Pangaea Logistics Solutions Acquires Full Ownership of Nordic Bulk Partners

Pangaea Logistics Solutions Secures Full Ownership of Nordic Bulk Partners

NEWPORT, R.I., October 7, 2024 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. (Nasdaq: PANL), a leader in global maritime logistics, has entered into a definitive agreement to acquire the remaining 50% equity stake in Nordic Bulk Partners LLC from HS Nordic LLC for $17.2 million in cash. This strategic acquisition will see Pangaea take full control of Nordic Bulk Partners, a joint venture formed in 2019 to construct four Ice Class 1A Post-Panamax dry bulk vessels. The deal is expected to close by November 1, 2024, pending customary closing conditions.

With this acquisition, Pangaea will consolidate its ownership of Nordic Bulk Partners, thereby enhancing its fleet of specialized Ice Class 1A vessels. This move is set to streamline Pangaea's balance sheet and boost its operating cash flow. "This strategic move to take full ownership of these four modern dry bulk vessels further consolidates our fleet, cleans up our balance sheet, and improves our operating cash generation," stated Mark Filanowski, CEO of Pangaea.

Pangaea's decision aligns with its broader strategy to invest in its fleet amidst a favorable dry bulk market, aiming to maximize future returns and net asset value. The company extends its gratitude to Hudson Structured Capital Management for their partnership in expanding the ice class fleet since the vessels' delivery in 2021.

About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. is a premier provider of maritime logistics services, catering to industrial clients with diverse dry bulk cargo needs such as grains, pig iron, and bauxite. The company offers a comprehensive suite of services including cargo loading, discharge, vessel chartering, and voyage planning. For more information, visit www.pangaeals.com.

Forward-Looking Statements
This press release contains forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially. Factors influencing these outcomes include economic conditions, market fluctuations, and regulatory changes. Pangaea disclaims any obligation to update these statements unless required by law.

Investor Relations Contacts
Gianni Del Signore, Chief Financial Officer
Phone: 401-846-7790
Email: [email protected]

Noel Ryan or Stefan Neely
Vallum Advisors
Email: [email protected]

Source: Pangaea Logistics Solutions LTD