PANL

SEC source: 0001606909-23-000031 · wf-form4_167666827056342.xml · nonDerivative · entry 1

ROSENFELD ERIC · CIK 0001219603 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 585,516

F1 · security: Unrestricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

F1 · kind: Unrestricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

SEC source: 0001606909-23-000028 · wf-form4_167666810724812.xml · nonDerivative · entry 1

Boggild Carl Claus · CIK 0001622062 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · by Lagoa Investments

Disclosed balance after: 8,328,092

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

F2 · balance_after: 8,259,999 Common Shares were purchased in an unregistered private placement by the Company pursuant to a subscription agreement dated as of June 15, 2017.

SEC source: 0001606909-23-000026 · wf-form4_167666802961182.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,287

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

SEC source: 0001606909-23-000004 · wf-form4_167295372407825.xml · nonDerivative · entry 1

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 355,176

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

SEC source: 0001606909-23-000003 · wf-form4_167295343636883.xml · nonDerivative · entry 1

DelSignore Gianni · CIK 0001709723 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 333,368

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

SEC source: 0001606909-23-000002 · wf-form4_167295314776900.xml · nonDerivative · entry 1

Petersen Mads Rosenber Boye · CIK 0001958318 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 583,676

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

SEC source: 0001606909-23-000008 · wf-form4_167512496598011.xml · nonDerivative · entry 3

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · Steven Filanowski

Disclosed balance after: 27,000

SEC source: 0001606909-23-000008 · wf-form4_167512496598011.xml · nonDerivative · entry 2

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · Helen Filanowski

Disclosed balance after: 27,507

SEC source: 0001606909-23-000008 · wf-form4_167512496598011.xml · nonDerivative · entry 1

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 349,176

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 6, 2022).

SEC source: 0001606909-22-000055 · wf-form4_165359555961700.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · kind: The reporting person transferred 21,368 shares to two irrevocable trusts (the "Trusts"), over which the reporting person exercises no investment discretion and retains no beneficial ownership. Although common shares held by the Trusts were previously reported on the reporting person's Form 4 filings, the reporting person has determined that it does not beneficially own any of the common shares, within the meaning of Rule 16a-1 under the Exchange Act, held by the Trusts, and such common shares will no longer be reported on the reporting person's Form 4 filings related to the Issuer.

SEC source: 0001606909-22-000017 · wf-form4_164522133359928.xml · nonDerivative · entry 1

DU MOULIN RICHARD T · CIK 0001065094 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 212,653

F1 · security: Unrestricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

F1 · kind: Unrestricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-22-000016 · wf-form4_164522113275613.xml · nonDerivative · entry 1

Sgro David · CIK 0001376451 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 294,195

F1 · security: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-22-000013 · wf-form4_164522055981255.xml · nonDerivative · entry 1

ROSENFELD ERIC · CIK 0001219603 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 569,229

F1 · security: Unrestricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

F1 · kind: Unrestricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-22-000015 · wf-form4_164522094648644.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,368

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-22-000014 · wf-form4_164522079677198.xml · nonDerivative · entry 1

Boggild Carl Claus · CIK 0001622062 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · by Lagoa Investments

Disclosed balance after: 8,311,805

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

F2 · balance_after: 8,259,999 Common Shares were purchased in an unregistered private placement by the Company pursuant to a subscription agreement dated as of June 15, 2017.

SEC source: 0001606909-22-000005 · wf-form4_164124958359996.xml · nonDerivative · entry 1

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 273,875

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-22-000003 · wf-form4_164124918457613.xml · nonDerivative · entry 1

DelSignore Gianni · CIK 0001709723 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 282,555

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 8

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · By the Edward Coll and Julia Coll Irrevocable Trust for the benefit of Aidan Coll

Disclosed balance after: 2,347,620

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 7

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · By the Edward Coll and Julia Coll Irrevocable Trust for the benefit of James Coll

Disclosed balance after: 2,347,620

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 6

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · By the Edward Coll and Julia Coll Irrevocable Trust for the benefit of Andrew Coll

Disclosed balance after: 2,347,620

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 5

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · Reporting owner's wife

Disclosed balance after: 1,307,111

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 4

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · Reporting owner's wife

Disclosed balance after: 1,948,064

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 3

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · Reporting owner's wife

Disclosed balance after: 2,589,017

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 2

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Indirect · Reporting owner's wife

Disclosed balance after: 3,229,970

SEC source: 0001606909-22-000007 · wf-form5_164495979313046.xml · nonDerivative · entry 1

Coll Edward · CIK 0001622009 · 10% owner · Ed Coll died in December 2021

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001606909-21-000130 · wf-form4_164012161898448.xml · nonDerivative · entry 3

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · Steven Filanowski

Disclosed balance after: 24,000

SEC source: 0001606909-21-000130 · wf-form4_164012161898448.xml · nonDerivative · entry 2

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · Helen Filanowski

Disclosed balance after: 24,507

SEC source: 0001606909-21-000130 · wf-form4_164012161898448.xml · nonDerivative · entry 1

FILANOWSKI MARK L · CIK 0001065096 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 238,875

F1 · kind: Common Shares were transferred as part of a bona fide gift transaction.

SEC source: 0001606909-21-000086 · wf-form4_162466509530107.xml · nonDerivative · entry 3

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · Affiliate of the Issuer

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 3,275,948

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $5.20 to $5.35, inclusive.

F3 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F4 · ownership.nature: The 3,275,948 shares of Common Stock are held directly as follows: (i) 258,778 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 392,996 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 390,442 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 366,128 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 366,120 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 776,175 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 725,309 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F5 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F6 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F7 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F8 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F9 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.

SEC source: 0001606909-21-000086 · wf-form4_162466509530107.xml · nonDerivative · entry 2

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · Affiliate of the Issuer

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 3,320,957

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $5.30 to $5.34, inclusive.

SEC source: 0001606909-21-000086 · wf-form4_162466509530107.xml · nonDerivative · entry 1

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · Affiliate of the Issuer

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 3,369,886

SEC source: 0001606909-21-000085 · wf-form4_162456944846531.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · kind: The reporting person transferred 1,269,656 shares to two irrevocable trusts (the "Trusts"), over which the reporting person exercises no investment discretion and retains no beneficial ownership. Although common shares held by the Trusts were previously reported on the reporting person's Form 4 filings, the reporting person has determined that it does not beneficially own any of the common shares, within the meaning of Rule 16a-1 under the Exchange Act, held by the Trusts, and such common shares will no longer be reported on the reporting person's Form 4 filings related to the Issuer.

SEC source: 0001606909-21-000080 · wf-form4_162370740171349.xml · nonDerivative · entry 2

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 3,370,686

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.00 to $4.17, inclusive.

F3 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F4 · ownership.nature: The 3,370,686 shares of Common Stock are held directly as follows: (i) 266,261 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 404,362 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 401,733 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 376,715 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 376,707 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 798,624 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 746,284 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F5 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F6 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F7 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F8 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F9 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.

SEC source: 0001606909-21-000080 · wf-form4_162370740171349.xml · nonDerivative · entry 1

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,422,052

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.10 to $4.16, inclusive.

SEC source: 0001606909-21-000078 · wf-form4_162327261421619.xml · nonDerivative · entry 3

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,559,818

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.10 to $4.12, inclusive.

F4 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F5 · ownership.nature: The 6,559,818 shares of Common Stock are held directly as follows: (i) 518,181 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 786,947 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 781,827 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 733,139 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 733,125 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 1,554,230 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 1,452,369 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F6 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F7 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F8 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F9 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F10 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.

SEC source: 0001606909-21-000078 · wf-form4_162327261421619.xml · nonDerivative · entry 2

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,598,188

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.10 to $4.16, inclusive.

SEC source: 0001606909-21-000078 · wf-form4_162327261421619.xml · nonDerivative · entry 1

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,646,825

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.03 to $4.12, inclusive.

SEC source: 0001606909-21-000076 · wf-form4_162258222502991.xml · nonDerivative · entry 2

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,731,924

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.20 to $4.21, inclusive.

F3 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F4 · ownership.nature: The 6,788,742 shares of Common Stock are held directly as follows: (i) 531,776 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 807,594 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 802,339 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 752,374 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 752,360 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 1,595,008 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 1,490,473 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F5 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F6 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F7 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F8 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F9 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.

SEC source: 0001606909-21-000076 · wf-form4_162258222502991.xml · nonDerivative · entry 1

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,835,774

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $4.20 to $4.26, inclusive.

SEC source: 0001606909-21-000069 · wf-form4_162085172983175.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,269,656

F1 · kind: Restricted shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2014 Share Incentive Plan (as amended and restated by the Board of Directors on May 14, 2019).

SEC source: 0001606909-21-000053 · wf-form4_161946911693547.xml · nonDerivative · entry 5

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 6,916,390

F5 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.04 to $3.22, inclusive.

F6 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F7 · ownership.nature: The 6,916,390 shares of Common Stock are held directly as follows: (i) 546,347 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 829,723 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 824,324 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 772,990 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 772,976 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 1,638,715 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 1,531,315 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F8 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F9 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F10 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F11 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F12 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.

SEC source: 0001606909-21-000053 · wf-form4_161946911693547.xml · nonDerivative · entry 4

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 9,680,906

F4 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.00 to $3.15, inclusive.

SEC source: 0001606909-21-000053 · wf-form4_161946911693547.xml · nonDerivative · entry 3

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 10,018,957

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.96 to $3.01, inclusive.

SEC source: 0001606909-21-000053 · wf-form4_161946911693547.xml · nonDerivative · entry 2

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 12,118,957

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.00 to $3.01, inclusive.

SEC source: 0001606909-21-000053 · wf-form4_161946911693547.xml · nonDerivative · entry 1

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 12,164,442

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.94 to $2.98, inclusive.

SEC source: 0001606909-21-000051 · wf-form4_161904015418747.xml · nonDerivative · entry 4

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 12,539,442

F4 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.00 to $3.03, inclusive.

F5 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F6 · ownership.nature: The 12,539,442 shares of Common Stock are held directly as follows: (i) 990,529 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,504,294 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,494,501 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,401,434 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,401,409 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 2,970,995 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,776,280 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F7 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F8 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F9 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F10 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F11 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.

SEC source: 0001606909-21-000051 · wf-form4_161904015418747.xml · nonDerivative · entry 3

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 12,685,054

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.94 to $3.00, inclusive.

SEC source: 0001606909-21-000051 · wf-form4_161904015418747.xml · nonDerivative · entry 2

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 12,978,054

F2 · price: Represents a weighted average execution price.

SEC source: 0001606909-21-000051 · wf-form4_161904015418747.xml · nonDerivative · entry 1

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 12,979,099

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.98 to $3.01, inclusive.

SEC source: 0001606909-21-000049 · wf-form4_161860968193393.xml · nonDerivative · entry 4

Pangaea One Acquisition Holdings XIV, LLC · CIK 0001651379 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · see footnotes

Disclosed balance after: 13,035,837

F4 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.99 to $3.00, inclusive.

F5 · ownership.nature: Cartesian, Pangaea One LLC, Pangaea Cayman, Pangaea Parallel, PGP LP, PGP Co, PGP2 LP, and PGP2 Co. are collectively referred to herein as the "Pangaea Entities" and, together with Peter Yu, the "Pangaea Reporting Persons." Each Pangaea Entity 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 Section1 6 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 Reporting Person, and no Pangaea Reporting Person has responsibility for the accuracy or completeness of the information supplied by another Pangaea Reporting Person.

F6 · ownership.nature: The 13,035,837 shares of Common Stock are held directly as follows: (i) 1,029,741 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,563,844 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,553,664 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,456,912 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,456,887 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,088,606 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,886,183 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F7 · ownership.nature: Due to the limitation on the number of filers that can report on a single Form 4, Pangaea Parallel, Pangaea Cayman, PGP LP, PGP Co, PGP2 LP and PGP2 Co have filed a separate Form 4 on the date hereof reporting indirect beneficial ownership over the shares of Common Stock acquired by Pangaea Acquisition.

F8 · ownership.nature: These shares are indirectly held by Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"), Pangaea One (Cayman), L.P., a Cayman Islands limited partnership ("Pangaea Cayman") and Pangaea One Parallel Fund, L.P., a Cayman Islands limited partnership ("Pangaea Parallel"). Pangaea One disclaims beneficial ownership with respect to any shares of Common Stock of Pangaea Logistics Solutions Ltd., 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 or otherwise, Pangaea One is the beneficial owner of the securities. Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel have reported their indirect ownership of such shares on a Form 4 filed as of the date hereof.

F9 · ownership.nature: Pangaea One, L.P., a Delaware limited partnership ("Pangaea One"), Pangaea Parallel (B), Pangaea Cayman and Pangaea Parallel directly own Pangaea Acquisition. Pangaea One GP, LLC, a Delaware limited liability company ("Pangaea LLC") is the general partner of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B), and Pangaea One. Pangaea One GP (Cayman), L.P., a Cayman Islands company ("PGP LP") is the general partner of Pangaea Cayman. Pangaea One GP (Cayman), Co., a Cayman Islands company ("PGP Co") is the general partner of PGP LP.

F10 · ownership.nature: Pangaea One Holding, LLC, a Delaware limited liability company ("Pangaea One LLC") is the managing member of Pangaea LLC and PGP Co. Pangaea One GP2 (Cayman), L.P., a Cayman Islands limited partnership ("PGP2 LP") is the general partner of Pangaea Parallel. Pangaea One GP2 (Cayman), Co., a Cayman Islands company ("PGPs Co") is the general partner of PGP2 LP. Cartesian Capital Group, LLC, a Delaware limited liability company ("Cartesian") is the managing member of Pangaea One LLC and PGP2 Co.

F11 · ownership.nature: Peter Yu is a managing member or director of each of Cartesian, Pangaea One LLC, PGP LP, PGP Co, PGP2 LP and PGP Co. 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 any such securities for Section 16 of the Exchange Act or any other purposes.