Pangaea Logistics Solutions Ltd. Announces Chief Executive Officer Retirement and Succession Plan

Core Viewpoint - Pangaea Logistics Solutions Ltd. announces the retirement of CEO Mark Filanowski and the appointment of Mads Petersen as the new CEO effective January 1, 2026, following a successful eleven-year tenure by Filanowski [1][3]. Company Leadership Transition - Mark Filanowski will retire as CEO and step down from the Board of Directors on January 1, 2026, after eleven years with Pangaea [1]. - Mads Petersen, currently the Chief Operating Officer, will succeed Filanowski as President and CEO and will also join the Board of Directors on the same date [1][2]. Mads Petersen's Background - Mads Petersen has been with Pangaea for 16 years and has over 20 years of experience in the dry bulk shipping industry [2]. - He joined Pangaea in 2009 and has played a key role in the company's growth, particularly in ice-class vessel activities and overseeing newbuilding activities in Japan and China [2]. Achievements Under Filanowski - Under Filanowski's leadership, Pangaea's owned vessel fleet has tripled, and the company has expanded its port and logistics operations to 10 marine terminals across the U.S. Gulf Coast and Mid-Atlantic regions [3]. - Filanowski has been credited with navigating a dynamic global shipping environment and sustaining Pangaea's growth following the passing of its founder, Ed Coll [3]. Future Outlook - Petersen expressed his commitment to building on Pangaea's proven business model and delivering innovative, customer-focused maritime solutions to drive long-term value for shareholders [3]. - The Board of Directors believes Petersen's deep industry expertise and operational insight position him well to lead the company into its next phase of growth [3].