Pangaea Logistics Solutions Ltd. recently finalized a transaction that added 15 handy-size dry bulk carriers to its existing fleet. The acquisition was completed on Dec. 30, 2024.
The transaction involved combining Pangaea’s dry-bulk fleet with vessels owned by Strategic Shipping Inc. (SSI). Under the terms, Pangaea issued 18,059,342 shares of its common stock to SSI, representing approximately 27.6% of the company’s outstanding common stock immediately following the deal’s closure.
The 15 vessels acquired from SSI were valued at approximately $271 million. This includes $100 million in vessel-related financing agreements assumed by Pangaea, leaving a net asset value of $171 million for the transaction.
"We are starting the new year with an expanded complement of vessels that provide new offerings to existing and new clients of Pangaea and Strategic, along with a larger core of experienced people ready to address customer supply chain challenges with creativity and efficiency," said Mark Filanowski, Pangaea's CEO. "Our owned fleet of 41 ships in the range of handy to post-Panamax sizes, matched with our growing terminal operations, provide our customers with new alternatives for their dry bulk logistics requirements. As we expand our fleet, we will also grow our cargo base and our operating fleet of chartered-in ships helping to maximize efficiencies through position arbitrage against our cargo book. This transformational transaction is an exciting new growth chapter for Pangaea."
