Pangaea Logistics Solutions has pulled off the biggest consolidation in its history, snatching the 15-vessel handysize bulker fleet of MT Maritime Management in a $194m all-stock transaction.
Under the definitive agreement, announced by the companies after the close of trading on Monday, Pangaea is expanding its fleet of 26 vessels by nearly 60% to 41. It is also adding eight employees of private Connecticut-based MTM to its staff.
