Newport-based Pangaea Logistics Solutions has confirmed a leadership transition with CEO Mark Filanowski stepping down at the turn of the year after more than a decade at the helm. Chief operating officer Mads Petersen will take over as president and CEO from January 1, 2026.

Filanowski, who joined Pangaea in 2014 and became chief executive in 2019, oversaw a period of significant growth for the Nasdaq-listed dry bulk specialist. 

“During his tenure, he successfully navigated a dynamic global shipping environment while scaling Pangaea’s differentiated cargo-focused platform,” chairman Richard du Moulin said. “Under his leadership, our owned vessel fleet has tripled, and our port and logistics operations have expanded to 10 marine terminals across the US Gulf Coast and Mid-Atlantic regions.”

Petersen, who co-founded Nordic Bulk Carriers in 2009 before it became part of Pangaea, has spent 16 years with the company and currently oversees its commercial, operational, and technical functions. He has been central to Pangaea’s ice-class operations and newbuilding programmes in Japan and China.

“Pangaea has a proven and differentiated business model that has delivered above-market returns across market cycles,” Petersen said.