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Pangaea Logistics Solutions Ltd. Announces Delivery Of Two Ultramax Newbuildings
Pangaea Logistics Solutions, Ltd. (PANL) (“the Company”), announced that it has taken delivery of two ultramax ice-class 1C dry bulk carriers from Oshima Shipyard in Japan. The ships were ordered in 2013 by Pangaea’s 50% owned joint venture company, Nordic Bulk Ventures Holding, Ltd. (“NBVH”). Further, the Company has purchased its joint venture partner’s 50% interest in NBVH, which will give the Company full control of both new ships. “The delivery of Bulk Destiny and Bulk Endurance completes our current newbuilding program of six ice class bulk carriers,” said Edward Coll, Chairman and Chief Executive Officer of Pangaea Logistics Solutions Ltd. “The new ships were immediately employed to service our cargo portfolio and, with their ice class designations, nicely complement our existing ice class fleet of eight vessels, bringing our ice class fleet to ten ships. Oshima-built ships are of highest quality in design and construction and we are excited about the value they will add to our business for years to come.
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