets capable of handling complex cargoes and remote port operations. Its Arctic and sub-Arctic expertise — including regular activity in Canadian, Greenlandic, and Alaskan regions — has positioned Pangaea Logistics Solutions (PANL) as a leading operator for industrial clients requiring reliable service in extreme environments. The acquisition of MT Maritime Management (MTMM)’s bulker fleet has provided Pangaea Logistics Solutions (PANL) with added scale, strengthened its chartering flexibility, and broadened its footprint across traditional global dry bulk corridors. Since the transaction, Pangaea Logistics Solutions (PANL) has been reassessing its fleet deployment strategy, enhancing its commercial reach, and reviewing opportunities to optimise vessel utilisation across both niche and mainstream routes. With expanding industrial partnerships, exposure to long-term cargo contracts, and a growing reputation for complex logistical operations, Pangaea Logistics Solutions (PANL) is increasingly viewed as a hybrid platform blending pure shipping with integrated maritime logistics. As market conditions evolve, investors continue to watch how Pangaea Logistics Solutions (PANL) will integrate MT Maritime Management (MTMM)’s assets, adjust its capital structure, pursue earnings growth, and potentially reshape its long-term corporate direction. The organisation now stands at a pivotal juncture, with strengthened fleet capacity, deeper strategic relationships, and an expanding operational footprint giving Pangaea Logistics Solutions (PANL) significant momentum in the global dry bulk landscape. 14-November-2025
Nasdaq-listed and Rhode Island-headquartered dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has completed the divestment of its oldest bulk carrier, further demonstrating its long-term strategy to rejuvenate and optimize its global fleet composition. The transaction reflects Pangaea Logistics Solutions’ (PANL’s) ongoing commitment to enhancing operational efficiency, environmental compliance, and fleet modernization across its diversified dry bulk portfolio.US-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) finalized the sale of the 2005-built supramax bulk carrier MV Bulk Freedom, a 52K DWT Japanese-built ship, for a reported price of approximately $9.5 million. The sale was initially disclosed by S&P (Sale and Purchase) shipbrokers in October 2025 and later confirmed by Pangaea Logistics Solutions (PANL), which emphasized that the deal aligns with its proactive approach to renewing older tonnage while maintaining a high-performing, cost-effective fleet profile. The supramax bulk carrier MV Bulk Freedom was constructed at Tadotsu Tsuneishi Shipyard in Japan and entered the fleet of Pangaea Logistics Solutions (PANL) in 2017 for around $9 million. Following several years of service in various global trades, including transatlantic and Pacific routes, the sale marks the end of an era for one of the company’s legacy ships. Delivery to the new shipowner is anticipated during Q4 2025, and the sale is expected to generate a gain of approximately $2.7 million for Pangaea Logistics Solutions (PANL).“The 2005-built supramax bulk carrier MV Bulk Freedom is the oldest bulk carrier in our fleet, and its disposal underscores our strategy to maintain a modern, fuel-efficient, and environmentally responsible shipping platform,” Pangaea Logistics Solutions (PANL) stated, highlighting the firm’s focus on sustainability and long-term fleet renewal. Nasdaq-listed and Rhode Island-based Pangaea Logistics Solutions (PANL) also concluded the sale of the 2010-built handysize bulk carrier MV Strategic Endeavor for around $7.7 million during Q3 2025. The move follows a sequence of strategic asset sales aimed at improving fleet age profiles and freeing up capital for new opportunities within the dry bulk sector. With these transactions, Pangaea Logistics Solutions (PANL) continues to strengthen its financial position while aligning its operational capacity with evolving environmental regulations and market demands. Pangaea Logistics Solutions (PANL) today operates a modern and diverse fleet that integrates owned and chartered-in ships to efficiently service global dry bulk trade routes. The company’s owned fleet currently stands at 40 ships, complemented by approximately 24 chartered-in ships that are deployed under its cargo contracts and contract of affreightment (COA) commitments. This flexible model enables Pangaea Logistics Solutions (PANL) to balance market exposure and control transportation costs while ensuring adaptability across fluctuating market conditions. Established as a leading logistics and maritime transport solutions provider, Pangaea Logistics Solutions (PANL) has built a strong reputation for its vertically integrated business model, which combines ship ownership, commercial management, and terminal operations. The firm specializes in transporting essential commodities such as bauxite, alumina, aggregates, grains, and other bulk cargoes, serving a wide range of industrial clients across North America, Europe, Asia, and South America. The company is also a key operator in niche markets such as the Arctic trade, leveraging its ice-class fleet to transport cargoes through challenging conditions in regions like Canada and Greenland. Headquartered in Middletown, Rhode Island, Pangaea Logistics Solutions (PANL) maintains a global network of offices and partnerships, including chartering and operations hubs in Copenhagen and Athens. Its integrated logistics network allows the firm to offer end-to-end shipping and cargo management services—ranging from cargo loading and discharge coordination to port logistics and terminal operations—positioning it as a reliable partner in the dry bulk sector. Pangaea Logistics Solutions (PANL) has consistently demonstrated resilience and adaptability through market cycles, focusing on long-term value creation through disciplined capital allocation, prudent fleet renewal, and technological innovation. The firm continues to invest in modern eco-efficient ships and digital platforms to improve voyage performance, fuel optimization, and emissions monitoring. Its sustainability framework aligns with the International Maritime Organization’s decarbonization goals, emphasizing reduced greenhouse gas emissions and operational transparency. With a strong reputation in both the U.S. capital markets and the global dry bulk shipping community, Pangaea Logistics Solutions (PANL) remains a prominent player among mid-sized shipping operators. Its strategy blends traditional shipping expertise with forward-looking investments, allowing it to maintain competitiveness in an evolving industry driven by regulatory change, market consolidation, and increasing environmental scrutiny. 10-November-2025
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has recorded a strong financial upswing, with quarterly profit more than doubling amid expanding operations and solid contract performance. The impressive earnings results exceeded analyst expectations, underlining the success of Pangaea Logistics Solutions (PANL)’s strategy of combining industrial partnerships, long-term chartering, and niche trading operations in challenging environments such as the Arctic. Although per-vessel income declined modestly during the period, the addition of 15 ships to the trading fleet significantly strengthened both the revenue base and profitability. Pangaea Logistics Solutions (PANL), led by Chief Executive Officer Mark Filanowski, reported net income of $12.2 million in Q3 2025, a substantial increase from $5.1 million in Q3 2024. The performance was fueled by an enlarged operating fleet, strong utilization of contract-of-affreightment (COA) agreements, and continued success in routes where the shipowner has established operational dominance. Headquartered in Newport, Rhode Island, Pangaea Logistics Solutions (PANL) operates as an integrated dry bulk transportation and logistics provider with a business model that blends cargo contracting, fleet ownership, and ice-class shipping expertise. The firm’s structure allows it to maintain steady cash flow even during volatile freight market cycles by balancing spot exposure with long-term industrial contracts. Pangaea Logistics Solutions (PANL) manages and operates a fleet of over 60 ships, including a number of ice-class and ice-breaking bulk carriers that enable the company to service specialized routes in Arctic and sub-Arctic regions, particularly during the Northern Sea Route season. Its expertise in polar logistics has made it a strategic partner to mining and energy producers operating in remote locations where few global operators can compete. Under Mark Filanowski’s leadership, Pangaea Logistics Solutions (PANL) has placed growing emphasis on fleet renewal and environmental efficiency, aligning its operations with evolving sustainability standards and future IMO compliance goals. The company’s vessels are deployed across major global trade lanes, carrying commodities such as coal, bauxite, alumina, and grains, while maintaining strong links with North American and European industrial customers. Pangaea Logistics Solutions (PANL) has also invested in infrastructure partnerships, including port and terminal operations that complement its shipping activities, thereby integrating its logistics chain from loading to delivery. The latest quarterly results reflect not only favorable market conditions but also the resilience of its diversified logistics model, which combines traditional dry bulk trading with high-value specialized shipping. With its proven record in Arctic navigation, advanced ice-class fleet, and focus on dependable long-term service, Pangaea Logistics Solutions (PANL) continues to stand out as one of the most innovative and strategically positioned dry bulk operators in the United States, maintaining steady profitability in an increasingly competitive global shipping environment. 7-November-2025
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has announced a major leadership handover as long-serving CEO Mark Filanowski prepares to retire at the end of 2025, with COO (Chief Operating Officer) Mads Petersen set to succeed him as president and CEO on January 1, 2026. Mark Filanowski, who joined Pangaea Logistics Solutions (PANL) in 2014 and assumed the role of CEO in 2019, has been instrumental in steering the company through a period of accelerated fleet growth and operational expansion. During his tenure, the dry bulk shipowner and operator not only expanded its controlled ship fleet threefold but also strengthened its vertically integrated model, extending port and logistics operations to 10 marine terminals strategically located across the US Gulf Coast and Mid-Atlantic regions. Chairman Richard du Moulin praised his leadership, noting that “Mark Filanowski successfully navigated a dynamic global shipping environment while scaling Pangaea Logistics Solutions’ (PANL’s) differentiated cargo-focused platform.” Pangaea Logistics Solutions (PANL), established in 1996 and headquartered in Newport, Rhode Island, has grown into one of the most innovative dry bulk shipping groups in the United States. The company specializes in niche trades including ice-class operations, high-latitude routes, and cargoes requiring specialized logistics solutions. Its fleet, consisting of over 60 owned and chartered-in ships, includes ultramax, supramax, and panamax bulk carriers, many of which are ice-classed to operate in Arctic routes such as the Northern Sea Route. Beyond fleet operations, Pangaea Logistics Solutions (PANL) has developed a strong presence in logistics and port infrastructure, providing integrated supply chain solutions that combine shipping with terminal services, stevedoring, and cargo handling. COO Mads Petersen, who will assume leadership, co-founded Nordic Bulk Carriers (NBC) in 2009 before its acquisition by Pangaea Logistics Solutions (PANL) and has been with the organization for 16 years. Petersen has been central to Pangaea Logistics Solutions’ (PANL’s) development of ice-class trades, particularly in transporting iron ore and other commodities from Arctic and sub-Arctic regions, as well as leading newbuilding programs in Japan and China focused on modern, fuel-efficient bulk carriers. Reflecting on the transition, Mads Petersen commented, “Pangaea Logistics Solutions (PANL) has built a proven and differentiated business model, combining shipping, port logistics, and niche trade expertise, which has consistently delivered above-market returns across market cycles. I look forward to building on this foundation to drive further innovation, growth, and value for our stakeholders.” 19-September-2025
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has dismissed its external auditors after disclosing a weakness in its internal control framework. Under the leadership of Mark Filanowski, Pangaea Logistics Solutions (PANL) has moved quickly to replace its longtime auditor Grant Thornton with Deloitte, one of the world’s largest professional services firms, stressing that the identified issue had no impact on its key financial results or overall performance. American dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) confirmed in its annual report for the 2024 fiscal year that it uncovered a material weakness in its financial reporting procedures, specifically tied to the way reimbursements from some charterers were recorded in the company’s accounts. The New York-listed niche dry cargo specialist said that the switch to Deloitte followed what it described in filings with US securities regulators as a structured and competitive selection process aimed at reinforcing its accounting standards and transparency. Founded in 1996 and headquartered in Newport, Rhode Island, Pangaea Logistics Solutions (PANL) has established itself as a prominent player in the dry bulk sector, particularly in niche trades requiring specialized expertise. The company operates a fleet that includes ice-class ships, panamax bulk carriers, supramax bulk carriers, and other vessels capable of serving challenging environments such as Arctic routes. Its business model is built on a mix of owned and chartered-in ships, giving Pangaea Logistics Solutions (PANL) the flexibility to respond to changing market conditions while maintaining a stable revenue base. Pangaea Logistics Solutions (PANL) is widely recognized for its pioneering role in Arctic shipping and has developed strong relationships with major industrial clients, transporting commodities such as bauxite, alumina, coal, and iron ore. In addition to traditional bulk cargoes, the company has built a reputation for handling logistics-intensive trades that require customized shipping solutions. By integrating shipping operations with port and logistics services, Pangaea Logistics Solutions (PANL) has positioned itself as a one-stop provider for customers in need of efficient end-to-end solutions. As a dual presence on both the Nasdaq and the New York Stock Exchange, Pangaea Logistics Solutions (PANL) maintains a transparent reporting structure, appealing to global investors looking for exposure to the dry bulk industry. The recent change in auditors is seen as part of its effort to maintain high corporate governance standards and align with best practices in financial oversight. Pangaea Logistics Solutions (PANL) continues to pursue a strategy of controlled growth, expanding its fleet capacity while maintaining a focus on profitability, operational excellence, and environmental responsibility. 5-September-2025
Strategic Shipping, a private Connecticut-based maritime investment and management firm specializing in dry bulk assets, continues to expand its leading stake in Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), with recent activity showing Strategic Shipping actively acquiring shares at a discount to net asset value in the open market; following the December 2024 transaction in which Strategic Shipping merged its fleet of modern bulk carriers into the Mark Filanowski-led shipowner and operator Pangaea Logistics Solutions (PANL), the company has steadily reinforced its role as the largest shareholder in the New York-listed shipowner and operator Pangaea Logistics Solutions (PANL), reflecting its long-term strategic alignment with the operator’s vertically integrated business model that includes cargo handling, terminal operations, and niche trades; Strategic Shipping, founded with a focus on long-term capital deployment in shipping, has now accumulated over 440,000 additional shares through a series of open-market purchases disclosed on Monday, raising its total ownership to 28.7% of Pangaea Logistics Solutions (PANL) and signaling continued confidence in the shipowner’s market position and future earnings potential. 4-June-2025
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has reported an in-line profit but anticipates a weaker start to 2025. Under the leadership of Mark Filanowski, Pangaea Logistics Solutions (PANL) has delivered its final results with a smaller fleet ahead of its merger with M.T. Maritime Management (MTM). In Q4 2024, before completing its transformational merger with M.T. Maritime Management (MTM), Nasdaq-listed dry bulk owner Pangaea Logistics Solutions (PANL) maintained its track record of generating an operating profit. Pangaea Logistics Solutions (PANL) reported an adjusted net income of $7.6 million, or $0.16 per diluted share, closely aligning with the $0.17 per share average expected by the two equity analysts covering the company. Pangaea Logistics Solutions (PANL), headquartered in Rhode Island, is a specialized dry bulk shipping company known for its tailored logistics services and ice-class vessel expertise. Founded in 1996, Pangaea Logistics Solutions (PANL) operates a fleet of owned and chartered vessels, focusing on niche markets that require customized shipping solutions, such as high-latitude trade routes, heavy industrial cargoes, and port-constrained deliveries. Pangaea Logistics Solutions (PANL) operates primarily in the handysize, supramax, and panamax segments, servicing industries such as mining, construction, and steel production. PANL has built a reputation for reliability in transporting specialized cargo, including project freight, breakbulk, and bulk commodities like iron ore, bauxite, and agricultural products. One of PANL’s key differentiators is its expertise in Arctic shipping and ice-class operations. Pangaea Logistics Solutions (PANL) has a strong presence in the North Atlantic and Arctic regions, where it serves major mining clients and industrial partners. Its ice-class vessels allow it to operate efficiently in extreme weather conditions, providing a strategic advantage over competitors that lack similar capabilities. Pangaea Logistics Solutions (PANL) has pursued a strategy of fleet optimization, gradually reducing exposure to older vessels while investing in newer, more fuel-efficient ships. The company has also embraced digitalization and advanced vessel management technologies to improve operational efficiency. The upcoming merger with M.T. Maritime Management (MTM) marks a pivotal moment in PANL’s growth strategy. MTM, a well-established maritime logistics and tanker operator, brings complementary expertise to PANL, particularly in liquid bulk transportation and global supply chain integration. The merger is expected to enhance PANL’s market reach, improve asset utilization, and create new revenue streams. Despite achieving a stable operating profit in Q4 2024, Pangaea Logistics Solutions (PANL) anticipates a challenging start to 2025 due to softening freight rates and market volatility. However, the company remains well-positioned to capitalize on long-term growth opportunities, thanks to its niche market expertise, high-value customer base, and the operational synergies expected from the MTM merger. With a diversified fleet and a strong reputation in specialized bulk shipping, Pangaea Logistics Solutions (PANL) continues to differentiate itself from traditional dry bulk operators. Its focus on Arctic trade routes, industrial cargo logistics, and strategic partnerships is likely to drive future expansion, reinforcing its standing as a unique player in the global shipping industry. 18-March-2025
Gary Vogel, the former CEO of Eagle Bulk Shipping, has officially ended his sabbatical from the dry bulk sector with a notable return. Vogel has been appointed to the board of Pangaea Logistics Solutions (PANL), a Nasdaq-listed dry bulk shipowner and operator based in Rhode Island, as confirmed by a recent filing with U.S. securities regulators. Pangaea Logistics Solutions (PANL) is a leading player in the global dry bulk shipping industry, specializing in the transportation of a wide range of bulk commodities, including coal, grain, and fertilizers. The company operates a versatile fleet of vessels, including ice-class ships, which enable it to serve challenging routes and markets, particularly in the Arctic and Baltic regions. Known for its innovative approach and customer-focused solutions, Pangaea Logistics Solutions has built a strong reputation for reliability and efficiency in the maritime logistics sector. This move follows the 23 September 2024 announcement of a merger between Pangaea Logistics Solutions and M.T. Maritime Management (MTM), a private entity, in a stock-based transaction. The merger is expected to enhance PANL’s operational capabilities and market reach, further solidifying its position as a key player in the dry bulk shipping industry. Vogel’s appointment aligns with expectations set by the merger, marking his reentry into the industry and reinforcing his influential role in the sector. His extensive experience and leadership are anticipated to contribute significantly to PANL’s strategic growth and operational excellence. 28-January-2025
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has scheduled a shareholder vote on the acquisition of M.T. Maritime Management (MTM). An equity analyst has recognized the value proposition from the perspective of private M.T. Maritime Management (MTM). Under the leadership of Mark Filanowski, Pangaea Logistics Solutions (PANL) will hold the vote on 2 December 2024 to decide on its plan to purchase the 15-bulk carrier fleet of M.T. Maritime Management (MTM) in a transaction valued at $295 million, payable in shares. This vote is mandated by the regulations of the Nasdaq Stock Exchange because Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is issuing an amount exceeding 20% of its current shares to M.T. Maritime Management (MTM) as consideration for the handysize bulk carrier fleet. Pangaea Logistics Solutions (PANL) is a leading provider of comprehensive maritime logistics and transportation services for bulk cargo. Pangaea Logistics Solutions (PANL) specializes in leveraging its logistical expertise to offer solutions that enhance operational efficiency and reduce transportation costs for its clients. With a fleet that includes supramax, panamax, and handysize vessels, Pangaea Logistics Solutions (PANL) serves a global client base across various industries, including commodities, steel, and energy. Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is known for its innovative approach to logistics challenges, including ice-class logistics, which is a significant part of its operations in the Arctic region. The strategic acquisition of M.T. Maritime Management (MTM)’s fleet is expected to further enhance Pangaea Logistics Solutions (PANL)’s service offerings, expanding its capabilities and reinforcing its market position in the competitive shipping industry. 23-October-2024
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is poised to fully acquire its subsidiary Nordic Bulk Partners (NBP), thereby taking complete ownership of its four-vessel operation. Pangaea Logistics Solutions (PANL) has finalized an agreement to purchase the remaining 50% equity stake in Nordic Bulk Partners (NBP) from Connecticut-based alternative asset manager Hudson Structured Capital Management for $17.2 million in cash. This transaction is expected to conclude by November 2024. Established in 2019 as a joint venture, Nordic Bulk Partners (NBP) was created specifically to construct a fleet of four 95K DWT ice-class post-panamax bulk carriers at Guangzhou Shipyard International (GSI) at a cost of $37.7 million each. These vessels, which were delivered in 2021, are now integral to serving Pangaea Logistics Solutions’ (PANL’s) Arctic customer base. In September 2024, under the leadership of Mark Filanowski, Pangaea Logistics Solutions (PANL) further expanded its fleet by acquiring 15 handysize bulk carriers in a $194 million all-share transaction with M.T. Maritime Management (MTM), raising its total fleet to 41 vessels. This strategic move to acquire full ownership of the modern bulk carriers aligns with Pangaea Logistics Solutions’ (PANL) focus on specialized ice-class vessels, streamlining its operations and financial structure while enhancing its capability to generate more operational cash. The acquisition also aims to consolidate its position in the market, simplifying its asset management and boosting efficiency. Pangaea Logistics Solutions (PANL) is renowned for its innovative approach to logistics and shipping solutions, particularly in challenging and remote environments. The company’s expertise in navigating icy waters makes it a leader in Arctic shipping, a niche market that demands specialized vessels and operational expertise. Pangaea Logistics Solutions (PANL) continues to leverage strategic investments in its owned fleet, capitalizing on favorable market conditions in the dry bulk sector to enhance its net asset value and maximize returns. This ongoing investment underscores Pangaea Logistics Solutions’ commitment to growth and operational excellence, ensuring it remains competitive and well-positioned to meet the demands of global trade in various market conditions. 10-October-2024
Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has completed an agreement to acquire the handy dry bulk fleet of M.T. Maritime Management (MTM) through a $194 million all-share deal. Led by Mark Filanowski, Pangaea Logistics Solutions (PANL) has expanded its fleet by adding 15 handysize bulk carriers, which have an average age of about 10.5 years, by issuing 19 million shares of its common stock to the privately held M.T. Maritime Management (MTM). This deal marks a significant strategic evolution for Pangaea Logistics Solutions (PANL), boosting its owned fleet by almost 60% to 41 bulk carriers and enhancing the company’s potential for further growth, efficiency, and profitability. Additionally, the dry bulk chartering and operations teams from M.T. Maritime Management (MTM), along with select executives, will be integrated into Pangaea Logistics Solutions (PANL). Pangaea Logistics Solutions (PANL) is recognized for its innovative approach in the logistics sector, particularly in managing complex cargo movements and logistical challenges across various industries, including minerals, coal, and grains. The company operates a global network with specialized services that include ice-class vessels capable of navigating through difficult polar regions, enhancing its service delivery in extreme conditions. Pangaea Logistics Solutions (PANL) not only focuses on fleet expansion but also invests in operational excellence and environmental sustainability, adopting greener technologies and practices across its operations. This acquisition strategically positions Pangaea Logistics Solutions (PANL) to leverage its increased capacity and operational synergy to tap into emerging markets and meet the rising demand for dry bulk commodities worldwide. Nasdaq-listed and Rhode Island-based Pangaea Logistics Solutions (PANL) views this transaction as highly beneficial from both financial and strategic standpoints, enabling it to capitalize on the favorable conditions in the dry bulk market. The integration of M.T. Maritime Management’s (MTM) expertise and resources is expected to further enhance Pangaea Logistics Solutions’ (PANL) market position as a leader in the global logistics and transportation sector. 26-September-2024
Nasdaq-listed, Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) executives recently had to defend the terms of their 15-ship all-stock acquisition of private MT Maritime Management on Tuesday. Despite questions about the fairness of the deal, it wasn’t because analysts doubted that the Mark Filanowski-led Pangaea Logistics Solutions (PANL) had failed to negotiate effectively. Indeed, the transaction is considered mutually beneficial, with MT Maritime Management principals acknowledging the long-term investment value in Pangaea Logistics Solutions (PANL) shares. During the discussions, analyst Poe Fratt of Alliance Global Partners raised a concern that perhaps Pangaea Logistics Solutions (PANL) had secured the Connecticut shipowner’s fleet too inexpensively, with an issuance of $194 million in stock. This suggests that the acquisition might have been especially advantageous for Pangaea Logistics Solutions (PANL), perhaps more so than initially thought. Pangaea Logistics Solutions (PANL) specializes in global logistics and transportation services, focusing primarily on the movement of dry bulk commodities. They operate a versatile fleet capable of handling a wide range of cargo including grains, coal, iron ore, pig iron, and bauxite, integral for industries ranging from agriculture to construction. Their logistical capabilities are enhanced by their strategic use of voyage charters, time charters, and contracts of affreightment, which optimize their operational flexibility and market responsiveness. Additionally, Pangaea Logistics Solutions (PANL) is known for its innovative approach to logistics challenges, offering solutions that extend beyond traditional shipping methods. They have a reputation for pioneering projects that require intricate logistical planning and execution, such as ice-class trades in the Arctic regions, where they provide essential services that support energy exploration and production activities. This strategic approach to business not only underscores their ability to execute significant acquisitions effectively but also highlights their commitment to expanding their services and operational footprint globally, consistently driving value for shareholders and business partners alike. The acquisition of MT Maritime Management’s fleet is just one example of how Pangaea Logistics Solutions (PANL) leverages its expertise and market position to strengthen its competitive edge in the maritime industry. 24-September-2024
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is enhancing its fleet by acquiring two secondhand supramax bulk carriers. Pangaea Logistics Solutions (PANL) has finalized a purchase for two 2016-built supramax bulk carriers for approximately $56 million from the Oslo-based shipowner and operator Belships. Led by Mark Filanowski, Pangaea Logistics Solutions (PANL) managed a fleet of 24 owned bulk carriers, augmented by an average of 17 chartered-in bulk carriers during Q1 2024. Pangaea Logistics Solutions (PANL) is committed to continually updating and enlarging its fleet with newer, more efficient bulk carriers. Beyond its bulker operations, Pangaea Logistics Solutions (PANL) also manages terminals and provides stevedoring services at various North American ports. Additionally, Pangaea Logistics Solutions (PANL) is investing in expanding its logistics operations at the Port of Tampa. 13-May-2024
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), under the leadership of Chief Executive Mark Filanowski, continues to demonstrate profitability even in a challenging market environment. Despite facing a significant one-third drop in rates compared to the previous year, Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has outperformed expectations. Pangaea Logistics Solutions (PANL), specializes in niche dry cargo, reported another profitable quarter. For the Q3 2023, despite a nearly 35% decrease in rates from the Q3 2022, Pangaea Logistics Solutions (PANL) managed to surpass market trends. The company achieved a remarkable 49% premium over the relevant indices of the Baltic Exchange during Q3 2023, which is typically the peak season for its primary market which is the ice-class trade in the Arctic. This performance underscores Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions’ (PANL) resilience and strategic prowess in navigating a weakened market. 10-November-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has become the latest public shipping firm to attract investment from another maritime entity, marking a new instance in the ongoing trend of shipping businesses investing in their counterparts. SwissMarine, a private dry bulk operator, has disclosed a 5.3% stake in the New York-listed Pangaea Logistics Solutions (PANL), as per recent documents submitted to the U.S. Securities and Exchange Commission. The founder and current leader of the Geneva-based SwissMarine is Peter Weernink. Given the recent closing stock price of Pangaea Logistics Solutions (PANL) at $6 per share, SwissMarine’s approximately 2.5 million shares represent a significant investment in the Pangaea Logistics Solutions (PANL). This move underscores the growing trend within the shipping industry of cross-investments among companies, highlighting confidence and strategic interests within the sector. Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) places great importance on sustainability and environmental responsibility in its Arctic operations. Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers. 13-October-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), a dry bulk shipping company heavily involved in Arctic ice trade, has achieved a significant milestone. One of Pangaea Logistics Solutions’ (PANL) ice-class bulk carriers, 2021 built post-panamax bulk carrier 95K DWT MV Nordic Nuluujaak has become the first bulk carrier to receive the prestigious “Class Silent (E) Notation” from DNV, a renowned classification society. This designation underscores the 2021 built post-panamax bulk carrier 95K DWT MV Nordic Nuluujaak’s demonstrated capability to reduce environmental noise emissions, aligning with a commitment to safeguard sensitive marine ecosystems. Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) places great importance on sustainability and environmental responsibility in its Arctic operations. Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers. 12-October-2023
Pangaea Logistics Solutions has decided to streamline its branding for clarity. Over the years, customers might have interacted with various branches of the company, such as Phoenix Bulk Carriers, Nordic Bulk, or American Bulk Transport, depending on the specific business segment they were dealing with. This is somewhat perplexing, especially considering that the dry bulk company Pangaea Logistics Solutions had its public debut in New York in 2013 under the name Pangaea Logistics Solutions. Courtney Renault serves as the global chartering manager for Pangaea Logistics Solutions. Recognizing the potential confusion arising from the multiple brand names, the Pangaea Logistics Solutions’s management has now decided to unify its business lines under the Pangaea Logistics banner. 2-October-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has once again achieved profitability amidst challenging market dynamics. Mark Filanowski-led Pangaea Logistics Solutions (PANL) anticipates an even more prosperous Q3 2023 as its Arctic ice-class fleet approaches its zenith of operation. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solution (PANL) has consistently registered positive financial returns, even amidst the turbulent market waves for dry bulk. Pangaea Logistics Solutions (PANL) reports that their fleet has outpaced both the Baltic Panamax and Supramax indices, surging ahead by a remarkable 49% in the preceding trimester. Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers. 10-August-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) acquired 2014 built ultramax bulk carrier 61K DWT MV Bulk Prudence (ex MV CL Ebisu) from Belgian shipowner and operator Conti-Lines. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solution (PANL) has ventured into the second-hand dry bulk market to acquire a 2014-built ultramax bulk carrier in a rare move. Mark Filanowski-led Pangaea Logistics Solutions (PANL) paid around $26 million for the MV Bulk Prudence (ex MV CL Ebisu). Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers. 27-April-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) reported an adjusted net income of $14.3 million, or $0.32 per share for Q4 2022. Pangaea Logistics Solutions (PANL) reported on total revenue of $128 million for Q4 2022. Mark Filanowski-led shipowner and operator Pangaea Logistics Solutions (PANL) once again has demonstrated the company’s resiliency in a falling dry bulk market as Pangaea Logistics Solutions (PANL) managed to turn a profit and notch a 41% rates premium in Q4 2022 that was significantly weaker year-over-year. Dry bulk carrier rates weakened further at the beginning of 2023. Currently, Pangaea Logistics Solutions (PANL) owns and operates 24 bulk carriers. 17-March-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has agreed to sell the 2003 built supramax bulk carrier 52K DWT MV Newport Bulk. Mark Filanowski-led Pangaea Logistics Solutions (PANL) tentatively agreed to sell supramax bulk carrier MV Newport Bulk for around $9.5 million. 2003 built supramax bulk carrier 52K DWT MV Newport Bulk is the oldest bulk carrier in Pangaea Logistics Solutions’ (PANL) fleet. Pangaea Logistics Solutions (PANL) has signed an MOA (Memorandum of Agreement) to sell MV Newport Bulk. After the deal, Pangaea Logistics Solutions (PANL) will own and operate around 24 bulk carriers. 31-January-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) acquired 2010 built supramax bulk carrier 56K DWT for around $17 million. Mark Filanowski-led Pangaea Logistics Solutions (PANL) has been chartering this supramax bulk carrier for a year. Pangaea Logistics Solutions (PANL) newly acquired 2010 built supramax bulk carrier was built at Hyundai Vinashin in 2010. Dry bulk shipowner and operator Pangaea Logistics Solutions is an expert in performing complex niche trades under long-term contracts. Pangaea Logistics Solutions benefited from ice-class bulk carriers and COAs (Contract of Affreightments). Currently, Pangaea Logistics Solutions (PANL) owns and operates around 25 ships. 25-August-2022
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has reported a record profit for Q2 2022. Mark Filanowski-led Pangaea Logistics Solutions (PANL) comes to Arctic ice season in Q2 2022 with strong forward bookings. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) used a 29% year-over-year rates increase to crack record results for Q2 2022. Dry bulk shipowner and operator Pangaea Logistics Solutions is an expert in performing complex niche trades under long-term contracts. Pangaea Logistics Solutions benefited from ice-class bulk carriers and COAs (Contract of Affreightments). Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) reported a profit of $25 million, or $0.56 per share, which was about 30% better than Pangaea Logistics Solutions (PANL) reported in Q2 2021. In Q2 2022, Pangaea Logistics Solutions (PANL) reported revenue of $195 million. Pangaea Logistics Solutions (PANL) strong Q2 2022 results indicate continued execution on long-term strategy, one that highlights advantageous growth within a niche, higher-margin dry bulk shipping, and logistics markets. 11-August-2022
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) sold 1999 built panamax bulk carrier 73K DWT MV Bulk Pangaea for around $8.8 million. Mark Filanowski-led Pangaea Logistics Solutions (PANL) enjoyed to cash in on increasing prices of the company’s vintage bulk carriers. Currently, 1999 built panamax bulk carrier 73K DWT MV Bulk Pangaea’s market value is around $10.5 million, however, the MV Bulk Pangaea is due for dry docking. Previously, Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) expressed little interest in seriously boosting the company’s owned fleet. Pangaea Logistics Solutions (PANL) has been looking at taking advantage of the rising S&P (Sale and Purchase) market. 1999 built panamax bulk carrier 73K DWT MV Bulk Pangaea was trading between the Mississippi River and Jamaica. MV Bulk Pangaea was carrying bauxite for Noranda Bauxite and Alumina for a long-term. Currently, Pangaea Logistics Solutions (PANL) has a fleet of 24 owned and partially owned vessels. 7-May-2022
Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) attended Noble Capital’s annual NobleCon investor conference. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is attempting to get more eyes focused on the the company’s stock. Pangaea Logistics Solutions (PANL) started IPO (Initial Public Offering) in 2014. Mark Filanowski-led Pangaea Logistics Solutions (PANL) is little known, closely-held, thinly traded company. Noble Capital’s annual NobleCon investor conference provides an opportunity to extend the outreach of the Pangaea Logistics Solutions (PANL). Pangaea Logistics Solutions (PANL) belives that the company is undervalued. While Eagle Bulk Shipping and Genco Shipping & Trading have grown extensively during the peak market in dry bulk shipping, most of the shipowners like Pangaea Logistics Solutions (PANL) could not attract broad investment. Major shareholder Cartesian Capital started selling off a 33% shares in Pangaea Logistics Solutions (PANL) in Q2 2021, paving the way for a large boost in the public float of shares. Furthermore, investor Wellington Management acquired 9% of Pangaea Logistics Solutions (PANL), and currently Wellington Management is the second-largest shareholder. Like other publicly listed dry bulk shipowners, Pangaea Logistics Solutions (PANL) shares have prospered, up 87% in 2022. Currently, with the increased liquidity, there’s more chance for investors to assess Pangaea Logistics Solutions (PANL). 25-April-2022
Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) declares that the US sanctions directed the company to withdraw vessels from the technical management of a team of SCF Group (Sovcomflot). Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) moved the bulk carriers from Russian SCF Management Services to German BSM (Bernhard Schulte Shipmanagement). The ship management shift was pricey for Pangaea Logistics Solutions (PANL). Mark Filanowski-led Pangaea Logistics Solutions (PANL) had to make that ship management transition. Russian SCF Management Services was subject to sanctions imposed by the US government. Russian SCF (Sovcomflot) Management Services gives technical management to ice-class shipowners. England’s prohibition of port calls by vessels that are possessed or managed by Russian companies was another reason for shifting. Furthermore, the US-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has been shifting the company’s commercial activities away from Russia. Dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) plans to replace the Baltic cargoes with South American cargoes. Pangaea Logistics Solutions (PANL) lost many cargoes because of the US sanctions. Pangaea Logistics Solutions (PANL) will not accept any cargo that breaks the US sanctions. 17-March-2022
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has appointed ex COO (Chief Operating Officer) Mark Filanowski as new CEO after the death of founder Ed Coll. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) announced that founder Ed Coll passed away last week. Mark Filanowski had been interim CEO since Pangaea Logistics Solutions (PANL) declared Ed Coll’s disease and medical leave in September 2021. Ed Coll established Pangaea Logistics Solutions (PANL) and directed Pangaea Logistics Solutions (PANL) for 25 years. Pangaea Logistics Solutions (PANL) has been well-positioned in the dry bulk market. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary company Nordic Bulk is a leading ice-class bulk carrier operator. Pangaea Logistics Solutions (PANL) has been expanding its fleet. Pangaea Logistics Solutions (PANL) owns 25 bulk carriers and the company operates around 55 bulk carriers. Pangaea Logistics Solutions (PANL) is a bulk carrier specialist in niche businesses. Pangaea Logistics Solutions (PANL) established powerful connections with cargo owners under contract coverage that protects the cargo owners from spot-rates volatility. Currently, Pangaea Logistics Solutions (PANL) shares have tumbled 43% and seem undervalued. 15-December-2021
Ice formed earlier than expected in 2021. Therefore, 20 ships have been stuck in NSR (Northern Sea Route). Stucked ships have been waiting for ice-breaker support. NSR (Northern Sea Route) season was anticipated to be shorter in 2021. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary company Nordic Bulk controlled MV Nordic Quinngua and MV Nordic Nuluujaak are among those that became stranded in NSR (Northern Sea Route). The ships have been moved with the assistance of the nuclear-powered ice-breakers. On the other hand, the Arc7 LNG ships are sailing westbound through the NSR (Northern Sea Route) to Yamal LNG’s Sabetta terminal. Russians stated that many ships missed the sailing window for the NSR (Northern Sea Route)in 2021 before the ice-locked. Icebreakers cannot manage such circumstances without delays. Waiting for ice-breaker help towards the end of the NSR (Northern Sea Route) sailing season is risky. Russia accelerates plans to open the NSR (Northern Sea Route) up to year-round shipping. In past years the NSR (Northern Sea Route) has encountered light ice conditions. 24-November-2021
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary company Nordic Bulk took the delivery of 2021 built ice-class 1A post-panamax new-building 95K DWT MV Nordic Nuluujaak from Guangzhou International Shipyard. MV Nordic Nuluujaak is the first ice-class 1A post-panamax new-building in a series of four vessels. Pangaea Logistics Solutions’ subsidiary company Nordic Bulk is going to take three remaining ice-class 1A post-panamax new-buildings in Q3 and Q4 2021. Four (4) ice-class 1A post-panamax new-buildings are funded through a bareboat charter arrangement with CSSC Shipping. Four (4) ice-class 1A post-panamax new-buildings are going to be employed for Baffinland Iron Mines’ project which the company is carrying iron ore from remote Baffin Island in northern Canada. 27-May-2021
Ed Coll-led Pangaea Logistics Solutions acquired 2013 built supramax bulk carrier 58K DWT for around $18 million. Pangaea Logistics Solutions reported a net income of $5.9 million for Q1 2021. Pangaea Logistics Solutions reported an adjusted profit of $3.8 million for Q1 2021. Pangaea Logistics Solutions reported revenue of $125 million for Q1 2021. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions doubled its quarterly dividend to $0.35 per share. Pangaea Logistics Solutions concentrates on long-term contract deals. Pangaea Logistics Solutions reported an average TCE (Time Charter Equivalent) of $16,524 per day per ship for Q1 2021. Pangaea Logistics Solutions is encouraged by the outlook of the dry bulk market. Pangaea Logistics Solutions will continue to be opportunistic and aim to acquire more bulk carriers. US-based dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary Nordic Bulk entered into a new $53 million term loan secured by four (4) ice-class bulk carriers. Currently, United States-based dry bulk shipowner and operator Pangaea Logistics Solutions owns 25 bulk carriers. 10-May-2021
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions acquired 2013 built panamax bulk carrier 79K DWT MV Bulk Promise (ex MV Robin Wind) for around $18 million from Japanese shipowner Kurushima Senpaku. US-based dry bulk shipowner and operator Pangaea Logistics Solution is going to employ MV Bulk Promise (ex MV Robin Wind) in bauxite COA (Contract of Affreightment) business in Jamaica. In 2018, Pangaea Logistics extended the bauxite shipping contract from Jamaica to Louisiana with Noranda Bauxite and Alumina till 2031. Dry bulk shipowner and operator Pangaea Logistics Solutions is an expert in performing complex niche trades under long-term contracts. Currently, Pangaea Logistics has a fleet of 22 bulk carriers. 4-March-2021
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions has been restoring its quarterly dividend. Previously, Pangaea Logistics Solutions suspended paying dividends due post-coronavirus recession. Pangaea Logistics Solutions is going to pay a $0.02 dividend per share quarterly. In March 2020, Pangaea Logistics Solutions suspended paying dividends due to coronavirus related unprecedented and uncertain conditions. Pangaea Logistics Solutions expects better market conditions in 2021. Pangaea Logistics Solutions would proceed to evaluate the dividend payout every quarter. Pangaea Logistics Solutions operates bulk carriers in niche markets. 20-December-2020
US-based dry bulk shipowner and operator Pangaea Logistics Solutions has lost its position as a top performer in dry bulk shipping operations. According to the Copenhagen-based VesselIndex Report, Castor Maritime outperformed Pangaea Logistics in Q2 2020. Pangaea Logistics Solutions has been facing a strong challenge from a field of dry bulk competitors to preserve its title as a top performer in dry bulk shipping operations in Q2 2020. According to VesselIndex Report, since 2018, Pangaea Logistics Solutions outperformed two dozen listed dry bulk companies. However, According to VesselIndex Report’s 2020 interim report, Castor Maritime outperformed the two dozen listed dry bulk companies by 85% for the first half of the year. Pangaea Logistics is expected to be at the second rank at the end of 2020. Copenhagen-based VesselIndex Report takes into account not only the Baltic Exchange Index but also the distinct features of the ships. United States-based Ed Coll-led Pangaea Logistics Solutions benefited from ice-class bulk carriers and COAs (Contract of Affreightments). In Q2 2020, Pangaea Logistics Solutions reported TCE (Time Charter Equivalent) rates of $10,621 per day for its eight (8) panamax bulk carriers and $5,589 per day for its ten (10) supramax bulk carriers. 21-October-2020
US-based dry bulk shipowner and operator Pangaea Logistics Solutions increased its share from 33% to 66.7% on subsidiary Nordic Bulk Holding Company (NBHC) for around $22 million. Nordic Bulk Holding Company (NBHC) owns six (6) ice-class panamax bulk carriers which are operated by Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers. According to Noble Capital Markets’ researcher Poe Fratt, Pangaea Logistics Solutions was well-positioned and prompt to execute positive vital progress. Pangaea Logistics Solutions’ balance sheet stays solid to capitalize on other acquisition opportunities. Currently, United States-based Ed Coll-led Pangaea Logistics Solutions operates 17 bulk carriers. 30-September-2020
US-based dry bulk shipowner and operator Pangaea Logistics Solutions increased its share from 33% to 66.7% on subsidiary Nordic Bulk Holding Company (NBHC) for around $22 million. United States-based Ed Coll-led Pangaea Logistics Solutions’ subsidiary Nordic Bulk Holding Company (NBHC) has been operating in Arctic ice trade. Currently, USA Rhode Island-based Pangaea Logistics Solutions subsidiary Nordic Bulk Holding Company (NBHC) owns six (6) ice-class panamax bulk carriers. All ice-class panamax bulk carriers are operated in the Arctic trade and spot markets by Nordic Bulk Carriers. Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers has developed ice and Arctic businesses for these ice-class panamax bulk carriers. Recently, Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers applied Russia’s Northern Sea Route Administration (NSRA) to transit Northern Sea Route (NSR). Pangaea Logistics Solutions have cemented the company’s position as the leading global operator of ice-class panamax bulk carriers. Furthermore, Pangaea Logistics Solutions is going to take delivery of four (4) newbuilding ice-class post-panamax bulk carriers in 2021. 28-September-2020
United States-based Ed Coll-led Pangaea Logistics Solutions sold 2002 built supramax bulk carrier MV Bulk Beothuk for around $5 million. USA Rhode Island-based Pangaea Logistics Solutions charters in around 45 bulk carriers and owns 20 bulk carriers. In Q2 2020, New York-listed Pangaea Logistics Solutions reported a $3 million profit. In Q2 2020, USA based shipowner and operator Pangaea Logistics Solutions reported a $70 million revenue due to lower average time charter rates. During the coronavirus recession, Pangaea Logistics Solutions decreased dry bulk exposure by redelivering chartered bulk carriers. Pangaea Logistics Solutions has been observing post coronavirus recession and its effects on shipping markets. 11-August-2020
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions refusing to use exhaust gas scrubbers as a way to meet IMO (International Maritime Organization) 2020 regulations. According to Pangaea Logistics Solutions, each exhaust gas scrubber costs around $2 million which is a risky idea and hard to quantify. According to Pangaea Logistics Solutions, installing an exhaust gas scrubber is a poor use of capital. Some shipowners have preferred exhaust gas scrubbers to leverage an expected price spread between high-sulfur and low-sulfur fuel oils. On the other hand, some shipowners have formed a scrubber advocacy group Clean Shipping Alliance 2020. According to Pangaea Logistics Solutions, shipowners and operators should use IMO (International Maritime Organization) compliant fuel because shipowners and operators cannot forever sidestep environmental regulations set by IMO (International Maritime Organization). According to Pangaea Logistics Solutions, in 2021, the majority of bulk carriers are going to consume IMO 2020 compliant fuel and open-loop scrubbers may harm the marine environment by churning sulphuric acid and then dumping it into the sea. United States-based Ed Coll-led Pangaea Logistics Solutions’ chartering and operations departments will need to adjust the books to run 65 owned and chartered bulk carriers on IMO 2020 compliant fuel. 10-November-2019
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions sold two vintage bulk carriers. Pangaea Logistics Solutions sold 2001 built supramax bulk carrier 52K DWT MV Bulk Juliana for around $6.5 million and 1996 built panamax bulk carrier 70K DWT MV Bulk Patriot for around $4.5 million. Pangaea Logistics Solutions awaits to deliver the bulk carriers in December 2019. Currently, Pangaea Logistics Solutions operates a fleet of 50 bulk carriers, 22 of which the company owns. In Q3 2019, Pangaea Logistics Solutions reported a net profit of $8.3 million. In Q3 2019, Pangaea Logistics Solutions reported $0.19 earnings per share. In Q3 2019, Pangaea Logistics Solutions reported a revenue of $119 million. In Q3 2019, Pangaea Logistics Solutions’ operating fleet increased from an average of 40 bulk carriers to 50 bulk carriers. Furthermore, Pangaea Logistics Solutions has ordered four (4) ice-class panamax newbuilding bulk carriers. Pangaea Logistics Solutions is in a good position without investing in scrubber technology. 5-November-2019
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions loaded 42K metric tons of cargo from the world’s northernmost Arctic Circle port in remote Greenland. United States-based Ed Coll-led Pangaea Logistics Solutions find solutions for tough trades and projects that other shipowners would not even consider. Pangaea Logistics Solutions loaded 1995 built 1A ice-class handymax bulk carrier 43K DWT MV Nordic Barents from Bluejay Mining. Pangaea Logistics Solutions used a barge and set-up a conveyor system to load MV Nordic Barents. Pangaea Logistics Solutions loaded MV Nordic Barents in August which is a very narrow shipping window that far north port. Bluejay Mining has already identified up to 730 million tonnes of iron ore at the Moriusaq site. Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers has carried iron ore from the isolated Canadian Arctic territory of Baffin Island. Previously, Pangaea Logistics Solutions carried ilmenite sand which is used in manufacturing titanium to Quebec. Pangaea Logistics Solutions’ other subsidiary is Phoenix Bulk Carriers. Phoenix Bulk Carriers also carry cargoes from ports that are remote and completely lacking in infrastructure. Most ilmenite cargoes come from Africa. However, the Greenland ilmenite deposits are closer to Europe and the US. Bluejay Mining is the largest licence holder in Greenland. 24-October-2019
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions has declared two (2) options for ice-class post-panamax 95K DWT bulk carriers at Guangzhou Shipyard International. Pangaea Logistics Solutions was able to extend an existing 10-year contract to carry iron ore from Baffinland Iron Mines in northern Canada. Pangaea Logistics Solutions four (4) ice-class post-panamax 95K DWT bulk carriers are going to carry iron ore from remote Baffin Island, Canada. Rhode Island-based Pangaea Logistics Solutions new-buildings are financed through a bareboat charter structure via Hong Kong-based leasing company CSSC Shipping Co Ltd. Hong Kong-based leasing company CSSC Shipping Co Ltd offered an attractive bareboat charter structure that demonstrates Pangaea Logistics Solutions’ experience to draw long term financial commitment. Pangaea Logistics Solutions specializes in niche trades such as the Arctic to its bauxite business in Jamaica. Currently, New York-listed Pangaea Logistics Solutions operates 21 bulk carriers. 29-September-2019
New York-listed Pangaea Logistics Solutions has reported a $4 million profit in Q2 2019 versus a $5.8 million profit in Q2 2018. Pangaea Logistics Solutions has reported less profit in the turbulent dry bulk shipping market. Pangaea Logistics Solutions has reported an $83 million revenue in Q2 2019 versus a $96 million profit in Q2 2018. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions expanded its fleet by ordering two (2) newbuilding and buying three (3) second-handy bulk carriers. Dry bulk shipping markets have expressed remarkable resiliency since hitting lows in early 2019, but Pangaea Logistics Solutions remain cautious of the risks of uncertain times in international trade. 15-August-2019
New York-listed shipowner and operator Pangaea Logistics Solutions acquired 2008 built supramax bulk carrier 58K DWT MV Bulk Friendship (ex MV Nantong K) from Japanese shipowner and operator K Line for around $14 million. MV Bulk Friendship (ex MV Nantong K) fits properly into the core fleet and trading activities of Pangaea Logistics Solutions.
MV Bulk Friendship (ex MV Nantong K) was built at Nantong COSCO KHI. New York-listed shipowner and operator Pangaea Logistics Solutions provides charterers with best in class service by owned and operated fleet. Pangaea Logistics Solution opted not to fit the fleet with exhaust-gas scrubbers. Instead, Pangaea Logistics Solutions preferred low sulfur fuel consumption. Pangaea Logistics Solutions operates bulk carriers in niche trades. In Q1 2019, Pangaea Logistics Solutions ordered two (2) newbuilding ice-class bulk carriers 95K DWT at Guangzhou Shipyard International. Currently, Pangaea Logistics Solutions owns a fleet of 22 bulk carriers. 21-July-2019
United States-based Ed Coll-led Pangaea Logistics Solutions ordered two (2) post-panamax ice-class bulkers at Chinese Shipyards, with options for two (2) more post-panamax bulkers for $38 million each. Pangaea Logistics Solutions ordered post-panamax ice-class bulkers for a 10-year contract with its partner Baffinland Iron Mines in the iron ore trade on Canada’s Baffin Island. Pangaea Logistics Solutions will ship iron ore from remote Canadian territory’s ice-class trade. China’s Guangzhou Shipyard will construct post-panamax ice-class bulkers. Pangaea Logistics Solutions also holds 2 options at the Chinese shipyard in connection with the new pact with Baffinland Iron Mines. Post-panamax ice-class bulkers are scheduled for delivery in April and May 2021. Rhode Island-based Pangaea Logistics Solutions has been hauling iron ore from the remote location since 2015, with most exports to Europe. Pangaea Logistics Solutions has special relations with Baffinland Iron Mines because of the extra challenges presented with high Arctic shipping. Guangzhou Shipyard contract is also Pangaea Logistics’s first newbuilding contract in China. Guangzhou Shipyard has experience building ice-class and polar class ships. Pangaea Logistics’s new buildings are custom designed for the ice trades for subsidiary Nordic Bulk Carriers has developed over the past decade. Baffinland Iron Mines Corp shipped 4.1 million tonnes in 2017 from its Mary River Mine via the Milne Inlet Ore Terminal during an open-water season that lasts less than three months. The open-water season is between 2 August to 17 October because of the harsh arctic climate. Baffinland Iron Mines Corp aims to increase annual production to 12 million tonnes. Iron ore bound for Europe. Nordic Bulk Carriers is a subsidiary of Pangaea Logistics Solutions. Nordic Bulk Carriers has six (6) ice-class panamax ships that were built at Japanese Oshima Shipbuilding between 2010 and 2016. Nordic Bulk Carriers bought the first two (2) ice-class panamax ships from Japan’s Sanko Line in 2012 and then built similar ice-class panamax ships for its own account. Baffinland Iron Mines CEO Brian Penney was very excited about the market opportunities that these larger ice-class panamax ships present. 7-May-2019
New York-listed shipowner and operator Pangaea Logistics Solutions carries niche cargoes such as iron ore from remote Baffin Island in northern Canada, bauxite from Jamaica or even taking over a terminal operation as it has in Charleston, South Carolina. Lately, Pangaea Logistics Solutions signed a joint-venture partnership with Carver Maritime on a 20-year contract managing a port in Fall River, Massachusetts. Pangaea Logistics Solutions is a United States-based public company that evolved from the private Phoenix Bulk Carriers. Pangaea Logistics Solutions don’t get hurt when the freight market is poor because of niche businesses. Pangaea Logistics Solutions’ unique business model is underappreciated and the risk-reward profile is attractive. Pangaea Logistics Solutions’ unique asset-light logistics strategy offers exposure to the dry bulk market but also reduces market risk. Pangaea Logistics Solutions’ employees are entrepreneurially minded. 1-May-2019
US-based dry bulk shipowner and operator Pangaea Logistics Solutions signed MOU (Memorandum of Understanding) to acquire 2006 built panamax dry bulk carrier 76K DWT MV Madeleine for $14.2 million from Greek Goldenport Shipmanagement. MV Madeleine will be used for transport services to Noranda Alumina and Noranda Bauxite. Noranda Alumina (US-based) and Noranda Bauxite (Jamaica-based) mining companies owned by DADA Holdings. US-based dry bulk shipowner and operator Pangaea Logistics Solutions is led by Ed Coll. After this acquisition of MV Madeleine, Pangaea Logistics Solutions has a fleet of 20 dry bulk carriers. 15-April-2018
USA Rhode Island-based Pangaea Logistics Solutions aims to raise around $100 million equity, according to a shelf registration filed with US regulators. US-listed dry bulk shipowner and operator Pangaea Logistics Solutions want to expand at improving the dry cargo market. Pangaea Logistics Solutions CEO Ed Coll commented that by increasing the liquidity of the stock and creating a platform to raise additional capital, Pangaea Logistics Solutions will be providing a more solid foundation for future growth. 9-January-2018
Nasdaq-listed and led by Ed Coll Pangaea Logistics Solutions acquired 2008 built supramax dry bulk carrier 58K MV Bulk Pride (ex MV Tenmyo Maru) for around $14 million from Japanese shipowner Kambara Kisen. In 2017, Nasdaq-listed Pangaea Logistics Solutions made its fourth dry bulk carrier acquisition. Pangaea Logistics Solutions keeps steady growth. 30-October-2017
USA based shipowner and operator Pangaea Logistics Solutions signed a supramax dry bulk carrier sale and leaseback to fund the acquisition of dry bulk carrier. Ed Coll led Pangaea Logistics Solutions sold 2002 built supramax dry bulk carrier 50K DWT MV Bulk Beothuk for $7 million for further trading. Pangaea Logistics Solutions bought 2005 built supramax dry bulk carrier MV Bulk Freedom for around $9 million. 21-June-2017
USA based shipowner and operator Pangaea Logistics Solutions has great subsidiaries such as:
- Phoenix Bulk Carriers
- Nordic Bulk Carriers
- Americas Bulk Transport
- Seamar
Pangaea Logistics Solutions has appointed Gianni del Signore as CFO instead of retiring Tony Laura. Pangaea Logistics Solutions operating average 55 dry bulk carriers and 16 owned dry bulk carriers in the fleet. Gianni del Signore holds an MBA from Bryant University and a BA from Providence College. 12-April-2017