Bulker operator Pangaea Logistics Solutions revealed sale-and-leaseback financing for one of its ultramax newbuildings.
The New York-listed outfit, which primarily operates chartered-in tonnage, said in a quarterly report to the US Securities and Exchange Commission (SEC) that the joint venture that owns the 62,000-dwt bulker newbuilding sold the ship for $21m.
Pangaea is leasing the ship for seven years.
The financier was not revealed, but chief executive Ed Coll said the transaction involved a major financial institution.
The
