Pangaea Logistics Solutions says sanctions led it to withdraw ships from the technical management of a unit of Russia’s Sovcomflot (SCF Group).
The New York-listed bulker operator said its ice-class-1A vessels have been shifted from SCF Management Services to Bernhard Schulte Shipmanagement (BSM) as of Wednesday.
Chief executive Mark Filanowski told analysts that the management change is unfortunate and costly for the Rhode Island company, but it will not be disruptive.
