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Pangaea Logistics Solutions ( (PANL) ) has provided an update.
Pangaea Logistics Solutions Ltd. has struck a definitive merger agreement with Strategic Shipping Inc. and M.T. Maritime Management to expand its fleet by acquiring fifteen handy-size dry bulk vessels, valued at around $295 million. The deal, which is expected to close in Q4 2024, will see Pangaea issue approximately 19.0 million shares to SSI. This move, enhancing Pangaea’s fleet to 41 vessels, is anticipated to bolster its service offerings, efficiency, and profitability in the dry bulk shipping sector. The transaction also includes strategic board appointments and the integration of MTM’s experienced chartering and operations teams into Pangaea’s operations.
For detailed information about PANL stock, go to TipRanks’ Stock Analysis page.