Pangaea acquires secondhand supramax

Pangaea acquires secondhand supramax

NASDAQ-listed dry bulk shipowner Pangaea Logistics Solutions has announced the acquisition of 2008-built  Tenmyo Maru from Japanese owner Kambara Kisen.

The 58,700 dwt vessel, built by Tsuneishi Zhoushan Shipyard, has fetched a price of $13.8m and will be renamed Bulk Pride when it joins Pangaea’s fleet in December.

“The delivery of Bulk Pride is another step toward achieving steady, disciplined growth that maximizes value to our customers, business partners and shareholders,” said Edward Coll, chairman and chief executive officer of Pangaea Logistics Solutions.

“All four of our vessel acquisitions this year will work in the heart of our business, which is growing strongly and profitably,” he added.

Pangaea had taken delivery of two ultramax dry bulk carriers from Japan’s Oshima Shipyard in January, and purchased 2005-built vessel Bulk Freedom in June. This latest acquisition will increase the company’s fleet to 18 bulkers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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