Sec Form 13D Filing - Pangaea One L.P. @ Pangaea Logistics Solutions Ltd.

Insider filing report for Changes in Beneficial Ownership

Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

PANGAEA LOGISTICS SOLUTIONS LTD.

(Name of Issuer)

Common Shares, par value $0.0001 per share

(Title of Class of Securities)

G6891L105

(CUSIP Number)

Paul Hong

Cartesian Capital Group, LLC

505 Fifth Avenue, 15th Floor

New York, NY 10017

(212) 461-6363

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

April 23, 2021

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. G6891L105

Schedule 13D

Page 1 of 22

1	Names of Reporting Persons Pangaea One Acquisition Holdings XIV, LLC
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 56,818
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 56,818

11	Aggregate Amount Beneficially Owned by Each Reporting Person 56,818
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 0.1%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 2 of 22

1	Names of Reporting Persons Pangaea One, L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 56,818
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 56,818

11	Aggregate Amount Beneficially Owned by Each Reporting Person 56,818
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 0.1%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 3 of 22

1	Names of Reporting Persons Imfinno, L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 546,347
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 546,347

11	Aggregate Amount Beneficially Owned by Each Reporting Person 546,347
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 1.2%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 4 of 22

1	Names of Reporting Persons Malemod, L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 829,723
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 829,723

11	Aggregate Amount Beneficially Owned by Each Reporting Person 829,723
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 1.8%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 5 of 22

1	Names of Reporting Persons Nypsun, L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 824,324
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 824,324

11	Aggregate Amount Beneficially Owned by Each Reporting Person 824,324
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 1.8%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 6 of 22

1	Names of Reporting Persons Leggonly, L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 772,990
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 772,990

11	Aggregate Amount Beneficially Owned by Each Reporting Person 772,990
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 1.7%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 7 of 22

Names of Reporting Persons

Pangaea One Parallel Fund (B), L.P.

Check the Appropriate Box if a Member of a Group

(a) ☐
(b) ☐

SEC Use Only

Source of Funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐

Citizenship or Place of Organization

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 772,976
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 772,976

11	Aggregate Amount Beneficially Owned by Each Reporting Person 772,976
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 1.7%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 8 of 22

1	Names of Reporting Persons Pangaea One GP, LLC
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 3,803,178
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 3,803,178

11	Aggregate Amount Beneficially Owned by Each Reporting Person 3,803,178
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 8.3%
14	Type of Reporting Person OO (Limited Liability Company)

CUSIP No. G6891L105

Schedule 13D

Page 9 of 22

1	Names of Reporting Persons Pangaea One (Cayman), L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 1,638,715
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 1,638,715

11	Aggregate Amount Beneficially Owned by Each Reporting Person 1,638,715
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 3.6%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 10 of 22

1	Names of Reporting Persons Pangaea One GP (Cayman), L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 1,638,715
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 1,638,715

11	Aggregate Amount Beneficially Owned by Each Reporting Person 1,638,715
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 3.6%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 11 of 22

1	Names of Reporting Persons Pangaea One GP (Cayman), Co.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 1,638,715
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 1,638,715

11	Aggregate Amount Beneficially Owned by Each Reporting Person 1,638,715
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 3.6%
14	Type of Reporting Person CO

CUSIP No. G6891L105

Schedule 13D

Page 12 of 22

1	Names of Reporting Persons Pangaea One Parallel Fund, L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 1,531,315
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 1,531,315

11	Aggregate Amount Beneficially Owned by Each Reporting Person 1,531,315
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 3.4%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 13 of 22

1	Names of Reporting Persons Pangaea One GP2 (Cayman), L.P.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 1,531,315
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 1,531,315

11	Aggregate Amount Beneficially Owned by Each Reporting Person 1,531,315
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 3.4%
14	Type of Reporting Person PN

CUSIP No. G6891L105

Schedule 13D

Page 14 of 22

1	Names of Reporting Persons Pangaea One GP2 (Cayman), Co.
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 1,531,315
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 1,531,315

11	Aggregate Amount Beneficially Owned by Each Reporting Person 1,531,315
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 3.4%
14	Type of Reporting Person CO

CUSIP No. G6891L105

Schedule 13D

Page 15 of 22

1	Names of Reporting Persons Pangaea One Holding, LLC
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 5,441,893
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 5,441,893

11	Aggregate Amount Beneficially Owned by Each Reporting Person 5,441,893
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 11.9%
14	Type of Reporting Person CO

CUSIP No. G6891L105

Schedule 13D

Page 16 of 22

1	Names of Reporting Persons Cartesian Capital Group Holding, LLC
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 6,973,208
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 6,973,208

11	Aggregate Amount Beneficially Owned by Each Reporting Person 6,973,208
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 15.3%
14	Type of Reporting Person CO

CUSIP No. G6891L105

Schedule 13D

Page 17 of 22

1	Names of Reporting Persons Peter Yu
2	Check the Appropriate Box if a Member of a Group	(a) ☐ (b) ☐
3	SEC Use Only
4	Source of Funds (See Instructions) SC
5	Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6	Citizenship or Place of Organization United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	Sole Voting Power 0
	8	Shared Voting Power 6,973,208
	9	Sole Dispositive Power 0
	10	Shared Dispositive Power 6,973,208

11	Aggregate Amount Beneficially Owned by Each Reporting Person 6,973,208
12	Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
13	Percent of Class Represented by Amount in Row (11) 15.3%
14	Type of Reporting Person IN

CUSIP No. G6891L105

Schedule 13D

Page 18 of 22

EXPLANATORY NOTE

This Amendment No. 5 to Schedule 13D (the “Amendment”) amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission (the “SEC”) on October 14, 2014 (as amended, the “Schedule 13D”), relating to the common shares, par value $0.0001 per share (the “Common Shares”), of Pangaea Logistics Solutions Ltd., a Bermuda company (the “Issuer”). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.

Item 5.

Interest in Securities of the Issuer.

Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:

(a) – (b)

The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares and percentage of Common Shares beneficially owned by each of the Reporting Persons, as well as the number of Common Shares as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 45,618,206 Common Shares outstanding as of March 15, 2021, as described in the Issuer’s annual report on Form 10-K filed with the SEC on March 15, 2021.

Reporting Person	Amount beneficially owned		Percent of class			Sole power to vote or to direct the vote		Shared power to vote or to direct the vote		Sole power to dispose or to direct the disposition		Shared power to dispose or to direct the disposition
Pangaea One Acquisition Holdings XIV, LLC		56,818		0.1	%		0		56,818		0		56,818
Pangaea One, L.P.		56,818		0.1	%		0		56,818		0		56,818
Imfinno, L.P.		546,347		1.2	%		0		546,347		0		546,347
Malemod, L.P.		829,723		1.8	%		0		829,723		0		829,723
Nypsun, L.P.		824,324		1.8	%		0		824,324		0		824,324
Leggonly, L.P.		772,990		1.7	%		0		772,990		0		772,990
Pangaea One Parallel Fund (B), L.P.		772,976		1.7	%		0		772,976		0		772,976
Pangaea One GP, LLC		3,803,178		8.3	%		0		3,803,178		0		3,803,178
Pangaea One (Cayman), L.P.		1,638,715		3.6	%		0		1,638,715		0		1,638,715
Pangaea One GP (Cayman), L.P.		1,638,715		3.6	%		0		1,638,715		0		1,638,715
Pangaea One GP (Cayman), Co.		1,638,715		3.6	%		0		1,638,715		0		1,638,715
Pangaea One Parallel Fund, L.P.		1,531,315		3.4	%		0		1,531,315		0		1,531,315
Pangaea One GP2 (Cayman), L.P.		1,531,315		3.4	%		0		1,531,315		0		1,531,315
Pangaea One GP2 (Cayman), Co.		1,531,315		3.4	%		0		1,531,315		0		1,531,315
Pangaea One Holding, LLC		5,441,893		11.9	%		0		5,441,893		0		5,441,893
Cartesian Capital Group Holding, LLC		6,973,208		15.3	%		0		6,973,208		0		6,973,208
Peter Yu		6,973,208		15.3	%		0		6,973,208		0		6,973,208

CUSIP No. G6891L105

Schedule 13D

Page 19 of 22

Pangaea Acquisition is the record holder of 56,818 Common Shares. Imfinno is the record holder of 546,347 Common Shares. Malemod is the record holder of 829,723 Common Shares. Nypsun is the record holder of 824,324 Common Shares. Leggonly is the record holder of 772,990 Common Shares. Pangaea Parallel B is the record holder of 772,976 Common Shares. Pangea Cayman is the record holder of 1,638,715 Common Shares. Pangaea Parallel is the record holder of 1,531,315 Common Shares.

Mr. Yu is the managing member or director of each of Cartesian, Pangaea One LLC, PGP Co and PGP2 Co. Cartesian controls each of Pangaea One LLC and PGP2 Co. Pangaea One LLC controls PGP Co. and Pangaea LLC. PGP Co is the general partner of PGP LP, which is the general partner of Pangaea Cayman. PGP2 Co is the general partner of PGP2 LP, which is the general partner of Pangaea Parallel. Pangaea LLC is the general partner of each of Imfinno, Malemod, Nypsun, Leggonly, Pangaea Parallel (B) and Pangaea One. Pangaea One, Pangaea Parallel (B), Pangaea Cayman, and Pangaea Parallel each directly own Pangaea Acquisition.

Each of the Reporting Persons, except for Imfinno, Malemod, Nypsun and Leggonly, may be deemed to beneficially own the Common Shares held of record by Pangaea Acquisition. Each of Mr. Yu, Cartesian, Pangaea One LLC and Pangaea LLC may be deemed to beneficially own the Common Shares held of record by each of Imfinno, Malemod, Nypsun, Leggonly and Pangaea Parallel (B). Each of Mr. Yu, Cartesian, Pangaea One LLC, PGP Co and PGP LP may be deemed to beneficially own the Common Shares held of record by Pangaea Cayman. Each of Mr. Yu, Cartesian, PGP2 Co and PGP2 LP may be deemed to beneficially own the Common Shares held of record by Pangaea Parallel.

(c) Since the most recent filing on Schedule 13D, the Pangaea Acquisition disposed of 5,623,052 Common Shares in a series of open market transactions at prices ranging from $3.22 to $2.94 per share. Details by date, listing the number of Common Shares disposed of and the weighted average price per share are provided below.

Date	Equity Shares Disposed Of		Weighted Average Price per Share
April 22, 2021		420,485	$	2.9467
April 23, 2021		2,438,051	$	2.9741
April 26, 2021		2,764,516	$	3.0760

(d) None.

(e) Not applicable.

CUSIP No. G6891L105

Schedule 13D

Page 20 of 22

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: April 27, 2021

	Pangaea One Acquisition Holdings XIV, LLC
	By: Pangaea One, L.P., its managing member
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	Pangaea One, L.P.
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	IMFINNO, L.P.
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	MALEMOD, L.P.
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	NYPSUN, L.P.
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

CUSIP No. G6891L105

Schedule 13D

Page 21 of 22

	LEGGONLY, L.P.
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE PARALLEL FUND (B), L.P.
	By: Pangaea One GP, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE GP, LLC

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE (CAYMAN), L.P.
	By: Pangaea One GP (Cayman), L.P., its general partner
	By: Pangaea One GP (Cayman), Co., its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE GP (CAYMAN), L.P.
	By: Pangaea One GP (Cayman), Co., its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE GP (CAYMAN), CO.

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

CUSIP No. G6891L105

Schedule 13D

Page 22 of 22

	PANGAEA ONE PARALLEL FUND, L.P.
	By: Pangaea One GP2 (Cayman), L.P., its general partner
	By: Pangaea One GP2 (Cayman), Co., its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE GP2 (CAYMAN), L.P.
	By: Pangaea One GP2 (Cayman), Co., its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE GP2 (CAYMAN), CO.

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	PANGAEA ONE HOLDING, LLC
	By: Cartesian Capital Group Holding, LLC, its general partner

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	CARTESIAN CAPITAL GROUP HOLDING, LLC

	By:	/s/ Peter Yu
	Name:	Peter Yu
	Title:	Director

	/s/ Peter Yu
	Peter Yu

Sec Form 13D Filing - Pangaea One L.P. filing for Pangaea Logistics Solutions Ltd. (PANL) - 2021-04-27