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Pangaea Logistics Solutions Announces Purchase of Vessel

Posted on August 24, 2022

Pangaea Logistics Solutions Ltd. (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 17.1 million.  The Company will own 25 ships when the new ship is delivered to Pangaea in September or October 2022. Pangaea consistently operates a total fleet of 50-60 vessels in worldwide trades.

“This 2010 Hyundai Vinashin shipyard-built 56,000 dwt dry bulk vessel fits well with our core fleet, with CO2 fitted holds able to transport premium cargo under our customer contracts of affreightment and spot trades. We have operated the ship for the past year on a charter-in basis, and it has performed well for us,” said Pangaea’s Chief Operating Officer Mads Boye Petersen. “We are committed to providing our clients with excellent service through our flexible owned and operated fleet. This ship, to be named Bulk Sachuest, will bring our owned fleet to 25 and is another step in our efforts to maintain our owned fleet with high quality and efficient tonnage,” Petersen added.

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


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