Pangaea Logistics Solutions has executed a memorandum of agreement to purchase the vessel M/V Tenmyo Maru, 58,749 dwt., built in November 2008 at Tsuneishi Group (Zhoushan) Shipyard.
The ship is expected to be delivered from its present owners in December, and will be re-named Bulk Pride.
Pangaea had also taken delivery of two ultramax ice-class 1C dry bulk carriers from Japan's Oshima Shipyard in January, and purchased its Bulk Freedom, built 2005, in June. Together, these purchases mark a strong growth year for the Company.
"The delivery of Bulk Pride is another step toward achieving steady, disciplined growth that maximizes value to our customers, business partners and shareholders," said Edward Coll, Chairman and Chief Executive Officer of Pangaea Logistics Solutions Ltd.
"All four of our vessel acquisitions this year will work in the heart of our business, which is growing strongly and profitably," Edward added.