Pangaea Logistics’ CEO Passes Away; Mark Filanowski Named New CEO

Logistics services provider Pangaea Logistics Solutions Ltd.’s (PANL) Co-founder, Chairman and CEO, Ed Coll, has passed away.

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The Rhode Island-based company offers cargo loading, cargo discharge, vessel chartering and voyage planning services to industrial customers for the transportation of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone.

Its shares lost around 2% on Tuesday to close at $3.66.

Additional Details

Pangaea’s Board has appointed COO Mark Filanowski as CEO, and Director Richard du Moulin as Chairman of the Board.

Further, Claus Boggild, the Director and Co-founder of the company, has been named Lead Independent Director.

Management Comments

Filanowski said, “Ed Coll was a keen businessman, setting out a business plan that provides a steady stream of revenues and profits, while always adjusting to volatile markets, customer needs, and the times. He frequently saw opportunities where others did not, and he relentlessly pursued them.”

Boggild said, “Ed was a tremendous leader and well respected in the industry. He always promoted an entrepreneurial spirit at every level of the organization.”

Wall Street’s Take

Last month, B.Riley Financial analyst Liam Burke maintained a Buy rating on the stock and raised the price target to $8.50 from $7.50 (132.2% upside potential).

Overall, the stock has a Moderate Buy consensus rating based on 2 Buys. The average Pangaea Logistics Solutions price target of $7.50 implies nearly 105% upside potential. Shares have gained 40.8% over the past year.

Investors’ Opinion

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Pangaea, with 20% of investors on TipRanks increasing their exposure to the stock over the past 30 days.