PANL

SEC source: 0001606909-21-000049 · wf-form4_161860968193393.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: 13,135,837

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.91 to $2.96, inclusive.

SEC source: 0001606909-21-000049 · wf-form4_161860968193393.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: 13,285,837

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.98 to $3.02, inclusive.

SEC source: 0001606909-21-000049 · wf-form4_161860968193393.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: 13,320,019

F1 · 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: 0001606909-21-000047 · wf-form4_161834868191669.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: 13,327,576

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.01 to $3.02, 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 13,327,576 shares of Common Stock are held directly as follows: (i) 1,052,786 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,598,844 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,588,435 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,489,517 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,489,492 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,157,727 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,950,775 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: 0001606909-21-000047 · wf-form4_161834868191669.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: 13,341,676

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.03 to $3.05, inclusive.

SEC source: 0001606909-21-000045 · wf-form4_161791751449306.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: 13,379,134

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.03 to $3.04, 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 13,379,134 shares of Common Stock are held directly as follows: (i) 1,056,859 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,605,030 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,594,579 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,495,279 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,495,254 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,169,943 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,962,190 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: 0001606909-21-000045 · wf-form4_161791751449306.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: 13,393,618

F2 · price: Represents a weighted average execution price.

SEC source: 0001606909-21-000045 · wf-form4_161791751449306.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: 13,408,687

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.07 to $3.10, inclusive.

SEC source: 0001606909-21-000043 · wf-form4_161766221331993.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: 13,440,040

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.10 to $3.205, 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 13,440,040 shares of Common Stock are held directly as follows: (i) 1,061,670 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,612,337 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,601,838 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,502,086 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,502,061 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,184,373 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,975,675 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: 0001606909-21-000043 · wf-form4_161766221331993.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: 13,449,282

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.15 to $3.19, inclusive.

SEC source: 0001606909-21-000041 · wf-form4_161670931846410.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: 13,455,282

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.13 to $3.25, 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 13,455,282 shares of Common Stock are held directly as follows: (i) 1,062,874 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,614,166 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,603,654 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,503,790 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,503,765 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,187,984 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,979,049 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: 0001606909-21-000039 · wf-form4_161661688576047.xml · nonDerivative · entry 3

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Anthony Laura Irrevocable Trust for benefit of Anthony M Laura

Disclosed balance after: 680,235

F1 · shares: On March 23, 2021, the Reporting Person transferred 600,000 ordinary shares to an irrevocable family trust having a disinterested trustee for the benefit of his children.

SEC source: 0001606909-21-000039 · wf-form4_161661688576047.xml · nonDerivative · entry 2

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Anthony Laura Irrevocable Trust for benefit of Lisa Laura

Disclosed balance after: 680,235

F1 · shares: On March 23, 2021, the Reporting Person transferred 600,000 ordinary shares to an irrevocable family trust having a disinterested trustee for the benefit of his children.

SEC source: 0001606909-21-000039 · wf-form4_161661688576047.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,255,451

F1 · kind: On March 23, 2021, the Reporting Person transferred 600,000 ordinary shares to an irrevocable family trust having a disinterested trustee for the benefit of his children.

SEC source: 0001606909-21-000041 · wf-form4_161670931846410.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: 13,457,931

F1 · price: Represents a weighted average execution price.

SEC source: 0001606909-21-000037 · wf-form4_161644938834156.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: 13,458,831

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.35 to $3.36, 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 13,458,831 shares of Common Stock are held directly as follows: (i) 1,063,154 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,614,592 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,604,077 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,504,187 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,504,162 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,188,825 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 2,979,834 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: 0001606909-21-000037 · wf-form4_161644938834156.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: 13,478,922

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.35 to $3.44, inclusive.

SEC source: 0001606909-21-000037 · wf-form4_161644938834156.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: 13,628,576

F1 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.24 to $3.53, inclusive.

SEC source: 0001606909-21-000022 · wf-form4_161368977149801.xml · nonDerivative · entry 1

DU MOULIN RICHARD T · CIK 0001065094 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 191,285

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: 0001606909-21-000020 · wf-form4_161368946617036.xml · nonDerivative · entry 1

Sgro David · CIK 0001376451 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 272,827

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: 0001606909-21-000023 · wf-form4_161368985578496.xml · nonDerivative · entry 1

ROSENFELD ERIC · CIK 0001219603 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 547,861

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: 0001606909-21-000024 · wf-form4_161369002377573.xml · nonDerivative · entry 1

Laura Anthony · CIK 0001622010 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,855,451

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: 0001606909-21-000021 · wf-form4_161368966847393.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: 13,954,569

F1 · price: 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).

F2 · 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.

F3 · ownership.nature: The 13,897,751 shares of Common Stock are held directly as follows: (i) 1,097,826 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,667,247 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,656,389 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,553,242 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,553,215 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,292,820 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 3,077,012 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F4 · 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.

F5 · 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.

F6 · 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.

F7 · 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.

F8 · ownership.nature: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-21-000019 · wf-form4_161368926241836.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: 8,290,437

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: 0001606909-20-000081 · wf-form4_160928006082589.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 253,882

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: 0001606909-20-000080 · wf-form4_160927997140554.xml · nonDerivative · entry 1

DelSignore Gianni · CIK 0001709723 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 252,555

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: 0001606909-21-000124 · wf-form4_163944328767122.xml · nonDerivative · entry 3

FILANOWSKI MARK L · CIK 0001065096 · Director · Interim CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · Steven Filanowski

Disclosed balance after: 20,250

SEC source: 0001606909-21-000124 · wf-form4_163944328767122.xml · nonDerivative · entry 2

FILANOWSKI MARK L · CIK 0001065096 · Director · Interim CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · Helen Filanowski

Disclosed balance after: 20,757

SEC source: 0001606909-21-000124 · wf-form4_163944328767122.xml · nonDerivative · entry 1

FILANOWSKI MARK L · CIK 0001065096 · Director · Interim CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 246,375

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

SEC source: 0001606909-20-000069 · wf-form4_160694418185302.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: 13,897,751

F1 · price: Represents a weighted average execution price.

F2 · 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.

F3 · ownership.nature: The 13,897,751 shares of Common Stock are held directly as follows: (i) 1,097,808 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,667,246 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,656,374 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,553,275 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,553,248 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,292,762 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 3,077,038 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F4 · 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.

F5 · 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.

F6 · 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.

F7 · 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.

F8 · ownership.nature: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-20-000070 · wf-form4a_160798284758940.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: 13,897,751

F1 · balance_after: This Form 4/A is being filed for the sole purpose of correcting the number of shares withheld pursuant to rebalancing accounts and resulting correction to amount of securities beneficially owned. See footnote 3 for additional information.

F2 · 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.

F3 · ownership.nature: The 13,897,751 shares of Common Stock are held directly as follows: (i) 1,097,826 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,667,247 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,656,389 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,553,242 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,553,215 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,292,820 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 3,077,012 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F4 · 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.

F5 · 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.

F6 · 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.

F7 · 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.

F8 · ownership.nature: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-20-000068 · wf-form4_160650515014463.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: 13,900,644

F1 · price: Represents a weighted average execution price.

F2 · 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: 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.

F5 · 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.

F6 · 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: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-20-000068 · wf-form4_160650515014463.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: 13,900,753

F1 · price: Represents a weighted average execution price.

F2 · 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: 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.

F5 · 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.

F6 · 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: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-20-000068 · wf-form4_160650515014463.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: 13,908,821

F1 · price: Represents a weighted average execution price.

F2 · 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.

F3 · ownership.nature: The 13,900,644 shares of Common Stock are held directly as follows: (i) 1,098,039 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,667,593 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,656,721 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,553,593 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,553,566 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,293,457 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 3,077,675 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F4 · 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.

F5 · 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.

F6 · 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.

F7 · 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.

F8 · ownership.nature: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-20-000067 · wf-form4_160590652447203.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: 13,915,353

F1 · price: Represents a weighted average execution price.

F2 · 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.

F3 · ownership.nature: The 13,915,353 shares of Common Stock are held directly as follows: (i) 1,099,215 shares of Common Stock held directly by Imfinno, L.P.,a Delaware limited partnership ("Imfinno"); (ii) 1,669,358 shares of Common Stock held directly by Malemod, L.P., a Delaware limited partnership ("Malemod"); (iii) 1,658,486 shares of Common Stock held directly by Nypsun, L.P., a Delaware limited partnership ("Nypsun"); (iv) 1,555,211 shares of Common Stock held directly by Leggonly, L.P., a Delaware limited partnership ("Leggonly"); (v) 1,555,184 shares of Common Stock held directly by Pangaea One Parallel Fund (B), L.P., a Delaware limited partnership ("Pangaea Parallel (B)"); (vi) 3,296,988 shares of Common Stock held directly by Pangaea One (Cayman), L.P. ("Pangaea Cayman") and (vii) 3,080,911 shares of Common Stock held directly by Pangaea One Parallel Fund, L.P. ("Pangaea Parallel").

F4 · 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.

F5 · 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.

F6 · 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.

F7 · 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.

F8 · ownership.nature: Peter Yu is a member of the Board of Directors of the Issuer and 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: 0001606909-20-000061 · wf-form4_160270718002977.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $3.00 to $3.26, inclusive.

SEC source: 0001606909-20-000054 · wf-form4_159925122891196.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 179,329

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F3 · price: Represents a weighted average execution price.

SEC source: 0001606909-20-000054 · wf-form4_159925122891196.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 179,938

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.48 to $2.50, inclusive.

SEC source: 0001606909-20-000053 · wf-form4_159890746102139.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 183,572

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F4 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.50 to $2.52, inclusive.

SEC source: 0001606909-20-000053 · wf-form4_159890746102139.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 193,341

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F3 · price: Represents a weighted average execution price.

SEC source: 0001606909-20-000053 · wf-form4_159890746102139.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 193,346

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.45 to $2.50, inclusive.

SEC source: 0001606909-20-000051 · wf-form4_159838885567511.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 204,792

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.45 to $2.50, inclusive.

SEC source: 0001606909-20-000051 · wf-form4_159838885567511.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 220,582

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F3 · price: Represents a weighted average execution price.

SEC source: 0001606909-20-000051 · wf-form4_159838885567511.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 220,682

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.45 to $2.50, inclusive.

SEC source: 0001606909-20-000049 · wf-form4_159795601967396.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 238,526

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price.

SEC source: 0001606909-20-000049 · wf-form4_159795601967396.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 256,842

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F3 · price: Represents a weighted average execution price. The shares were sold in multiple transactions at prices ranging from $2.47 to $2.51, inclusive.

SEC source: 0001606909-20-000049 · wf-form4_159795601967396.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 277,477

F1 · shares: 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), or shares purchased through a 10b5-1 plan.

F2 · price: Represents a weighted average execution price.

SEC source: 0001606909-20-000006 · wf-form4_158215252205284.xml · nonDerivative · entry 1

DU MOULIN RICHARD T · CIK 0001065094 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 162,876

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: 0001606909-20-000007 · wf-form4_158215259415511.xml · nonDerivative · entry 1

Sgro David · CIK 0001376451 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 244,418

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: 0001606909-20-000010 · wf-form4_158215294237266.xml · nonDerivative · entry 1

ROSENFELD ERIC · CIK 0001219603 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 519,452

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).