Pangaea completes deal that adds 15 handy-sizes to its fleet

Pangaea CEO Mark Filanowski: “This transformational transaction is an exciting new growth chapter for Pangaea.”

Newport, R.I.-based Pangaea Logistics Solutions Ltd. [Nasdaq: PANL] reports that it has completed its previously announced combination of its existing dry-bulk fleet with 15 handy-size dry bulk vessels owned by privately-held Strategic Shipping Inc., whose operations are conducted under the name of M.T. Maritime.

“We are starting the new year with an expanded complement of vessels that provide new offerings to existing and new clients of Pangaea and Strategic, along with a larger core of experienced people ready to address customer supply chain challenges with creativity and efficiency,” said Pangaea CEO Mark Filanowski. “Our owned fleet of 41 ships in the range of handy to post-Panamax sizes, matched with our growing terminal operations, provide our customers with new alternatives for their dry bulk logistics requirements. As we expand our fleet, we will also grow our cargo base and our operating fleet of chartered-in ships helping to maximize efficiencies