AmericasDry Cargo

Pangaea expands fleet to 18 with ultramax buy

Nasdaq-listed US dry bulk owner Pangaea Logistics Solutions has added to its fleet with the acquisition of a Japanese ultramax bulker.

The company spent $16.45m on the 2013-built (Imabari) 61,000 dwt bulker, but did not disclose any further information. The vessel matches the description of OMC Shipping’s ultramax Orient Amabie, which Advanced Shipping & Trading reported as sold last week for $16.5m. VesselsValue places a $16.53m valuation on the BWTS-fitted bulker.

“This 2013 Imabari-built 61,000 dwt dry bulk vessel fits well into our core fleet and trading activities and, combined with our ice class newbuild program, is another step in our effort to renew our owned fleet with high quality and efficient tonnage,” said Ed Coll, CEO of Pangaea. “We are committed to providing our clients with best in class service through our flexible owned and operated fleet. This ship, to be named Bulk Courageous, will bring our owned fleet to 18 vessels in advance of our four ice class newbuild vessels to be delivered later this year.”

In addition to owning 18 vessels, Pangaea operates a total fleet of 50 to 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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