US-listed bulker owner Pangaea Logistics Solutions has sold its oldest vessel, the Bulk Freedom, as part of its ongoing fleet renewal programme.

The Rhode Island-based company confirmed the deal, first reported by brokers in October, to sell the 2005-built supramax for $9.6m.

The 52,500 dwt ship was built at Tadotsu Tsuneishi in Japan and acquired by Pangaea in 2017 for around $9m.

The company said delivery to the buyer is expected in the fourth quarter of 2025, with the transaction expected to generate a gain of about $2.7m.

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

The company also completed the sale of the 2010-built handysize Strategic Endeavor for $7.7m during the third quarter.

Pangaea’s owned fleet currently stands at 40 vessels, supported by an average of 24 chartered-in units employed across its cargo and contract of affreightment commitments.