Pangaea Logistics Solutions is upgrading its fleet, while divesting older, non-core assets. The Rhode Island-based company said it has struck a deal to acquire two 2016-built 58,000 dwt vessels.

The firm entered into two memoranda agreements for the acquisition of the dry bulk vessels for a combined purchase price of $56.6m.

The names of the bulkers were not disclosed by the company but said that it expects to take delivery of these vessels in the third quarter of 2024.

The Nasdaq-listed Pangaea reports that, in the first quarter of 2024, its 24 owned vessels were fully utilized and supplemented with an average of 17 chartered-in vessels.

“This year, we will also continue to refresh and expand our owned fleet with newer, more efficient vessels that support the unique requirements of our customers, while continuing to opportunistically divest of older vessels, consistent with our long-term strategy,” stated Mark Filanowski, chief executive of Pangaea Logistics Solutions.

In addition to its dry bulk fleet of panamax and post-panamax vessels, Pangaea began investing during the first quarter of 2024 in the expansion of its logistics business in the port of Tampa, Florida through strategic joint operations partnerships and a land lease commitment.

The company has already begun limited operations in Tampa through leased port space but intends to leverage the investment of its joint venture partnership to further grow the port and logistics business that it acquired last year.