05:57 PM EDT, 09/23/2024 (MT Newswires) -- Pangaea Logistics Solutions ( PANL ) agreed to acquire 15 handy-size dry bulk vessels owned by closely held Strategic Shipping, which is managed by M.T. Maritime Management (USA), for $295 million in stock and assumed debt.

Pangaea will issue about 19 million common shares to Strategic Shipping.

The transaction is expected to close in Q4, pending customary closing conditions and shareholder approval, Pangaea said Monday in a statement.

Seven employees on M.T. Maritime's dry bulk chartering and operations teams will join Pangaea, and Strategic Shipping nominated two people to join the Pangaea board as part of the transaction, including Christina Tan, chief executive officer of M.T. Maritime

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