AmericasDry Cargo

Pangaea Logistics ups stake in Nordic Bulk Holding

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.

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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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