Pangaea Logistics Solutions Ltd. (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, 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.
