Pangaea Logistics confirms closing of $271m MT Maritime merger

New York-listed Pangaea Logistics Solutions has confirmed the $271m acquisition of 15 bulkers from private MT Maritime (MTM) in a shares-based deal.

Pangaea confirmed the closing in a statement on Monday after the deal received overwhelming support from Pangaea shareholders in a 30 January vote, as TradeWinds has reported.

‘Expanded complement’

The 15 handysize vessels come from the fleet of MTM vehicle Strategic Shipping Inc (SSI), a private owner based in the Southport section of Fairfield, Connecticut.