Posted on May 8, 2023
Pangaea Logistics Solutions has entered into a definitive agreement to acquire marine port terminal operations in Port Everglades/Fort Lauderdale and port of Palm Beach in Florida, and the port of Baltimore in Maryland from Host Terminals, a subsidiary of T. Parker Host, in an all-cash deal.
The Nasdaq-listed US bulker owner of 25 ships, operates terminals and performs stevedoring services in four ports in North America. Under the terms of the agreement, Pangaea will acquire all onshore assets, licenses and business operations related to the acquired Host terminal operations for a total purchase price under $10m.
With this acquisition, Pangaea will expand its North American terminal network to include the mid-Atlantic and southeastern US. The company said the acquisition, expected to close during the second quarter of 2023, provides additional dry bulk distribution capabilities within growing commerce centers, while augmenting its integrated ocean freight and shoreside solutions offering.
“This strategic investment demonstrates our continued focus on developing a vertically integrated shipping and logistics business of scale, one that provides end-to-end supply chain solutions for our customers,” stated Mark Filanowski, CEO of Pangaea Logistics Solutions. “Our cargo-centric strategy leverages our established competency within dry bulk shipping, together with logistics requirements of our customers, allowing us to extend the service relationship beyond the ocean-going vessel. This acquisition will serve to increase our onshore service capabilities in two strategically located ports where we previously had no logistics operations.”