Pangaea Logistics Solutions (PANL) Announces Purchase of Vessel

March 8, 2021 4:22 PM EST

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Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced it has purchased a vessel to add to its operating fleet. The ship was purchased in the second-hand market for USD 18.3 million. The vessel is expected to be delivered to Pangaea by July 2021, after the delivery of two of the total four ice class newbuild vessels, which will bring the owned fleet to 21. "This 2013 Toyohashi-built 78,000 dwt dry bulk vessel fits well into our core fleet and is expected to operate alongside the Bulk Pangaea and Bulk PODS in our Jamaican trade," said Ed Coll, Pangaea's Chief Executive Officer. "We are happy to take another step in our effort to renew our owned fleet with high quality and efficient tonnage to provide our clients with best-in-class service. This ship, to be named Bulk Promise, will bring our owned fleet to 21 vessels after taking delivery of two ice class newbuild vessels expected in the second quarter."

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