Pangaea Logistics Solutions Ltd. (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced it has purchased a vessel to add to its operating fleet. The ship was purchased in the second-hand market for USD 16.45 million. The Company will own 18 ships when the new ship is delivered to Pangaea by May 2021, and it operates a total fleet of 50-60 vessels in worldwide trades.

"This 2013 Imabari-built 61,000 dwt dry bulk vessel fits well into our core fleet and trading activities and, combined with our ice class newbuild program, is another step in our effort to renew our owned fleet with high quality and efficient tonnage," said Ed Coll, Pangaea's Chief Executive Officer. "We are committed to providing our clients with best in class service through our flexible owned and operated fleet. This ship, to be named Bulk Courageous, will bring our owned fleet to 18 vessels in advance of our four ice class newbuild vessels to be delivered later this year."

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.