Pangaea Logistics Solutions Ltd. — Director's Dealing 2014

Oct 15, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Pangaea Logistics Solutions Ltd. (PANL)
CIK: 0001606909
Period of Report: 2014-10-01

Reporting Person: Cartesian Capital Group Holding, LLC (10% Owner)
Reporting Person: Pangaea One Holding, LLC (10% Owner)
Reporting Person: Pangaea One, L.P. (10% Owner)
Reporting Person: Pangaea One Parallel Fund (B), L.P. (10% Owner)
Reporting Person: Pangaea One GP, LLC (10% Owner)
Reporting Person: Yu Peter (Director, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5982750	Indirect
Common Stock	1555307	Indirect
Common Stock	7538057	Indirect

Footnotes

F1: Shares are held directly by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One").

F2: Shares are held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)").

F3: Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC"), is the general partner of Pangaea One and Pangaea Parallel (B). Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the controlling owner of Pangaea LLC. Cartesian Capital Group Holding, LLC, a Delaware limited liability company ("Cartesian") is the controlling owner of Pangaea One LLC. Pangaea One, Pangaea Parallel (B), Pangaea LLC, Pangaea One LLC and Cartesian are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons."

F4: Each Pangaea Reporting Person disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions, Ltd. (the "Issuer"), except to the extent of its pecuniary interest in such shares of Common Stock and this report shall not be deemed an admission that for purposes of Section 16 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise, any of the Pangaea Reporting Persons is the beneficial owner of these securities. Information with respect to each of the Pangaea Reporting Persons is given solely by such Pangaea Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of information supplied by another Pangaea Reporting Person.

F5: Peter Yu is a member of the Board of Directors of the Issuer and is a managing member of each of Pangaea LLC, Pangaea One LLC and Cartesian. As such, Mr. Yu may be deemed to have an indirect pecuniary interest (within the meaning of Rule 16a-1 under the Exchange Act) in an indeterminate portion of the securities reported as beneficially owned by the Pangaea Entities. Mr. Yu disclaims beneficial ownership of all such securities, except to the extent of any direct pecuniary interest therein and this report shall not be deemed an admission that Mr. Yu is the beneficial owner of such securities for Section 16 of the Exchange Act or any other purpose.