USA-based Pangea Logistics Solutions has agreed to acquire marine port terminal operations in Port Everglades, the port of Palm Beach, and the port of Baltimore from Host Terminals, a wholly owned subsidiary of T. Parker Host.
Pangaea currently operates terminals and performs stevedoring services in four ports in North America. Under the terms of the agreement, Pangaea will acquire all onshore assets, licenses and business operations related to the acquired Host terminal operations.
With this acquisition, Pangaea expands its North American terminal network to include the mid-Atlantic and southeastern USA. It is subject to regulatory review and customary closing conditions, with Pangea expecting to close the transaction during the second quarter of 2023.
“This strategic investment demonstrates our continued focus on developing a vertically integrated shipping and logistics business of scale, one that provides end-to-end supply chain solutions for our customers,” said Mark Filanowski, ceo of Pangaea Logistics Solutions.
