New York-listed Pangaea Logistics Solution is the latest public dry bulk owner to draw significant investment from a prominent "long only" institutional investor.

Boston-based Wellington Trust, an arm of Wellington Management, has bought up 2.4m shares, good for about 5.2% of Pangaea, which is a specialist in niche-market and contract trades, a public filing shows.

The number are up from a holding of 1.78m shares disclosed in August.

The position may be yet another sign that buy-and-hold institutions are getting friendly with the longevity of the current dry bulk bull market.