Pangaea Logistics Solutions has announced that it has acquired an additional one third equity interest in Nordic Bulk Holding (NBHC), increasing its shareholding in NBHC to 66.7%.
NBHC currently owns six panamax bulk vessels which are time chartered to and operated by Pangaea’s wholly-owned subsidiary, Nordic Bulk Carriers. The purchase price of the equity interest is $22.5m.
“We are extremely pleased to be able to acquire an additional interest in these modern, high quality ships built at Oshima Shipyard in Japan,” said Ed Coll, CEO of Pangaea.
“Our ice and Arctic businesses were developed for these ships, which we know very well, having operated them from newbuilding delivery. Our additional ownership position in the six ships will provide additional premium earnings to our bottom line, and helps to cement our position as the leading worldwide operator of large ice class ships. We also look forward to our four newbuilding 1-A ice class post-panamax ships expected to be delivered in 2021,” Coll added.