Pangaea sells ageing bulker pair

Pangaea sells ageing bulker pair

Ed Coll led US bulker owner Pangaea Logistics Solutions has revealed the sale of two ageing bulkers in its latest quarterly report.

Pangaea has revealed that last month it agreed deals to sell 2001-built supramax Bulk Juliana for $6.5m and 1996-built panamax Bulk Patriot for $4.5 million in two separate transactions.

The buyer for each vessel was not revealed, however brokers last week were reporting the Juliana sale to Chinese interests.

Pangaea says the vessels will be delivered to their new owners this month and next, and the sale will result in a book loss on sale of around $8.6m in the fourth quarter.

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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