---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-24-000105"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2024-09-24T23:59:59+00:00"
generated_at: "2026-05-31T02:03:55.717975+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pangaea to acquire 15 dry bulk vessels from MTM in all-stock deal worth ~$295M

## Summary
- Issuing ~19M shares (~29% pro forma) for 15 handy-size vessels valued at $295M, net of $102M debt = $193M NAV.
- Adds 15 vessels, expanding owned fleet by 60% to 41; expected close Q4 2024, subject to shareholder approval.
- SSI to designate Christina Tan (MTM CEO) and Gary Vogel (former Eagle Bulk CEO) to Pangaea board.
- Transaction expected to be accretive; maintains leverage of ~34.6% and includes MTM dry bulk chartering team.
- Cash consideration limited to working capital; Pangaea assumes current charter commitments of SSI fleet.

## SEC filing metadata
- accession: 0001606909-24-000105
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2024-09-24T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000105/0001606909-24-000105-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690924000105/panl-20240923.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-24-000105
- JSON: https://secwatch.observer/filing/0001606909-24-000105.json
- Plain text: https://secwatch.observer/filing/0001606909-24-000105.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.