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Pangaea offloads supramax to China’s Sea Ray

US bulker owner Pangaea Logistics Solutions has revealed the sale of one of its older bulkers in its second quarter report.

Pangaea said it had entered into an agreement to sell 2002-built supramax bulker Bulk Beothuk for $4.6m. The bulker has been delivered to its new owners, which Equasis shows as Chinese company Sea Ray Shipping. It has been renamed Ophelia.

Pangaea has been consistently selling off its older tonnage. Late last year, it offloaded 2001-built supramax Bulk Juliana and 1996-built panamax Bulk Patriot, while earlier this year it sold 1995-built handymax Nordic Barents.

In its latest set of results, Pangaea reported a net income of $3m.

Ed Coll, CEO of Pangaea, commented: “Our strong second quarter results outperformed in a challenging dry bulk market that tested historic lows in April and May. Adhering to our strategy in turbulent markets, we limited our exposure by adjusting our fleet composition, redelivering chartered vessels back to their owners over the last several months and replacing them when needed at lower cost.”

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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