Bulk Prudence will be the 25th owned vessel in Pangaea's global fleet
Pangaea expects to take delivery of the Bulk Prudence in the second quarter 2023
Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") a global provider of comprehensive maritime logistics solutions, announced the acquisition of a 61,000 dwt dry bulk vessel in the second-hand market for $26.6 million cash.
Built in 2014, this vessel, to be re-named Bulk Prudence, is expected to be delivered to Pangaea in June 2023, representing the 25th owned vessel in its fleet. The vessel is currently expected to enter into service immediately after delivery. Between its owned and short term chartered-in fleet, Pangaea currently operates 50 vessels in worldwide trades.
"The acquisition of the Bulk Prudence demonstrates our continued strategic focus on maximizing 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 Chief Executive Officer. "This vessel fits well into our core fleet, having served as a part of our chartered-in fleet in prior years, effectively serving the cargo transit requirements of our customers. We remain an opportunistic acquiror of high-quality, newer vessels that meet the stringent requirements of the global trades in which we operate, consistent with our disciplined approach to capital allocation."
