As previously announced, on June 15, 2017, Pangaea Logistics Solutions Ltd. (the “Company”) entered into two stock purchase agreements, both dated June15, 2017 (the “Agreements”), for the sale of an aggregate of approximately $15 million of its common shares, par value $0.0001 per share (the “Common Shares”), in private placement transactions which are exempt from the registration requirements of the Securities Act of 1933, as amended, under Section 4(2) thereof, at a purchase price of $2.25 per share (the “Transaction”). One agreement was completed with certain directors, officers and employees of the Company (the “Insider Investors”) and was subject to shareholder approval to NASAQ Listing Rule 5635(c) and the other agreement was completed with other institutional and other accredited investors. The transaction has closed and the Company issued a total of 6,533,443 Common Shares in connection with the sales under both Agreements. As of August9, 2017 the Company has 43,795,182 Common Shares issued and outstanding.

About PANGAEA LOGISTICS SOLUTIONS LTD. (NASDAQ:PANL)

Pangaea Logistics Solutions, Ltd. is a holding company. The Company is a provider of seaborne drybulk transportation services. The Company services a range of industrial customers who require the transportation of a range of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the transportation needs of its customers by undertaking a set of services and activities, including cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The Company uses a mix of owned and chartered-in motor vessels to transport over 18.3 million deadweight tons (dwt) of cargo to approximately 100 ports across the world, averaging over 40 vessels in service. The Company’s owned fleet includes eight Panamax drybulk carriers, four Supramax drybulk carriers and two Handymax drybulk carriers. Its vessels include Nordic Orion, Nordic Odyssey and Bulk Trident.