AmericasDry Cargo

Pangaea acquires ultramax to take owned fleet to 25

Nasdaq-listed US bulker owner Pangaea Logistics Solutions has acquired a 2010-built ultramax to take its owned fleet to 25 vessels.

Pangaea has paid $17.1m for the bulker, which will be renamed Bulk Sachuest, and delivery is expected in September or October 2022.

“This 2010 Hyundai Vinashin shipyard-built 56,000 dwt dry bulk vessel fits well with our core fleet, with CO2 fitted holds able to transport premium cargo under our customer contracts of affreightment and spot trades. We have operated the ship for the past year on a charter-in basis, and it has performed well for us,” said Pangaea’s chief operating officer Mads Boye Petersen.

Pangaea generally operates a total fleet of between 50 and 60 vessels.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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