NEWPORT, R.I., April 13, 2018 /PRNewswire/ -- Pangaea
Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ:
PANL), a global provider of comprehensive maritime logistics
solutions, today announced that it has signed a memorandum of
agreement to acquire the 2006 Imabari-built panamax M/V Madeleine
for $14.2M to enhance the company's
bulk fleet. This new vessel is set to be renamed and will be fully
utilized in the Noranda trade, supporting Pangaea's continuous
transportation capabilities to Noranda Alumina and Noranda Bauxite
on a long-term contractual basis. The acquisition adds to Pangaea's
fleet of panamax, ultramax and supramax ships used for supply chain
logistics and shipping.
"At Pangaea, we are constantly evaluating opportunities to
enhance our capabilities, ensuring that we continue to provide
best-in-class service to all of our partners and execute our
strategic priorities," said Ed Coll,
Chief Executive Officer at Pangaea. "We are thrilled with the
addition of this vessel as it will directly support the growth of
our relationship with Noranda, serving as a dedicated resource to
the company's shipping routes."
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. 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.
Contacts
Investor Relations Contacts
Thomas Rozycki
Prosek Partners
212-279-3115
trozycki@prosek.com
Kathleen Bentley
Prosek Partners
646-503-5179
kbentley@prosek.com
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SOURCE Pangaea Logistics Solutions Ltd.