<SEC-DOCUMENT>0001606909-22-000089.txt : 20220923
<SEC-HEADER>0001606909-22-000089.hdr.sgml : 20220923
<ACCEPTANCE-DATETIME>20220923161922
ACCESSION NUMBER:		0001606909-22-000089
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20220923
DATE AS OF CHANGE:		20220923
EFFECTIVENESS DATE:		20220923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pangaea Logistics Solutions Ltd.
		CENTRAL INDEX KEY:			0001606909
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267582
		FILM NUMBER:		221262566

	BUSINESS ADDRESS:	
		STREET 1:		109 LONG WHARF
		CITY:			NEWPORT
		STATE:			RI
		ZIP:			02840
		BUSINESS PHONE:		401-457-9552

	MAIL ADDRESS:	
		STREET 1:		109 LONG WHARF
		CITY:			NEWPORT
		STATE:			RI
		ZIP:			02840

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Quartet Holdco Ltd.
		DATE OF NAME CHANGE:	20140430
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>forms-82022.htm
<DESCRIPTION>S-8
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i54ed53d6e04047e183f22e67e9b76347_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="-sec-extract:summary;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As submitted to the Securities and Exchange Commission on September&#160;23, 2022.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Registration No. 333-</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.729%"><tr><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-top:1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.225%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Form S-8</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">REGISTRATION STATEMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">UNDER</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">THE SECURITIES ACT OF 1933</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.225%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td></tr></table><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PANGAEA LOGISTICS SOLUTIONS LTD.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact name of registrant as specified in its charter)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.433%"><tr><td style="width:1.0%"></td><td style="width:31.750%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.523%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.750%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.523%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.754%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Bermuda</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> <br>(State or other jurisdiction of <br>incorporation or organization)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4412</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> <br>(Primary Standard Industrial <br>Classification Code Number)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Not Applicable</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> <br>(I.R.S. Employer <br>Identification Number)</font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pangaea Logistics Solutions Ltd.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c&#47;o Phoenix Bulk Carriers (US) LLC</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">109 Long Wharf</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Newport, Rhode Island 02840</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(401) 846-7790</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant&#8217;s Principal Executive Offices)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:700;line-height:120%">Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Full title of the plan)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Gianni Del Signore</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pangaea Logistics Solutions Ltd.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c&#47;o Phoenix Bulk Carriers (US) LLC</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">109 Long Wharf</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Newport, Rhode Island 02840</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(401) 846-7790</font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)</font></div><div style="text-align:center;text-indent:36pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Copies to&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Edward S. Horton, Esq.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Seward &#38; Kissel LLP</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">One Battery Park Plaza</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New York, New York 10004</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(212) 574-1200</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.225%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-top:1pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Large accelerated filer </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accelerated filer  </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">x</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-accelerated filer </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Smaller reporting company </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">x</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Do not check if a smaller reporting company)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o</font></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXPLANATORY NOTE</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pangaea Logistics Solutions Ltd. has prepared this Registration Statement in accordance with the requirements of Form&#160;S-8 under the Securities Act of 1933 to register an additional 1,700,000 common shares, par value $0.0001 per share, which we refer to as the Common Shares, that are reserved for issuance in respect of awards to be granted under the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022), which we refer to as the 2022 Amended Plan. In accordance with Section E. - Registration of Additional Securities of the General Instructions to Form S-8, the contents of the earlier registration statement on Form S-8 (file number 333-234575), which was filed with the Securities and Exchange Commission on November 7, 2019, that relate to the plan, are incorporated herein by reference, except to the extent expressly superseded herein.</font></div><div><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i54ed53d6e04047e183f22e67e9b76347_7"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="-sec-extract:summary;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PART II</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 3.    Incorporation of Documents by Reference.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, the Registrant hereby incorporates by reference into this Registration Statement the following documents&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:11.07pt">The Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on March 16, 2022&#59;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">The Registrant&#8217;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Commission on May 10, 2022&#59;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:11.07pt">The Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Commission on August 9, 2022&#59;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">d.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">The Registrant&#8217;s Current Reports on Form 8-K filed with the Commission on February 16, 2022, February 22, 2022, March 16, 2022, March 29, 2022, May 10, 2022, August 9, 2022, August 10, 2022 and August 23, 2022&#59; and&#59;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">e.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:11.07pt">The description of the Registrant&#8217;s Common Stock contained in the Registrant&#8217;s registration statement on Form 8-A filed on December 30, 2014 (File No. 001-36798) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), including any amendment or report filed for the purpose of updating such description.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, all documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall also be deemed to be incorporated by reference herein and to be a part hereof from the dates of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 8.    Exhibits.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following exhibits are filed with or incorporated by reference into this Registration Statement (numbering corresponds to Exhibit Table in Item 601 of Regulation S-K)&#58;</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.668%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:91.132%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit <br>Number</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#160;</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.1</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Bye-laws of Pangaea Logistics Solutions Ltd., as amended August 5, 2022</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> (</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">incorporated by reference to Exhibit 3.</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">1</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> of the Company&#8217;s Current Report on Form 8-K (File No. 001-3</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6798</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">) filed with the Commission on </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">August</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> 1</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">0</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">, 20</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">22</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000079/panlbye-lawsamended2022.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">).</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.2</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Form of Common Stock Certificate</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> (</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">incorporated by reference to Exhibit </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4.4</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> of the Company&#8217;s Current Report on Form </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">S-4&#47;A</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> (File No. </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">333</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">-</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">195910</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">) filed with the Commission on </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">July</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> 1</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">5</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000114420414043041/v383679_ex4-4.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">, 2014).</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="appleby51legalopinion.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Opinion of &#160;Appleby (Bermuda) Limited</a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">.</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23.1*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="exhibit231grantthorntoncon.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consent of Grant Thornton LLP.</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23.2*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="appleby51legalopinion.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consent of Appleby (Bermuda) Limited</a><a href="appleby51legalopinion.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> (included in Exhibit 5.1</a><a href="appleby51legalopinion.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> filed herewith</a><a href="appleby51legalopinion.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">)</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24.1*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Power of Attorney of certain officers and directors of the Registrant to file future amendments (set forth on signature page of the Registration Statement)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">.</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99.1</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Pangaea Logistics Solutions Ltd. 2014 Equity Incentive Plan</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">,</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">as amended and restated by the Board of Directors on May 6, 2022</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> (incorporated by reference to Appendix A of reg</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">istrant</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">'s Definitive</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> Proxy Statement on </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">14A</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">, </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">File No. </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">001-36798</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">filed </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">with the Commission </a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">on June 22, 2022)</a><a href="https://www.sec.gov/Archives/edgar/data/1606909/000160690922000059/a2022defnoticeandproxystat.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">107*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="calculationoffilingfeetable.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Calculation of Filing Fee Table.</a></font></div></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">* Filed herewith.</font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div id="i54ed53d6e04047e183f22e67e9b76347_1099511627886"></div><div style="text-align:center"><font><br></font></div><div style="-sec-extract:summary;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newport, Rhode Island on September&#160;23, 2022.</font></div><div style="text-indent:18pt"><font><br></font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.293%"><tr><td style="width:1.0%"></td><td style="width:5.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.143%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.559%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:2.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Pangaea Logistics Solutions Ltd.</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Gianni Del Signore</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name&#58;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gianni Del Signore</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Financial Officer</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">POWER OF ATTORNEY AND SIGNATURES</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each person whose signature appears below constitutes and appoints Mark L. Filanowski and Gianni Del Signore and each of them, as attorney-in-fact with full power of substitution and re-substitution, for him or her and in his or her name, place or stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</font></div><div style="text-indent:18pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the date indicated&#58; </font></div><div style="text-indent:18pt"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.903%"><tr><td style="width:1.0%"></td><td style="width:24.820%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:51.919%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.489%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Signature</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Date</font></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Mark L. Filanowski</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Executive Officer</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mark L. Filanowski</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Principal Executive Officer)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Gianni Del Signore</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Financial Officer</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gianni Del Signore</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Principal Financial and Accounting Officer)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Carl Claus Boggild</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lead Independent Director</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Carl Claus Boggild</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Anthony Laura</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Director</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Anthony Laura</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Eric S. Rosenfeld</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Director</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Eric S. Rosenfeld</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; David D. Sgro</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Director</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">David D. Sgro</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Richard du Moulin</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Director, Chair of the Board</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Richard du Moulin</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Karen H. Beachy</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Director</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">September 23, 2022</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Karen H. Beachy</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>calculationoffilingfeetable.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="ifc7e8408ec7e42bbb024a72009777d21_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Calculation of Filing Fee Tables</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Form S-8</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(Form Type)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">PANGAEA LOGISTICS SOLUTIONS LTD.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(Exact Name of Registrant as Specified in Charter) </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Newly Registered Securities</font></div><div style="text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:10.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.803%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.402%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Security Type</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Security Class Title</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fee Calculation Rule</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amount Registered </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proposed Maximum Offering Price Per Unit </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Maximum Aggregate Offering Price</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fee Rate</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amount of Registration Fee</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Equity</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Common Stock, $0.0001 Par Value</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rule 457(c) and (h)</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1700000 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$4.79</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$8,143,000</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.0000927</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$755</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Offering Amounts</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$8,143,000</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$755</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Fee Offsets</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net Fee Due</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">755&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1)&#160;&#160;&#160;&#160;Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the number of shares of Common Stock registered hereunder includes such indeterminate number of additional shares of Common Stock as may be offered or issued in the future to prevent dilution resulting from stock splits, stock dividends or similar transactions.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2)&#160;&#160;&#160;&#160;Represents 1,700,000 additional shares of Common Stock that will become available for issuance pursuant to the 2014 Amended and Restated Equity Incentive Plan.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3)&#160;&#160;&#160;&#160;Calculated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and (h) under the Securities Act, based upon the average of the high and low sales prices of the shares of the Company&#8217;s common stock as reported on the NASDAQ Stock Exchange on September&#160;20, 2022.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>appleby51legalopinion.htm
<DESCRIPTION>EX-5.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i2829916d9f5d4637844411f62fff1cef_1"></div><div style="min-height:104.9pt;width:100%"><div style="text-align:right"><img alt="image_1a.jpg" src="image_1a.jpg" style="height:16px;margin-bottom:5pt;vertical-align:text-bottom;width:195px"></div><div style="text-align:justify"><font><br></font></div><div style="text-align:right"><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.625%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Pangaea Logistics Solutions Ltd.</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Email  jwilson&#64;applebyglobal.com</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">c&#47;o Phoenix Bulk Carriers (US) LLC</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Direct Dial  +1 441 298 3559</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">109 Long Wharf</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Tel  +1 441 295 2244</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Newport RI, 02840</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Fax  +1 441 292 8666</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Your Ref  </font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Appleby Ref  428932.0011&#47;JW&#47;CM</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:133%">23 September 2022</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.776%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Dear Sir</font></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">Pangaea Logistics Solutions Ltd. (Company)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">We have acted as legal counsel in Bermuda to the Company and this opinion as to Bermuda law is addressed to you in connection with the filing by the Company with the United States Securities and Exchange Commission (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">SEC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) under The Securities Act of 1933, as amended (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Securities Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) of a Registration Statement on Form S-8 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) in relation to the registration of 1,700,000 common shares of par value USD 0.0001 per share (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Common Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) issuable in accordance with the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors of the Company on 6 May 2022) (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Amended</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Plan</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">).</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">For the purposes of this opinion we have examined and relied upon the documents listed, (which in some cases, are also defined) in the Schedule to this opinion (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">). </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.         </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">ASSUMPTIONS</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">In stating our opinion we have assumed&#58;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.1       the authenticity, accuracy and completeness of all Documents and other documentation examined by us or submitted to us as originals and the conformity to authentic original documents of all Documents and such other documentation submitted to us as certified, conformed, notarised or photostatic copies&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.2       that each of the Documents and other such documentation which was received by electronic means is complete, intact and in conformity with the transmission as sent&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.3       the genuineness of all signatures on the Documents&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.4       the authority, capacity and power of each of the persons signing the Documents (other than the Company)&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.5       that any representation, warranty or statement of fact or law, other than as to the laws of Bermuda, made in any of the Documents is true, accurate and complete&#59;</font></div><div style="height:73.7pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">Bermuda </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> British Virgin Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Cayman Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Guernsey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Hong Kong </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Isle of Man </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Jersey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> London </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Mauritius </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Seychelles </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Shanghai </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Zurich<br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:104.9pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.6       that the records which were the subject of the Company Search were complete and accurate at the time of such search and disclosed all information which is material for the purposes of this opinion and such information has not since the date of the Company Search been materially altered&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.7       that the records which were the subject of the Litigation Search were complete and accurate at the time of such search and disclosed all information which is material for the purposes of this opinion and such information has not since the date of the Litigation Search been materially altered&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.8       that there are no provisions of the laws or regulations of any jurisdiction, other than Bermuda, which would be contravened by the execution or delivery of the Amended Plan or which would have any implication in relation to the opinion expressed herein and that, in so far as any obligation under, or action to be taken under, the Amended Plan is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.9       that the Resolutions are in full force and effect and have not been rescinded, either in whole or in part, and accurately record the resolutions passed by the Board of Directors of the Company in a meeting which was duly convened and at which a duly constituted quorum was present and voting throughout and that there is no matter affecting the authority of the Directors to take the actions specified in the Resolutions, not disclosed by the Constitutional Documents or the Resolutions, which would have any adverse implication in relation to the opinions expressed herein&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.10     that, when the Directors of the Company adopted the Resolutions, each of the Directors discharged his fiduciary duties to the Company and acted honestly and in good faith with a view to the best interest of the Company&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.11     that the Company has filed the Registration Statement in good faith for the purpose of carrying on its business and that, at the time it did so, there were reasonable grounds for believing that the activities contemplated by the Registration Statement and the Amended Plan would benefit the Company&#59; and</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.12     that the general permissions contained in the Notice remain in full force and effect on the date on which either the Company issues or transfers any securities.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">2.         </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">OPINION</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">Based upon and subject to the foregoing and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that the Common Shares, when issued in accordance with the Amended Plan, will be duly authorised, validly issued, fully paid and non-assessable shares of the Company.</font></div><div><font><br></font></div><div style="height:73.7pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">Bermuda </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> British Virgin Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Cayman Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Guernsey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Hong Kong </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Isle of Man </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Jersey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> London </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Mauritius </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Seychelles </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Shanghai <br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:104.9pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.         </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">RESERVATIONS</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">We have the following reservations&#58;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.1       We express no opinion as to any law other than Bermuda law and none of the opinions expressed herein relates to compliance with or matters governed by the laws of any jurisdiction except Bermuda.  This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.2       Where an obligation is to be performed in a jurisdiction other than Bermuda, the courts of Bermuda may refuse to enforce it to the extent that such performance would be illegal under the laws of, or contrary to public policy of, such other jurisdiction.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.3       Any reference in this opinion to shares being &#8220;non-assessable&#8221; shall mean, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of the shares, that&#58; no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise&#59; and no shareholder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for, additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.4       Searches of the Register of Companies at the office of the Registrar of Companies and of the Supreme Court Causes Book at the Registry of the Supreme Court are not conclusive and it should be noted that the Register of Companies and the Supreme Court Causes Book or Judgment Book do not reveal&#58;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">(a)       details of matters which have been lodged for filing or registration which as a matter of best practice of the Registrar of Companies or the Registry of the Supreme Court would have or should have been disclosed on the public file, the Causes Book or the Judgment Book, as the case may be, but for whatever reason have not actually been filed or registered or are not disclosed or which, notwithstanding filing or registration, at the date and time the search is concluded are for whatever reason not disclosed or do not appear on the public file, the Causes Book or Judgment Book&#59;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">(b)       details of matters which should have been lodged for filing or registration at the Registrar of Companies or the Registry of the Supreme Court but have not been lodged for filing or registration at the date the search is concluded&#59;  </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">(c)       whether an application to the Supreme Court for a winding-up petition or for the appointment of a receiver or manager has been prepared but not yet been presented or has been presented but does not appear in the Causes Book or Judgment Book at the date and time the search is concluded&#59;</font></div><div style="height:73.7pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">Bermuda </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> British Virgin Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Cayman Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Guernsey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Hong Kong </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Isle of Man </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Jersey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> London </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Mauritius </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Seychelles </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Shanghai <br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:104.9pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">(d)       whether any arbitration or administrative proceedings are pending or whether any proceedings are threatened, or whether any arbitrator has been appointed&#59;  or</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">(e)       whether a receiver or manager has been appointed privately pursuant to the provisions of a debenture or other security, unless notice of the fact has been entered in the Register of Charges in accordance with the provisions of the Companies Act 1981.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.5       In order to issue this opinion we have carried out the Company Search as referred to in the Schedule to this opinion and have not enquired as to whether there has been any change since the date of such search.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.6       In order to issue this opinion we have carried out the Litigation Search as referred to in the Schedule to this opinion and have not enquired as to whether there has been any change since the date of such search.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">4.         </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">DISCLOSURE</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">This opinion is addressed to you in connection with the filing of this opinion as an exhibit to the Registration Statement.  We consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement but it is not to be made available, or relied on by any other person or entity, or for any other purpose, nor quoted or referred to in any public document nor filed with any governmental agency or person (other than the SEC in connection with the Registration Statement), without our prior written consent except as may be required by law or regulatory authority.  As Bermuda attorneys we are not qualified to opine on matters of law of any jurisdiction other than Bermuda and accordingly we do not admit to being an expert within the meaning of the Securities Act.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">Further, this opinion speaks as of its date and is strictly limited to the matters stated herein and we assume no obligation to review or update this opinion if applicable laws or the existing facts or circumstances should change. </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">This opinion is governed by and is to be construed in accordance with Bermuda law.  It is given on the basis that it will not give rise to any legal proceedings with respect thereto in any jurisdiction other than Bermuda.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:189%">Yours faithfully</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:189%">Appleby (Bermuda) Limited </font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:73.7pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">Bermuda </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> British Virgin Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Cayman Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Guernsey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Hong Kong </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Isle of Man </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Jersey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> London </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Mauritius </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Seychelles </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Shanghai <br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:104.9pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:142%">SCHEDULE</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">1.       A search of the entries, filings, and documents shown and available for inspection in respect of the Company in the register of charges and on the file of the Company found on the Online Registry (</font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">www.registrarofcompanies.gov.bm</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) maintained by the Registrar of Companies in Hamilton, Bermuda, as revealed by a search conducted on 22 September 2022 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Company Search</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">). </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">2.       A search of the entries and filings shown and available for inspection in respect of the Company in the Cause and Judgement Book of the Supreme Court maintained at the Registry of the Supreme Court in Hamilton, Bermuda, as revealed by a physical search conducted, and&#47;or electronic record of the Cause and Judgment Book distributed by the Supreme Court, on 22 September 2022 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Litigation Search</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">3.       An Officer&#8217;s Certificate, dated 23 September 2022, signed by an officer of the Company certifying a copy of&#58;</font></div><div style="text-align:justify;text-indent:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">a.   the certificate of incorporation on change of name, certificate of incorporation, amended and restated memorandum of association (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Memorandum of Association</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) and the bye-laws adopted by the Company (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Bye-Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">) (collectively referred to as the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Constitutional Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">)&#59;</font></div><div style="text-indent:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">b.   the register of directors and officers&#59;</font></div><div style="text-align:justify;text-indent:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">c.   the foreign exchange letter and the letter of permission issued by the Bermuda Monetary Authority, Hamilton Bermuda&#59; and</font></div><div style="text-align:justify;text-indent:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">d.   the tax assurance issued by the Bermuda Registrar of Companies for the Minister of Finance.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">4.       A copy of the Minutes of the Meeting of the Board of Directors of the Company held on 6 May 2022 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:167%">Resolutions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">).</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">5.       A Director&#8217;s Certificate, dated 23 September 2022, signed by Mark L. Filanowski. </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">6.       A copy of the notice to the public dated 1 June 2005 as issued by the Bermuda Monetary Authority under the Exchange Control Act 1972 and the Exchange Control Regulations 1973 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">7.       A PDF copy of a Certificate of Compliance, dated 20 September 2022, issued by the Registrar of Companies in respect of the Company</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">8.       A PDF copy of the Registration Statement.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:167%">9.       A PDF copy of the Amended Plan.</font></div><div><font><br></font></div><div style="height:73.7pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font><br></font></div><div style="padding-right:-2.25pt;text-align:justify"><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">Bermuda </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> British Virgin Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Cayman Islands </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Guernsey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Hong Kong </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Isle of Man </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Jersey </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> London </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Mauritius </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Seychelles </font><font style="font-family:'Wingdings 2',sans-serif;font-size:7pt;font-weight:400;line-height:120%"></font><font style="color:#595959;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Shanghai <br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>exhibit231grantthorntoncon.htm
<DESCRIPTION>EX-23.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i7619fd20a2c54a508fdb25be7beae775_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 23.1</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">We have issued our reports dated March 16, 2022 with respect to the consolidated financial statements and internal control over financial reporting of Pangaea Logistics Solutions Ltd. included in the Annual Report on Form 10-K for the year ended December 31, 2021, which are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement.</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#47;s&#47; GRANT THORNTON LLP</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Boston, Massachusetts</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">September 23, 2022</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_1a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_1a.jpg
M_]C_X  02D9)1@ ! 0$ W #<  #_VP!#  (! 0$! 0(! 0$" @(" @0# @("
M @4$! ,$!@4&!@8%!@8&!PD(!@<)!P8&" L("0H*"@H*!@@+# L*# D*"@K_
MVP!# 0(" @(" @4# P4*!P8'"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@K_P  1"  E <$# 2(  A$! Q$!_\0
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MVDCUL=C*F%E%12U/Y9_^'-'_  5$#?\ )E?C+_P'A_\ CE+_ ,.:/^"HG?\
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M%/!UW:+X1TL&ZC_Y!L'\8_YYK796JRIVL>UCL74PO+RK>^_R/Y>3_P $:?\
M@J*?^;*_&7_?B+_XY2G_ ((S_P#!43M^Q7XR_P"_$7_QROZE_MMG_P _<?\
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M_P!+8:^T-/\ ^/"'_KBO\J^+_P#@X3_Y10_$C_>T[_TMAK@I_P 1>J/G\/\
M[Q#U7YG\SKC,;$^E?UM?\$_>/V&/@_\ ]DWT;_TCBK^25^$; Z+7];7_  3^
M_P"3&?A!_P!DWT;_ -(XJZL5\*/6S;^'#U9Z]1117$>&%%%% !7\KO\ P6%(
M'_!3GXT?]CE+_P"BXZ_JBK^5W_@L,#_P\Y^-!_ZG*7_T7'75A?C?H>KE/\:7
MI^IYM^S5^Q]^TG^V%K6J>'?V;?A3?>++S1;6.YU2WL9(U:")V*JQWLHP6!''
MI7L/_#D/_@J;U_X8]\1?^!%M_P#':]T_X-POVOOV;OV0?C1\3O$7[2/Q9TSP
MG9ZSX7L+;2[C4B^VXE2XD9U7:#R%(/XU^MP_X+:?\$L\?\GD^%O^^IO_ (BM
M:E6K&5DCLQ.*Q5*LXPA=>C/P=/\ P1#_ ."II_YL^\1?]_[;_P".T?\ #D3_
M (*F_P#1GWB+_O\ VW_QVOWB/_!;/_@EH!G_ (;)\*_]]3?_ !%>^?!+XX?"
MO]HSX;:?\7_@KXSM?$'AO53*-/U:QW>5/Y<C1/C(!X=&7IU%9O$5H[HYI9EB
MX*\H6^3/YGV_X(A?\%3BI _8^\1?]_[;_P".U_0W_P $U/AGXZ^#/[!?PI^%
M?Q-\/3:3X@T+P?;6FK:;<$%[>90<H=I(R/8U[CS1C%95*TJBLSCQ.,J8J*C)
M+0*_!_\ X.O\_P##5WPS(_Z$6;_TK:OW@K\'_P#@[ ./VK/AH?\ J1)O_2MJ
M>'_BHK+?]Z7S/S4^"'P2^)O[1GQ/TOX-?!OPO)K7B36G=--TV*5(VF9$+L S
MD*,*I/)'2OI'_AQ#_P %5>O_  REJ/\ X-K/_P".U@_\$:_BA\._@Q_P4C^&
MOQ*^*_C33O#N@:;>7C:AK&K7(AMX UI*J[G/ RQ ^IK^A3_AZ_\ \$U._P"V
M[\-__"FA_P :Z:M2I"5HH]3%XK$4:B5.-U;LS\"#_P $(O\ @JJ!Q^RCJ7_@
MVL__ (]1_P .(?\ @JJ>O[*.I?\ @VL__CM?OO\ \/8O^":G_1[WPX_\*:'_
M !H/_!6'_@FJ>G[;_P ./_"FA_QK+V];^7\SE_M#&_R?@S^9/]HO]E;]H_\
M8V\=VO@G]H3X::KX1UFXM_M>G+=8Q<1AL>9%)&Q5@#P<'(/7%?H9_P &Y?\
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MZ:%!ND,4;VJ*[*N6V[@2%XR>*JG*E3T4B\-+!X?W83O?N_\ @'VA_P &X?\
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M_N/LZBOC'_B($_X)2?\ 1S"_^$]??_&:^GO@'\>?A?\ M-?";1_CA\&/$?\
M:WAG7HY)-+U#[.\7G*DC1L=K@,,.C#D=JQ<91W1QRI5*>LHM>J.PK\'_ /@Z
M_P ?\-6?#3)_YD6;_P!*VK]X*_![_@[ )_X:N^&8S_S(LW_I6U:X?^*CKRW_
M 'I?,_.S]E+]F;X@?MA_'SP_^SG\+;_2[77O$DLL>GS:Q,\=LICB:4[V168?
M*AQA3S7W$/\ @UF_X*,8Y\??"W_P>WG_ ,BU\U_\$C/C;\,OV<_^"A?P[^,?
MQB\3QZ+X<T:\NGU+4IHW=85:UE120H)Y9@.!WK]Z1_P7>_X)68Q_PU9IO_@M
MN_\ XU736J58RM%'I8ROBJ=1*FKJW:Y^50_X-9?^"C"C \?_  M_\'MY_P#(
MM+_Q"S_\%&<?\E ^%O\ X/KW_P"1*_57_A^]_P $K/\ HZS3?_!;=?\ QJC_
M (?O_P#!*S_HZS3?_!;=_P#QJL?;8CM^!R?6\Q_E_ _ /]NC_@G-^TY_P37\
M=Z%X>_:'TC0YH]>ADN-!U31[LW=E>B$J)$(=$8,N],HR\A@03FOTM_X-ZO\
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MY1,?$K_KOI/_ *<K:M*,G&HK'3@YRAB(V>[2/YH9) D;.5^ZN:_I&_X(B_\
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M8X&!M!.2BN3%2DM$>1FE6I%<J>C/OJBBBN(\,*^)O^#A[G_@DQ\2O^OC2?\
MTY6U%%73_B+U1MAO]XAZK\S^:"8_N&)_NFOZW/V!?^3(/A'_ -DZT?\ ])(Z
8**Z<5LCULV^"/JSURBBBN,\,**** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
