Ed Coll Establishes Phoenix Bulk Carriers

• Opens offices in Bermuda, Newport, R.I. USA and
Rio De Janeiro, Brazil
• Builds cargo book


Achieves Several Firsts:

• Largest shipment of pig iron
into the U.S.A.
• Largest shipment of steel
slabs into the U.S.A.
• First shipments of pig iron
into the ports of Charleston, S.C.
for Nucor & Beaumont, Texas

• Rides market wave into 2008 • Purchases many additional vessels, some in joint venture with Intrepid Shipping


• Creates Seamar Management in Athens, Greece to manage "technical management" of owned vessels
• Begins disposal of most owned assets in anticipation of major
market correction-achieves goal
• Cartesian Capital makes significant equity commitment

• Responds strongly to financial crisis
• Purchases new vessels at lower pricing
• Creates new company with new
investor base led by Cartesian Capital
• Creates a joint venture with long-term partner Noranda Aluminum for the
carriage and logistics of bauxite
movement from Jamaica to New Orleans


• Creates Nordic Bulk Carriers in
Denmark in order to expand into
Europe and ice trades-giving company premier status in ice class dry bulk
• Nordic operates first non-Russian dry bulk carrier on Northern Sea Route

•Canadian cargo owner changes its transportation dynamics with Phoenix
• Purchases first ice class Panamxes
• Nordic operates first sea freighter to transit Northwest Passage


• NBHC forms new venture with Glencore and Onassis
• Places 6 ice class ships newbuilding order with Oshima Shipyard

•Forms Pangaea Logistics Solutions Ltd.
• Takes delivery of the first 3
ice class newbuildings in a series of 6


• Baffinland iron mines makes long term commitment for ice requirements
• Pangaea increases stake in
NBC from 51% to 99.5%
• Noranda Aluminum extends COA by
10 years and an additional 35 million metric tons

•Takes delivery of 4th Panamax
in series of 6 newbuildings
• Takes delivery of 2 ice class 1C newbuilding Ultramaxes to complete newbuilding order of 6 vessels


• Operates profitably in historically
worst markets
• Accesses Japanaese finance
markets with Sale-Lease Backs
• Celebrates 20 years in business

•Russian producer VostokCoal teams with Nordic Bulk on new fleet initiative and increases tonnage to 30 mil MT/year
• Pangaea in position to expand owned fleet at beginning of positive market and grow land and sea logistics trade
• Purchases first deck barge


• Takes part in Charleston, S.C. terminal project-designs & coordinates 1 new
port facility & 1 temporary port facility
• Continues profitability with unique business model- focus on cargo more
than assets
• Pangaea owned M/V Bulk Patriot
makes 100th voyage over a six-year period

• Pangaea crew rescues 9 distressed people onboard capsized
vessel off Freeport, Bahamas
• Purchases M/V Bulk Spirit,
which is the 19th vessel in fleet


• Extends ice COA with Baffinland
for an additional 10 years
• Extends COA with Noranda into 2032, including coverage for 3 vessels to shuttle and the development of logistics services