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NAME OF REPORTING PERSONS

VR Global Partners, L.P.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) ☐ (b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands

Accession Number:: 0001193125-23-038396
Form Type:: 13G Filing
Publication Date:: 2023-02-13 19:00:00

Filed By:: Vr Advisory Services Ltd
Company:: Pangaea Logistics Solutions Ltd. (NASDAQ:PANL)
Filing Date:: 2023-02-14
SEC Url:: 13G Filing

Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name	Sole Voting Power	Sole Dispositive Power	Aggregate Amount Owned Power	Percent of Class
VR Global Partners	2,642,761	2,642,761	2,642,761	5.8%
VR Advisory Services Ltd	2,642,761	2,642,761	2,642,761	5.8%
VR Capital Participation Ltd	2,642,761	2,642,761	2,642,761	5.8%
VR Capital Group Ltd	2,642,761	2,642,761	2,642,761	5.8%
VR Capital Holdings Ltd	2,642,761	2,642,761	2,642,761	5.8%
Richard Deitz	2,642,761	2,642,761	2,642,761	5.8 (1) 12 TYPE OF REPORTING PERSON IN, HC SEE INSTRUCTIONS BEFORE FILLING OUT SEE ITEM 4(b). (1) Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4. 7 SCHEDULE 13G This Amendment No. 2 to Schedule 13G (this 147 Schedule 13G 148 ) relates to Common Shares, 0.0001 par value ( 147 Common Stock 148 ), of Pangaea Logistics Solutions, Ltd., a Bermuda exempted company (the 147 Issuer 148 ), and is being filed on behalf of (i) VR Global Partners, L.P. (the 147 Fund 148 ), a Cayman Islands exempted limited partnership, (ii) VR Advisory Services Ltd ( 147 VR 148 ), a Cayman Island exempted company, as the general partner of the Fund, (iii) VR Capital Participation Ltd. ( 147 VRCP 148 ), a Cayman Islands exempted company, as the sole shareholder of VR, (iv) VR Capital Group Ltd. ( 147 VRCG 148 ), a Cayman Islands exempted company, as the sole shareholder of VRCP, (v) VR Capital Holdings Ltd. ( 147 VRCH 148 ), a Cayman Islands exempted company, as the sole shareholder of VRCG and (vi) Richard Deitz, the principal of VR, VRCP, VRCG, VRCH (collectively with the Fund, VR, VRCP, VRCG and VRCH, the 147 Reporting Persons 148 ). All shares of Common Stock are held by the Fund. Item 1(a) Name of Issuer. Pangaea Logistics Solutions, Ltd. (the 147 Issuer 148 ) Item 1(b) Address of Issuer 146 s Principal Executive Offices. c o Phoenix Bulk Carriers (US) LLC 109 Long Wharf Newport, RI 02840 Item 2(a) Name of Person Filing. The Statement is filed on behalf of each of the following persons (collectively, the 147 Reporting Persons 148 ) (i) VR Global Partners, L.P. (the 147 Fund 148 ) (ii) VR Advisory Services Ltd ( 147 VR 148 ) (iii) VR Capital Participation Ltd. ( 147 VRCP 148 ) (iv) VR Capital Group Ltd. ( 147 VRCG 148 ) (v) VR Capital Holdings Ltd. ( 147 VRCH 148 ) and (vi) Richard Deitz. Item 2(b) Address of Principal Business Office, or, if none, Residence. For the Fund, VRCP, VRCG and VRCH c o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands 8 For VR 601 Lexington Avenue, 59th Floor, New York, New York, 10022, USA. For Mr. Deitz Niddry Lodge, 51 Holland Street, First Floor, London W8 7JB, United Kingdom Item 2(c) Citizenship or Place of Organization. (i) The Fund is a Cayman Islands exempted limited partnership (ii) VR is a Cayman Islands exempted company (iii) VRCP is a Cayman Islands exempted company (iv) VRCG is a Cayman Islands exempted company (v) VRCH is a Cayman Islands exempted company and (vi) Mr. Deitz is a United States citizen. Item 2(d) Title of Class of Securities. Common Shares, 0.0001 par value (the 147 Common Stock 148 ). Item 2(e) CUSIP Number. G6891L105 Item 3 If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a Covering VR, VRCP, VRCG, VRCH and Mr. Deitz (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) An investment advisor in accordance with 240.13d-1(b)(1)(ii)(E). (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F). 9 (g) A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G). (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) Group, in accordance with 240.13d-1(b)(1)(ii)(J). Item 4 Ownership. Items 5 through 9 and 11 of each of the cover pages to this Schedule 13G are incorporated herein by reference. As of the date hereof, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may be deemed to beneficially own 2,642,761 shares of the Common Stock of the Issuer, representing approximately 5.8%

Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Pangaea Logistics Solutions, Ltd.

(Name of Issuer)

Common Shares, $0.0001 par value per share

(Title of Class of Securities)

G6891L105

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☒ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. G6891L105		13G

*	SEE INSTRUCTIONS BEFORE FILLING OUT

**	SEE ITEM 4(b).

(1)	Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.


CUSIP No. G6891L105		13G

*	SEE INSTRUCTIONS BEFORE FILLING OUT

**	SEE ITEM 4(b).

(1)	Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.


CUSIP No. G6891L105		13G

*	SEE INSTRUCTIONS BEFORE FILLING OUT

**	SEE ITEM 4(b).

(1)	Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.


CUSIP No. G6891L105		13G

*	SEE INSTRUCTIONS BEFORE FILLING OUT

**	SEE ITEM 4(b).

(1)	Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.


CUSIP No. G6891L105		13G

*	SEE INSTRUCTIONS BEFORE FILLING OUT

**	SEE ITEM 4(b).

(1)	Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.


CUSIP No. G6891L105		13G

*	SEE INSTRUCTIONS BEFORE FILLING OUT

**	SEE ITEM 4(b).

(1)	Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.

SCHEDULE 13G

This Amendment No. 2 to Schedule 13G (this Schedule 13G) relates to Common Shares, $0.0001 par value (Common Stock), of Pangaea Logistics Solutions, Ltd., a Bermuda exempted company (the Issuer), and is being filed on behalf of (i) VR Global Partners, L.P. (the Fund), a Cayman Islands exempted limited partnership, (ii) VR Advisory Services Ltd (VR), a Cayman Island exempted company, as the general partner of the Fund, (iii) VR Capital Participation Ltd. (VRCP), a Cayman Islands exempted company, as the sole shareholder of VR, (iv) VR Capital Group Ltd. (VRCG), a Cayman Islands exempted company, as the sole shareholder of VRCP, (v) VR Capital Holdings Ltd. (VRCH), a Cayman Islands exempted company, as the sole shareholder of VRCG and (vi) Richard Deitz, the principal of VR, VRCP, VRCG, VRCH (collectively with the Fund, VR, VRCP, VRCG and VRCH, the Reporting Persons). All shares of Common Stock are held by the Fund.

Item 1(a)

Name of Issuer.

Pangaea Logistics Solutions, Ltd. (the Issuer)

Item 1(b)

Address of Issuers Principal Executive Offices.

c/o Phoenix Bulk Carriers (US) LLC

109 Long Wharf

Newport, RI 02840

Item 2(a)

Name of Person Filing.

The Statement is filed on behalf of each of the following persons (collectively, the Reporting Persons):

(i)

VR Global Partners, L.P. (the Fund);

(ii)

VR Advisory Services Ltd (VR);

(iii)

VR Capital Participation Ltd. (VRCP);

(iv)

VR Capital Group Ltd. (VRCG);

(v)

VR Capital Holdings Ltd. (VRCH); and

(vi)

Richard Deitz.

Item 2(b)

Address of Principal Business Office, or, if none, Residence.

For the Fund, VRCP, VRCG and VRCH: c/o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands

For VR: 601 Lexington Avenue, 59th Floor, New York, New York, 10022, USA.

For Mr. Deitz: Niddry Lodge, 51 Holland Street, First Floor, London W8 7JB, United Kingdom

Item 2(c)

Citizenship or Place of Organization.

(i)

The Fund is a Cayman Islands exempted limited partnership;

(ii)

VR is a Cayman Islands exempted company;

(iii)

VRCP is a Cayman Islands exempted company;

(iv)

VRCG is a Cayman Islands exempted company;

(v)

VRCH is a Cayman Islands exempted company; and

(vi)

Mr. Deitz is a United States citizen.

Item 2(d)

Title of Class of Securities.

Common Shares, $0.0001 par value (the Common Stock).

Item 2(e)

CUSIP Number.

G6891L105

Item 3

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Covering VR, VRCP, VRCG, VRCH and Mr. Deitz:


(a)	☐	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)	☐	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)	☐	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)	☐	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)	☒	An investment advisor in accordance with §240.13d-1(b)(1)(ii)(E).

(f)	☐	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).


(g)	☒	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).

(h)	☐	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).

(i)	☐	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).

(j)	☐	Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4

Ownership.

Items 5 through 9 and 11 of each of the cover pages to this Schedule 13G are incorporated herein by reference.

As of the date hereof, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may be deemed to beneficially own 2,642,761 shares of the Common Stock of the Issuer, representing approximately 5.8% of the shares of Common Stock outstanding.

The above percentages are based on 45,922,692 shares of Common Stock of the Issuer outstanding as of November 4, 2022, as described in the Issuers quarterly report on Form 10-Q filed with the Securities and Exchange Commission November 9, 2022.

2,642,761 shares of Common Stock of the Issuer reported as beneficially owned herein are directly held by the Fund. VR, as the general partner and investment adviser of the Fund, may be deemed to exercise voting and investment power over the 2,642,761 shares of Common Stock held by the Fund and thus may be deemed to beneficially own such shares of Common Stock. VRCP, as the sole shareholder of VR, also may be deemed to beneficially own the 2,642,761 shares of Common Stock held by the Fund. VRCG, as the sole shareholder of VRCP, also may be deemed to beneficially own the 2,642,761 shares of Common Stock held by the Fund. VRCH, as the sole shareholder of VRCG, also may be deemed to beneficially own the 2,642,761 shares of Common Stock held by the Fund. Mr. Deitz, as the principal of VR, VRCP, VRCG and VRCH, also may be deemed to beneficially own the 2,642,761 shares of Common Stock held by the Fund.

Item 5

Ownership of Five Percent or Less of a Class.

Inapplicable.

Item 6

Ownership of More Than Five Percent on Behalf of Another Person.

Inapplicable.

Item 7

Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.

Inapplicable.

Item 8

Identification and Classification of Members of the Group.

Inapplicable.

Item 9

Notice of Dissolution of Group.

Inapplicable.

Item 10

Certification.

For VR, VRCP, VRCG, VRCH and Mr. Deitz:

By signing below each of the Reporting Persons certifies that, to the best of such persons knowledge and belief, the securities referred to above were acquired and held in the ordinary course of business and were not acquired and were not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

For the Fund:

By signing below the Reporting Person certifies that, to the best of such persons knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 14, 2023


VR Global Partners, L.P.

By: VR Advisory Services Ltd, its general partner

	By:	/s/ Emile du Toit
	Name:	Emile du Toit
	Title:	Authorized Person

VR Advisory Services Ltd

	By:	/s/ Emile du Toit
	Name:	Emile du Toit
	Title:	Authorized Person

VR Capital Participation Ltd.

	By:	/s/ Emile du Toit
	Name:	Emile du Toit
	Title:	Authorized Person

VR Capital Group Ltd.

	By:	/s/ Emile du Toit
	Name:	Emile du Toit
	Title:	Authorized Person

VR Capital Holdings Ltd.

	By:	/s/ Emile du Toit
	Name:	Emile du Toit
	Title:	Authorized Person

/s/ Richard Deitz
Richard Deitz