Pangaea Offloads Aging Bulker as Part of Fleet Renewal

Pangaea Logistics Solutions, a US-listed dry bulk shipping company, has agreed to sell one of the oldest vessels in its fleet as part of its ongoing fleet renewal efforts. According to the company's quarterly earnings report, Pangaea has penned a deal to dispose of the 2006-built panamax bulker Bulk Xaymaca for $9.6 million. The Rhode Island-based owner said the sale is in line with its strategy to gradually replace older tonnage with more modern, fuel-efficient ships. 'The sale of the Bulk Xaymaca is part of our ongoing fleet renewal program, where we continue to opportunistically sell our older, less efficient vessels and reinvest the proceeds into newer, more eco-friendly tonnage,' Pangaea CEO Ed Coll was quoted as saying by Splash247. The sale of the 16-year-old bulker comes as Pangaea looks to modernize its fleet and reduce its environmental footprint. The company has been actively investing in newer, more sustainable vessels to improve its operational efficiency and comply with upcoming emissions regulations.