New York-listed Pangaea Logistics Solutions has pulled off the biggest consolidation deal in its history, snatching up the 15-vessel handysize bulker fleet of private MT Maritime Management in a $194m all-stock deal.
The definitive agreement, announced by the companies after the close of trading on Monday, sees Rhode Island-based shipowner and operator Pangaea expand its current fleet of 26 vessels by nearly 60% to 41.
