Pangaea Logistics Solutions completes merger and fleet combination
Published by Alfred Hamer,
Editorial Assistant
Dry Bulk,
Pangaea Logistics Solutions Ltd, a provider of comprehensive maritime logistics solutions, has announced that it has completed its previously announced combination of its existing dry-bulk fleet with fifteen handy-size dry bulk vessels owned by Strategic Shipping Inc. (SSI). Shareholder approval of the transaction was obtained at a special meeting of shareholders on 30 December 2024, resulting in closing of the Transaction on the same day.
Under the terms of the transaction, Pangaea issued 18 059 342 shares of its common stock to SSI equal to approximately 27.6% of the Company's outstanding common stock immediately following the consummation of the transaction, in exchange for the fifteen handy-size vessels. SSI's vessels valued at approximately US$271 million at the closing, inclusive of US$100 million of vessel related financing agreements assumed by Pangaea, resulting in a net asset value of US$171 million.
"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 Chief Executive Officer. "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 maximise efficiencies through position arbitrage against our cargo book. This transformational transaction is an exciting new growth chapter for Pangaea."
Click here for free registration to Dry Bulk
Read the article online at: https://www.drybulkmagazine.com/shipping/16012025/pangaea-logistics-solutions-completes-merger-and-fleet-combination/
You might also like
Rocktree announces agreement to acquire bulk transportation operator Atria
Through this transaction, Rocktree will expand its global footprint across the commodities and agriculture value chain, including dry bulk, offering a broader range of services to new and existing customers. Rocktree will acquire Atria from Southern Cross Group, and the financial terms of the transaction were not disclosed.