Pangaea Logistics Solutions plans to buy a 2006-built panamax bulker for $14.2m to devote to its Noranda business.
The company signed an memorandum of understanding to scoop up the 76,600-dwt Madeleine for transport services to Noranda Alumina and Noranda Bauxite.
The two companies are, respectively, US-based and Jamaican mining assets owned by Florida investment firm DADA Holdings.
The vessel has a market value of $13.4m
