Pangaea Logistics Solutions is spending $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 was financed with the help of Connecticut alternative finance firm Hudson Structured Capital Management, whose help was instrumental in getting the newbuilding project done.
Rhode Island-based 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.
