PR Newswire
NEWPORT, R.I., April 13, 2018
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.
