Pangaea Logistics Solutions Ltd. Names Paul M. Leand, Jr. as New Board Member
Appointment Announcement: Pangaea Logistics Solutions Ltd. has appointed Paul M. Leand, Jr. to its Board of Directors as a Class III director, effective immediately.
Industry Expertise: Mr. Leand brings over 20 years of experience in the maritime shipping industry and is the CEO of AMA Capital Partners, focusing on transportation, energy, and offshore sectors.
Commitment to Shareholder Value: The Chairman of Pangaea's Board expressed confidence that Mr. Leand's expertise will enhance the Board's capabilities and support the company's commitment to shareholder value creation.
Cooperation Agreement: Mr. Leand's appointment follows a Cooperation Agreement with Strategic Shipping Inc., which includes customary terms such as standstill restrictions and voting commitments.
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EuroDry Focuses on Mid-Sized Dry Bulk Market with Manageable Order Book Levels
- Market Dynamics Analysis: Mr. Pittas of EuroDry emphasized the company's focus on the mid-sized dry bulk market, avoiding smaller Handysize and larger Capesize vessels, aiming to enhance competitiveness through precise market positioning.
- Financial Leverage Strategy: Mr. Pittas mentioned a target loan-to-value ratio of 50% to ensure resilience during downturns while enhancing equity returns, reflecting a cautious approach to market volatility.
- Order Book Management: Mr. Pittas pointed out that order book levels for Kamsarmax and Ultramax stand at 14% and 11.5%, respectively, aligning with historical norms and indicating long-term stability in the industry.
- Shifts in Chinese Demand: Mr. Norton noted that Chinese steel exports and power demand from AI data centers are driving long-haul shipping demand for iron ore and coal, indicating a market shift favorable to dry bulk transportation.

Pangaea Appoints Eugene I. Davis to Board of Directors as Class II Director
- Board Changes: Pangaea Logistics Solutions Ltd. appoints Eugene I. Davis as a Class II director, effective immediately, replacing the resigned Christina Tan, indicating a strategic shift in board composition.
- Independence Confirmation: The board confirms Davis's independence under Nasdaq standards, and with his 40 years of industry experience, he is expected to bring new perspectives and strategic guidance to enhance shareholder value creation.
- Strategic Background: As CEO of PIRINATE Consulting Group LLC, Davis's extensive corporate strategy consulting experience is anticipated to drive Pangaea's long-term growth in a complex market environment.
- Investor Agreement: This appointment is made pursuant to the Investor Rights Agreement signed with Strategic Shipping Inc. on December 30, 2024, highlighting the close collaboration between the company and its major shareholders.





