Pangaea Logistics Solutions

Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solution 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

 

Recently, 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