A long-term investor in New York-listed Pangaea Logistics Solutions has begun to sell down its stake in the bulker owner just days after two of its executives resigned from the company board.
New York-based Cartesian Capital Group and principal Peter Yu sold nearly 439,000 shares between 18 March and 22 March for a payout of nearly $1.5m.
Cartesian will look to continue to sell a portion of its holdings in private transactions, the financial firm said in a filing to US securities regulators.
