Global maritime logistics provider Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) announced the successful completion of the acquisition of marine port terminal operations in Port Everglades/Ft. Lauderdale and Port of Palm Beach, Florida, as well as the Port of Baltimore, Maryland.
The acquisitions were made from Host Terminals LLC, a wholly owned subsidiary of T. Parker Host, in an all-cash transaction.
This strategic acquisition expands Pangaea’s North American terminal network, stretching its reach to include the mid-Atlantic and southeastern United States. As part of Pangaea’s integrated freight and shoreside solutions, the newly acquired terminals will add to the company’s dry bulk distribution capabilities within these burgeoning commerce centers.
Mark Filanowski, CEO of Pangaea Logistics Solutions, commended the team at T. Parker Host for their collaboration, highlighting the immediate positive impact of the acquisition on Pangaea’s earnings per share.
“This acquisition serves to further expand our logistics capabilities within two strategically located ports, consistent with our strategic focus on serving customers beyond the ocean-going vessel,” Filanowski stated. He also expressed enthusiasm in welcoming the new employees and customers from Host Terminals to the Pangaea family.
Pangaea Logistics Solutions Ltd. offers logistics services to a diverse customer base across various industries. The company handles the transportation of a wide array of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.
Pangaea caters to the transportation needs of its customers with comprehensive services such as cargo loading, cargo discharge, vessel chartering, and voyage planning.