NEWPORT, R.I., Oct. 26, 2017 /PRNewswire/ -- Pangaea Logistics
Solutions, Ltd. (NASDAQ: PANL) ("Pangaea" or "the Company"), today
announced several business updates.
First, the Company has executed a memorandum of agreement to
purchase the vessel M/V Tenmyo Maru, 58,749 dwt., built in
November 2008 at Tsuneishi Group
(Zhoushan) Shipyard. The ship is expected to be delivered
from its present owners in December, and will be re-named Bulk
Pride. Pangaea had also taken delivery of two ultramax ice-class 1C
dry bulk carriers from Japan's
Oshima Shipyard in January, and purchased its Bulk Freedom, built
2005, in June. Together, these purchases mark a strong growth year
for the Company.
"The delivery of Bulk Pride is another step toward achieving
steady, disciplined growth that maximizes value to our customers,
business partners and shareholders," said Edward Coll, Chairman and Chief Executive
Officer of Pangaea Logistics Solutions Ltd. "All four of our vessel acquisitions this
year will work in the heart of our business, which is growing
strongly and profitably."
Second, on October 9, 2017,
Fearnley Securities, a leading independent full-service investment
bank with a concentrated focus on maritime industries, initiated
coverage on Pangaea with a Buy rating and a price target of
$3.60 per share.
Third, Pangaea will host a teleconference to discuss the
Company's third quarter 2017 financial results, including a
question and answer session with management, at 8:00 a.m. ET on Friday,
November 10, 2017. Pangaea will release its third quarter
2017 financial results after market hours on Thursday, November 9, 2017 along with an
accompanying presentation that will be available with our
Securities and Exchange Commission filing.
To access the teleconference, please dial (888) 895-3561
(domestic) or (904) 685-6494 (international) approximately ten
minutes before the teleconference's scheduled start time and
reference ID# 3091109.
A recording of the call will also be available for two weeks
following the teleconference and will be accessible by calling
(800) 585-8367 (domestic) or (404) 537-3406 (international) and
referencing ID# 3091109.
About Pangaea Logistics Solutions, Ltd.
Pangaea Logistics Solutions Ltd. provides logistics and ocean
shipping 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.
CONTACT:
INVESTOR RELATIONS:
Prosek
Partners
Thomas Rozycki
(212) 279-3115 x208
trozycki@prosek.com
Sean Silva
(212) 279-3115 x122
ssilva@prosek.com
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SOURCE Pangaea Logistics Solutions Ltd.