Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (Nasdaq:PANL), a global provider of comprehensive maritime logistics solutions, today announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per common share, to be paid on March 15, 2021, to all shareholders of record as of March 1, 2021.

As the Company previously disclosed, in March 2020 due to the unprecedented and uncertain conditions caused by the coronavirus (COVID-19) global pandemic, and the potential impact responses might have on the Company's short term earnings and cash flow, the Board of Directors, as a precautionary measure, suspended its dividends. The Board continues to consider a dividend on a quarterly basis as it monitors the future impacts of COVID-19 on the global economy and on the Company's operations.