Pangaea takes additional stake in Nordic Bulk Holding

US-based provider of maritime logistics and transportation solutions Pangaea Logistics Solutions has acquired an additional one-third equity interest in its partially-owned consolidated subsidiary Nordic Bulk Holding Company Ltd. (NBHC) from one of NBHC’s current shareholders. 

As informed, the acquisition increases Pangaea’s equity interest in NBHC to 66.7 per cent.

The purchase price of the equity interest was $22.5 million, with a $15 million cash payment upon closing and three annual payments of $2.5 million over the next three years, according to Pangaea.

NBHC owns six 1-A ice-class Panamax bulk carriers which are time chartered to and operated by Pangaea’s wholly-owned subsidiary, Nordic Bulk Carriers, in its contractual ice and Arctic businesses and in spot markets.

“We are extremely pleased to be able to acquire an additional interest in these … ships built at Oshima Shipyard in Japan,” Ed Coll, Pangaea’s Chief Executive Officer, commented.

 “Our ice and Arctic businesses were developed for these ships, which we know very well, having operated them from newbuilding delivery.”

 “We also look forward to our four newbuilding 1-A ice class Post-Panamax ships expected to be delivered in 2021. This will give us twelve … efficient ice-class ships … with an average fleet age of four years and a total cargo capacity of almost one million metric tons.”

“All of our ships meet or exceed strict regulatory and environmental requirements, but our newest ships will transport more cargo with an even smaller footprint, and are built with Tier III engines to comply with the strictest air standards,” Coll added.