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General Information | 6 Months Ended
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Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
General Information | General Information The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. The Company owns two Panamax, two Ultramax Ice Class 1C, five Supramax and two Handymax Ice Class 1A drybulk vessels, including two vessels financed under capital lease obligations. The Company also owns one-third of Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels. The Company operates two additional Supramax drybulk vessels under bareboat charter for five-year periods that commenced on July 13, 2016. On January 27, 2017, the Company acquired its consolidated joint venture partner's interest in Nordic Bulk Ventures Holding Company Ltd. (“BVH”). BVH owns m/v Bulk Destiny and m/v Bulk Endurance through wholly-owned subsidiaries. BVH is wholly-owned by the Company after the acquisition. On March 21, 2017, the Company's Board of Directors (the “Board”) approved, and on June 27, 2017, the shareholders holding a majority of the issued and outstanding shares of our Common Stock approved, by unanimous written consent, the issuance of shares of our Common Stock in connection with two stock purchase agreements, both dated as of June 15, 2017, (the “Agreements”). The holders of 31,304,961 shares of our Common Stock, representing approximately 84% of the shares of our Common Stock, executed the written consent. Shares of common stock sold to institutional and accredited investors under the Agreements totaled 3,935,665. These shares were issued on June 29, 2017 for aggregate net proceeds of $8.3 million. The Agreements also provided for the sale and issuance of 2,597,778 shares of Common Stock to inside investors, for an aggregate amount of $5.8 million, of which approximately $4.4 million was issued as in-kind payment of accrued dividends. These shares were issued on August 9, 2017. The shares of Common Stock issued in connection with the Agreements represent approximately 17% of the Company’s then outstanding Common Stock, which had the effect of diluting our existing shareholders that are not institutional investors, as well as any investors that did not purchase a proportionate number of shares of Common Stock pursuant to the Agreements, relative to their current holdings, to prevent dilution. Upon completion of these transactions, issued and outstanding shares of Common Stock totaled 43,795,182.

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