Pangaea Logistics Solutions is hoarding cash until the market impact of the coronavirus outbreak becomes clearer.

That was the word today from chief executive Ed Coll, as he was asked about the New York-listed dry bulk owner’s decision to suspend its dividend for the first quarter while initiating a $3m share buyback.

“It’s a defensive move,” Coll said on an earnings call in response to a question from Noble Capital Markets analyst Poe Fratt.