US-listed dry bulk owner Pangaea Logistics Solutions has agreed to sell one of the oldest ships in its fleet as part of its ongoing renewal strategy.

The Rhode Island-based company said in its quarterly earnings report it had penned a deal to dispose of the 2006-built panamax Bulk Xaymaca for $9.6m.

Delivery to the unnamed buyer is expected in the second quarter of 2026.

The sale follows the disposal of another ageing vessel, the supramax Bulk Freedom, which the company sold in the fourth quarter of last year for the same price.

Following the exit of Bulk Freedom, Bulk Xaymaca had become the oldest ship in the fleet, and its sale continues Pangaea’s push to maintain a more modern and efficient platform.

Pangaea currently owns 39 vessels and supplements its fleet with more than 20 chartered-in ships to support cargo commitments and long-term contracts of affreightment.