NEWPORT,
R.I., May 1, 2023 /PRNewswire/ -- Pangaea
Logistics Solutions Ltd. ("Pangaea" or the "Company") (Nasdaq:
PANL), a global provider of comprehensive maritime logistics
solutions, today announced that it has entered into a definitive
agreement to acquire marine port terminal operations in Port
Everglades/Ft. Lauderdale and Port
of Palm Beach, Florida, and Port
of Baltimore, Maryland from Host
Terminals LLC ("Host"), a wholly owned subsidiary of T.
Parker Host, in an all-cash
transaction.
Pangaea currently operates terminals and performs stevedoring
services in four ports in North America. Under the terms of
the agreement, Pangaea will acquire all onshore assets, licenses
and business operations related to the acquired Host terminal
operations for a total purchase price under $10 million.
With this acquisition, Pangaea expands its North American
terminal network to include the mid-Atlantic and southeastern
United States. The acquisition
provides Pangaea with additional dry bulk distribution capabilities
within growing commerce centers, while augmenting its integrated
ocean freight and shoreside solutions offering.
The acquisition is subject to regulatory review and customary
closing conditions. The Company expects to close the transaction
during the second quarter of 2023.
MANAGEMENT COMMENTARY
"This strategic investment demonstrates our continued focus on
developing a vertically integrated shipping and logistics business
of scale, one that provides end-to-end supply chain solutions for
our customers," stated Mark
Filanowski, Chief Executive Officer of Pangaea Logistics
Solutions. "Our cargo-centric strategy leverages our established
competency within dry bulk shipping, together with logistics
requirements of our customers, allowing us to extend the service
relationship beyond the ocean-going vessel. This acquisition
will serve to increase our onshore service capabilities in two
strategically located ports where we previously had no logistics
operations. We are excited to welcome the new employees
joining Pangaea, each of whom will remain important partners in
delivering an exceptional service experience for our loyal
customers."
ABOUT PANGAEA LOGISTICS SOLUTIONS LTD.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) provides
logistics services to a broad base of industrial customers who
require the transportation of a wide variety of dry bulk cargoes,
including grains, pig iron, hot briquetted iron, bauxite, alumina,
cement clinker, dolomite, and limestone. The Company addresses the
transportation needs of its customers with a comprehensive set of
services and activities, including cargo loading, cargo discharge,
vessel chartering, and voyage planning. Learn more at
www.pangaeals.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on our
current expectations and beliefs and are subject to a number of
risk factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. The Company disclaims any obligation to publicly update
or revise these statements whether as a result of new information,
future events or otherwise, except as required by law. Such risks
and uncertainties include, without limitation, the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand for dry bulk shipping capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs,
the market for our vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors, as well as other risks that have been
included in filings with the Securities and Exchange Commission,
all of which are available at www.sec.gov.
INVESTOR RELATIONS CONTACTS
Gianni Del Signore
Chief Financial Officer
401-846-7790
Investors@pangaeals.com
Noel Ryan or Stefan Neely
Vallum Advisors
PANL@val-adv.com
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SOURCE Pangaea Logistics Solutions Ltd.