Pangaea Logistics Solutions, a global provider of comprehensive maritime logistics solutions, announced that it has completed its previously announced combination of its existing dry-bulk fleet with fifteen handy-size dry bulk vessels owned by Strategic Shipping. Shareholder approval of the transaction was obtained at a special meeting of shareholders on December 30, 2024, resulting in closing of the Transaction on the same day.
Under the terms of the Transaction, Pangaea issued 18,059,342 shares of its common stock to SSI equal to approximately 27.6% of the Company’s outstanding common stock immediately following the consummation of the Transaction, in exchange for the fifteen handy-size vessels. SSI’s vessels valued at approximately $271 million at the closing, inclusive of $100 million of vessel related financing agreements assumed by Pangaea, resulting in a net asset value of $171 million.
“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 Mark Filanowski, Pangaea’s Chief Executive Officer. “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 through position arbitrage against our cargo book. This transformational transaction is an exciting new growth chapter for Pangaea.”
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