Posted on June 5, 2023
Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, today announced the completion of the previously announced acquisition of marine port terminal operations in Port Everglades/Ft. Lauderdale and Port of Palm Beach, Florida, and Port of Baltimore, Maryland from Host Terminals LLC (“Host”), a wholly owned subsidiary of T. Parker Host, in an all-cash transaction.
With this acquisition, Pangaea expands its North American terminal network to include the mid-Atlantic and southeastern United States. The acquisition provides Pangaea with additional dry bulk distribution capabilities within growing commerce centers, while augmenting its integrated ocean freight and shoreside solutions offering.
MANAGEMENT COMMENTARY
“On behalf of Pangaea’s Board of Directors and our leadership team, I would like to thank the team at T. Parker Host for their collaboration in bringing this transaction to a timely, successful completion,” stated Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions. “This acquisition, which is immediately accretive to Pangaea’s earnings per share, will serve to further expand our logistics capabilities within two strategically located ports, consistent with our strategic focus on serving customers beyond the ocean-going vessel. We are excited to welcome our new employees and customers joining us from Host Terminals as we integrate the acquired marine terminal businesses into our portfolio and we look forward to building upon the commercial momentum evident across our offerings.”
ABOUT PANGAEA LOGISTICS SOLUTIONS LTD.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.
