Pangaea Logistics Solutions(PANL) Prnewswire·2025-01-06 13:00Core Viewpoint - Pangaea Logistics Solutions Ltd. has successfully completed the acquisition of fifteen handy-size dry bulk vessels from Strategic Shipping Inc., enhancing its fleet and operational capabilities [1][2][3]. Group 1: Transaction Details - The transaction involved Pangaea issuing 18,059,342 shares, representing approximately 27.6% of its outstanding common stock, in exchange for the vessels valued at around 100 million in vessel-related financing agreements [2]. - The net asset value of the acquired vessels is approximately $171 million [2]. Group 2: Management Commentary - The CEO of Pangaea highlighted that the expanded fleet will provide new offerings to clients and enhance the company's ability to address supply chain challenges creatively and efficiently [3]. - The company now owns a fleet of 41 ships ranging from handy to post-Panamax sizes, which will allow for improved logistics solutions for dry bulk cargoes [3]. Group 3: Company Overview - Pangaea Logistics Solutions Ltd. specializes in seaborne dry bulk logistics and transportation services, catering to a diverse range of industrial customers [4]. - The company offers comprehensive services including cargo loading, discharge, port operations, vessel chartering, and technical management [4]. Group 4: Strategic Shipping Inc. Overview - Strategic Shipping Inc. operates as a privately held ship-owner and manager, focusing on the chemical, product, and dry bulk segments [5].