Nasdaq-listed bulker owner Pangaea Logistics Solutions (PANL) sells its oldest vessel as part of its fleet renewal strategy.

The company, having in its fleet portfolio 40 vessels, entered into a memorandum of agreement in October 2025 to sell the 2005-built Bulk Freedom for $9.6m.

“Built in 2005, Bulk Freedom is the oldest vessel in the fleet, and its divestiture underscores our commitment to maintaining a modern, efficient platform,” PANL said.

The company said the delivery to the buyer is expected in the fourth quarter of 2025.

During the third quarter, the company also completed the sale of Strategic Endeavor for $7.7m.

“During the third quarter, we successfully completed the sale of the Strategic Endeavor for $7.7 million and have entered into an agreement to sell the Bulk Freedom for $9.6 million in the fourth quarter, which is expected to generate a gain of approximately $2.7 million. These transactions reflect the continuation of our fleet renewal strategy,” reads the management statement.

The company’s owned fleet stands at 40 vessels, supplemented by an average of 24 chartered-in vessels to fulfill cargo and contract of affreightment (COA) commitments.