Rhode Island-based Pangaea Logistics Solutions has brought its owned fleet to an even 20 with the acquisition of a supramax bulker on the secondhand market.
The Nasdaq-listed owner, headquartered in Newport, has splashed out $13m for the 53,000-dwt Nikkei Dragon (built 2009).
Pangaea did not report the vessel name or seller, but databases point to Nikkei Dragon and owner Tamai Steamship, an MOL group company.
The bulker will be renamed Bulk Spirit.
Pangaea chief executive Ed Coll said in a statement today that the vessel “fits perfectly in our operating fleet,” and will carry various dry-bulk cargoes.
“The ship is very efficient on draft and fuel consumption, important attributes for our trades and to address new marine fuel requirements in 2020, when the cost of low sulphur fuel used on ships is expected to become more expensive,” Coll said.
The unit was built at Japan’s Oshima building, making about half of Pangaea’s current fleet “holding the valuable Oshima brand,” Coll said.
Pangaea transports a wide variety of dry-bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.
It is a leader in ice-class markets, including the transport of iron ore from Canada’s remote Baffin Island to mostly European users.
