---
schema_version: "secwatch.filing_event.v1"
accession: "0001606909-25-000002"
form_type: "8-K"
ticker: "PANL"
cik: "0001606909"
company_name: "Pangaea Logistics Solutions Ltd."
filed_at: "2025-01-06T23:59:59+00:00"
generated_at: "2026-05-28T10:45:01.416622+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Pangaea completes acquisition of 15 handy-size vessels from SSI for $271M

## Summary
- 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.

## SEC filing metadata
- accession: 0001606909-25-000002
- form_type: 8-K
- ticker: PANL
- cik: 0001606909
- company_name: Pangaea Logistics Solutions Ltd.
- filed_at: 2025-01-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1606909/000160690925000002/0001606909-25-000002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1606909/000160690925000002/panl-20250106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001606909-25-000002
- JSON: https://secwatch.observer/filing/0001606909-25-000002.json
- Plain text: https://secwatch.observer/filing/0001606909-25-000002.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1606909/000160690925000002/0001606909-25-000002-index.htm

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