US-based Pangaea Logistics Solutions has sold one of its existing vessels, Bulk Beothuk, to a third party for USD 7 million cash, and has bareboat chartered the vessel back into its fleet for continued operation.
The company said that the proceeds of the transaction were used to retire existing bank mortgage indebtedness on Bulk Beothuk, and as equity to purchase a second-hand vessel.
Namely, the company bought a 2005-built Supramax bulk carrier for a price of USD 8.7 million. Named Bulk Freedom, the vessel was delivered to Pangaea in Japan on June 19.
“The addition of new capital will amplify the great progress we have made over the past 18 months, during which we maximized our industry presence amongst a challenging business climate,” Ed Coll, CEO, said.
Additionally, Pangaea Logistics Solutions informed that it has completed a private placement of its common shares with various institutional and other accredited investors, returning “to the capital markets for the first time” since its merger in 2014.