Pangaea Buys Used Ultramax For $26.6m

Credit: laurenz-heymann-unsplash

Pangaea snaps up secondhand ultramax for $26.6m, states Splash 247 news source.

Pangaea Logistics Solutions

Nasdaq-listed US bulker owner Pangaea Logistics Solutions has picked up a secondhand ultramax for $26.6m.

The 2014-built, 61,000 dwt ship is expected to be delivered in June and renamed Bulk Prudence.

VesselsValue data suggests Pangaea closed the deal for the previously reported sale of Iwagi Zosen-built CL Ebisu by Belgian owner Conti Lines.

 Bulk Prudence 

When delivered, Bulk Prudence will be the 25th owned vessel in Pangaea’s fleet. Between its owned and short-term chartered-in fleet, the company currently operates 50 vessels.

“The acquisition of the Bulk Prudence demonstrates our continued strategic focus on maximising TCE rates through a fleet of newer, high quality and well-maintained vessels while providing our clients a consistent and efficient cargo transportation service,” stated Mark Filanowski Pangaea’s CEO.

Filanowski added the ship had served as part of the company’s chartered-in fleet in prior years, and that Pangaea will “remain an opportunistic acquirer of high-quality, newer vessels that meet the stringent requirements of the global trades in which it operates, consistent with its disciplined approach to capital allocation.”

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Source: Community News