Pangaea Logistics Solutions plans to sell two older vessels for $11m in two separate transactions to undisclosed buyers.

The Ed Coll-led bulker owner announced Thursday that it will sell 52,500-dwt supramax Bulk Juliana (built 2001) for $6.5m and 70,200-dwt panamax Bulk Patriot (built 1996) for $4.5m.

Their sales will result in about $11m in cash flow yet lower the company's book value by $8.6m