Pangaea Logistics Solutions Ltd. Announces Purchase of Vessel

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, has announced it has purchased a vessel to add to its operating fleet, which will total 22 ships when the new ship is delivered to Pangaea in September 2019. The ship was purchased in the second hand market for $14.1 million.

"This 2011 Nantong/Kawasaki built 58,000 dwt dry bulk vessel, fits well into our core fleet and trading activities and will give us another tool to serve our client's demanding cargo needs," said Ed Coll, Pangaea's Chief Executive Officer.  "We are committed to providing our clients with best in class service through our flexible owned and operated fleet. This ship, to be named Bulk Friendship, is another step in our effort to renew our owned fleet with high quality and efficient tonnage as we approach the new low sulfur fuel requirements in 2020."