Rhode Island-based Pangaea Logistics Solutions is splashing out $17.2m to buy out the remaining 50% equity ownership in four post-panamax bulkers it has operated since 2021.
The ice-class quartet from China’s Guangzhou Shipyard International were financed with the help of Stamford, Connecticut-based alternative finance firm Hudson Structured Capital Management, whose help was instrumental in getting the newbuilding project done.
Pangaea announced the buyout, which came one year ahead of schedule, in a statement after the close of trading on the Nasdaq exchange on Monday.
