Pangaea Logistics Solutions Ltd. (PANL): M&A transaction — Pangaea completes acquisition of 15 handy-size vessels from SSI for $271M

Pangaea Logistics Solutions Ltd.

Closed on Dec 30, 2024; issued 18.06M shares to SSI, representing 27.6% of post-merger common stock.
Vessels valued at ~$271M inclusive of $100M assumed vessel financing; net asset value of $171M.
Owned fleet expands to 41 ships (handy to post-Panamax) plus growing terminal operations.
Transaction funded by issuance of shares; DNB Markets acted as financial advisor, Seward & Kissel as legal counsel.
CEO Mark Filanowski cites new offerings for clients and expanded logistics capabilities.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Pangaea Logistics Solutions Ltd. completed an acquisition involving Strategic Shipping Inc. (SSI) for $271 million at the closing, inclusive of $100 million of vessel related financing agreements assumed by Pangaea, resulting in a net asset value of $171 million (closed 2024-12-30).

Action: acquisition
Counterparty: Strategic Shipping Inc. (SSI)
Consideration: $271 million at the closing, inclusive of $100 million of vessel related financing agreements assumed by Pangaea, resulting in a net asset value of $171 million
Closing: 2024-12-30

Exact text from the filing

outstanding common stock immediately following the consummation of the Transaction, in exchange for the fifteen handy-size vessels. SSI’s vessels were valued at approximately $271 million at the closing, inclusive of $100 million of vessel related financing agreements assumed by Pangaea, resulting in a net asset value of $171 million. MANAGEMENT COMMENTARY “We are

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Pangaea Logistics Solutions Ltd. filing history →

Source: SEC EDGAR

accession 0001606909-25-000002

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