Pangaea Logistics Solutions has sealed a deal to buy the handy dry bulk fleet of M.T. Maritime Management (MTM) in a $194m all-share transaction.
NASDAQ-listed is adding 15 handysize ships ranging in size from 33,000 dwt to 40,000 dwt with an average age of approximately 10.5 years to its fleet by issuing 19m shares of its common stock to privately held MTM.
“This transaction represents a transformational strategic milestone for our business, one that expands our owned fleet by nearly 60%, to 41 vessels, and provides us opportunities to drive incremental growth and improve our efficiency and profitability,” stated Richard du Moulin, Pangea’s chairman of the board.
MTM’s dry bulk chartering and operations teams will be joining Pangaea, along with certain members of the MTM executive team.
Mark Filanowski, Pangaea’s CEO, added: “We believe the transaction is extremely attractive from both a financial and strategic perspective and will allow us to further take advantage of the favourable macro backdrop in the dry bulk market.”