Pangaea Logistics Solutions has entered into a deal 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, a wholly owned subsidiary of T. Parker Host.
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 south-eastern US. The acquisition provides Pangaea with additional dry bulk distribution capabilities within growing commerce centers, while augmenting its integrated ocean freight and shoreside solutions offering.
"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."
The acquisition is subject to regulatory review and customary closing conditions. The Company expects to close the transaction during the second quarter of 2023.