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Company NameCountry of OrganizationProportion of Ownership Interest
Americas Bulk Transport (BVI) LimitedBritish Virgin Islands100 %(A)
Phoenix Bulk Management Bermuda LimitedBermuda100 %(B)
Pangaea Logistics Solutions (BVI) Limited (“Pangaea BVI”)British Virgin Islands100 %(C)
Bulk Ocean Shipping Company (Bermuda) Ltd.Bermuda100 %(D)
Phoenix Bulk Carriers (US) LLCDelaware100 %(E)
Allseas Logistics Bermuda Ltd.Bermuda100 %(F)
Bulk Trident Ltd. (“Bulk Trident”)Bermuda100 %(G)
Pangaea Logistics Solutions Denmark A/S. ("Pangaea Denmark") (formerly known as Nordic Bulk Carriers A/S)Denmark100 %(H)
Nordic Bulk Ventures (Cyprus) Limited ("NBV")Cyprus100 %(H)
109 Long Wharf LLC (“Long Wharf”)Delaware100 %(I)
Bulk Nordic Oshima (MI) Corp. (“Bulk Oshima”)
Marshall Islands67 %(J)
Bulk Nordic Odin (MI) Corp. (“Bulk Odin”)
Marshall Islands67 %(J)
Bulk Nordic Olympic (MI) Corp. (“Bulk Olympic”)Marshall Islands67 %(J)
Bulk Nordic Oasis (MI) Corp.. (“Bulk Oasis”)Marshall Islands67 %(J)
Bulk Nordic Odyssey Corp. (MI) ("Bulk Odyssey")Marshall Islands67 %(J)
Bulk Nordic Orion Corp. (MI) ("Bulk Orion")Marshall Islands67 %(J)
Nordic Bulk Holding Company Ltd. (“NBHC”)Bermuda67 %(L)
Bulk Courageous Corp. ("Bulk Courageous")Marshall Islands100 %(G)
Bulk Phoenix Ltd. ("Bulk Newport")Bermuda100 %(G)
Bulk Valor Corp. ("Bulk Valor")Marshall Islands100 %(G)
Bulk Promise Corp. ("Bulk Promise")Marshall Islands100 %(G)
Bulk Nordic Five Ltd. (“Five”)Bermuda100 %(G)
Bulk Nordic Six Ltd. (“Six”)Bermuda100 %(G)
Bulk Nordic Seven LLC (“Seven”)Marshall Islands100 %(G)
Bulk Nordic Eight LLC (“Eight”)Marshall Islands100 %(G)
Bulk Nordic Nine LLC (“Nine”)Marshall Islands100 %(G)
Bulk Nordic Ten LLC (“Ten”)Marshall Islands100 %(G)
Nordic Bulk Partners LLC (“NBP”)Marshall Islands100 %(M)
Nordic Bulk Ventures Holding Company Ltd. (“BVH”)Bermuda100 %(K)
Bulk Freedom Corp. ("Bulk Freedom")Marshall Islands100 %(G)
Bulk Pride Corp. ("Bulk Pride")Marshall Islands100 %(G)
Bulk Independence Corp. ("Bulk Independence")Marshall Islands100 %(G)
Bulk Friendship Corp. ("Bulk Friendship")Marshall Islands100 %(G)
Phoenix Bulk 25 Corp. ("Phoenix Bulk 25")Marshall Islands100 %(G)
Bulk Endurance (MI) Corp. (“Bulk Endurance") Marshall Islands100 %(G)
Bulk Brenton (MI) Corp. (“Bulk Brenton") Marshall Islands100 %(G)
Bulk Patience (MI) Corp. (“Bulk Patience") Marshall Islands100 %(G)
Bulk Sachuest Corp. ("Bulk Sachuest")Marshall Islands100 %(G)
Bulk Prudence Corp. ("Bulk Prudence")Marshall Islands100 %(G)
Venture Logistics NL Inc. ("VLNL")Canada50 %(N)
Flintstone Ventures Limited ("FVL")Newfoundland and Labrador100 %(O)
Seamar Management S.A.Greece51 %(P)
Bulk PODS Ltd. ("Bulk PODS")Marshall Islands100 %(G)
Bulk Spirit Ltd. ("Bulk Spirit")Marshall Islands100 %(G)
Pangaea Logistics Solutions Singapore Pte. Ltd.Singapore100 %(H)
Narragansett Bulk Carriers (US) Corp.Rhode Island100 %(H)
Patriot Stevedoring & Logistics, LLCMassachusetts50 %(Q)


Bay Stevedoring LLCDelaware100 %(R)
Pangaea Logistics Solutions (US) LLC ("PANL US")Delaware100 %(S)
Pangaea Baltimore LLC Delaware100 %(R)
Pangaea Port Everglades LLC Delaware100 %(R)
Renaissance Holdings LLCMarshall Islands100 %(A)
RHI Alliance Pte. Ltd. (“SBC Alliance”)Singapore100 %(G)
Pangaea Florida LLCDelaware100 %(R)
Pangaea Texas LLCTexas100 %(R)
RHI Synergy Pte. Ltd. (“SBC Synergy”) Singapore100 %(G)
RHI Unity Pte. Ltd. (“SBC Unity”) Singapore100 %(G)
RHI Fortitude Pte. Ltd. (“SBC Fortitude”) Singapore100 %(G)
RHI Savannah Pte. Ltd. (“SBC Savannah”) Singapore100 %(G)
RHI Tenacity Pte. Ltd. (“SBC Tenacity”) Singapore100 %(G)
SBC Endeavor LLC ("SBC Endeavor")Marshall Islands100 %(G)
SBC Endeavor Pte. Ltd. ("SBC Endeavor")Singapore100 %(G)
SBC Resolve LLC ("SBC Resolve")Marshall Islands100 %(G)
SBC Resolve Pte. Ltd. ("SBC Resolve")Singapore100 %(G)
SBC Vision LLC ("SBC Vision")Marshall Islands100 %(G)
SBC Vision Pte. Ltd. ("SBC Vision")Singapore100 %(G)
SBC Explorer LLC ("SBC Explorer")Marshall Islands100 %(G)
SBC Explorer Pte. Ltd. ("SBC Explorer")Singapore100 %(G)
SBC Entity LLC ("SBC Entity")Marshall Islands100 %(G)
SBC Entity Pte. Ltd. ("SBC Entity")Singapore100 %(G)
SBC Spirit LLC ("SBC Spirit")Marshall Islands100 %(G)
SBC Spirit Pte. Ltd. ("SBC Spirit")Singapore100 %(G)
SBC Venture Pte. Ltd. ("SBC Venture")Singapore100 %(G)
SBC Equity Pte. Ltd. ("SBC Equity")Singapore100 %(G)

(A)The primary purpose of this corporation is to manage and operate ocean going vessels.
(B)The primary purpose of this entity is to perform certain administrative management functions that have been assigned by PBC.
(C)The primary purpose of this corporation is to provide logistics services to customers by chartering, managing and operating ships. Formerly known as Phoenix Bulk Carriers (BVI) Limited.
(D)The primary purpose of this corporation is to manage the fuel procurement for all vessels.
(E)The primary purpose of this corporation is to act as the U.S. administrative agent for the Company.
(F)The primary purpose of this corporation is to act as the treasury agent for the Company.
(G)The primary purpose of these entities is owning bulk carriers.
(H)The primary purpose of these entities is to provide logistics services to customers by chartering, managing and operating ships. NBV is the holding company of Pangaea Denmark. Formerly known as Nordic Bulk Carriers A/S.
(I)Long Wharf is a limited liability company duly organized under the laws of Delaware for the purpose of holding real estate located in Newport, Rhode Island.
(J)The primary purpose of these entities is owning bulk carriers. These companies are wholly-owned by NBHC, which is two-third owned by the Company.
(K)The primary purpose of this entity is to hold the Company's interest in vessel owning companies.
(L)The primary purpose of this entity is to own or lease bulk carriers through wholly-owned subsidiaries. The Company’s interest in Bulk Odyssey, Bulk Orion, Bulk Oshima, Bulk Olympic, Bulk Odin and Bulk Oasis is through its interest in NBHC.
(M)The primary purpose of this entity is to own or lease bulk carriers through wholly-owned subsidiaries.
(N)The primary purpose of VLNL is to own and operate the deck barge Miss Nora G. Pearl.
(O)The primary purpose of FVL is the carriage of specialized cargo.


(P)This entity is the technical manager of 16 vessels owned and operated by the Company.
(Q)The primary purpose of the company is to manage and operate the Brayton Point Commerce Center Marine Terminal.
(R)The primary purpose of the company is to manage and operate port terminals.
(S)The primary purpose of the company is to manage U.S.-based business activities.