Pangaea to acquire the remaining 50% stake in Nordic Bulk Partners from HS Nordic for $17.2m.

Pangaea, a seaborne drybulk transportation and logistics services provider, agreed to acquire the remaining 50% stake in Nordic Bulk Partners, a Pangea and HS Nordic joint venture formed to construct four Ice Class 1A Post-Panamax dry bulk vessels, from HS Nordic, an inspection, expediting, material and quality engineering services provider, for $17.2m. "This strategic move to take full ownership of these four modern dry bulk vessels further consolidates our fleet of niche Ice Class 1A vessels, cleans up our balance sheet, and improves our operating cash generation. We continue to pursue our strategic initiative of investing in our fleet of owned vessels, while taking advantage of the favorable macro backdrop in the dry bulk market to unlock incremental net asset value and maximize future returns on our owned fleet," Mark Filanowski, Pangaea CEO.