New York-listed Pangaea Logistics Solutions has doubled down on its presence in the Arctic ice trade with a $22.5m splash on subsidiary Nordic Bulk Holding Co (NBHC).

The outlay takes Pangaea's stake in NBHC from one-third to 66.7% after the buyout of an existing, unidentified stakeholder, the Newport, Rhode Island-based company said.

NBHC owns six modern ice-class 1-A panamaxes engaged in the Arctic trade and spot markets.