According to Pangaea, the equity interest purchase price was $22.5 million, including a $15 million cash payment at closing and three recurring installments of $2.5 million for the next three years.

NBHC operates six Panamax 1-A ice-class bulk carriers that are time-chartered and operated by Nordic Bulk Carriers, a wholly-owned subsidiary of Pangaea, in its contractual ice and Arctic businesses and spot markets.

“We are extremely pleased to be able to acquire an additional interest in these … ships built at Oshima Shipyard in Japan. Our ice and Arctic businesses were developed for these ships, which we know very well, having operated them from newbuilding delivery,” Ed Coll, Pangaea’s Chief Executive Officer, stated.

Maritime Business World