Exhibit 4.4


	NUMBER	 	SHARES


 


	______C	 	 


 


Pangaea
Logistics Solutions Ltd.


 


INCORPORATED UNDER
THE LAWS OF BERMUDA


 


COMMON SHARES


 


SEE REVERSE FOR

CERTAIN DEFINITIONS


 


	This Certifies that	CUSIP
	 	 
	is the registered holder of	 


 


FULLY PAID COMMON
SHARES OF $.0001 PAR VALUE EACH OF 


 


PANGAEA LOGISTICS
SOLUTIONS LTD.


 


subject to the laws
of Bermuda and to the Memorandum of Association and Bye-Laws of the Company as now or hereafter amended.

This certificate is not valid until countersigned by the Transfer Agent.






GIVEN UNDER the facsimile
seal of the Company and the facsimile signatures of its duly authorized officers.


 


Dated:


 


	 		 
	CHAIRMAN	SECRETARY


 




    	 



    	 



    

 


The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:


 


	TEN COM –	as tenants in common	UNIF GIFT MIN ACT -  	_____ Custodian ______
	TEN ENT –	as tenants by the entireties	 	(Cust)                  (Minor)
	JT TEN –	as joint tenants with right of survivorship	under Uniform Gifts to Minors
	 	and not as tenants in common	 	Act ______________
	 	 	 	(State)


 


Additional abbreviations
may also be used though not in the above list.


 


Pangaea Logistics Solutions
Ltd.


 


The Company will furnish
without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject to
all the provisions of the Memorandum of Association and Bye-Laws of the Company and all amendments thereto and resolutions of the
Board of Directors providing for the issue of preferred shares (copies of which may be obtained from the secretary of the Company),
to all of which the holder of this certificate by acceptance hereof assents.


 


For value received, ___________________________
hereby sell, assign and transfer unto


 


	PLEASE INSERT SOCIAL SECURITY OR OTHER	 
	IDENTIFYING NUMBER OF ASSIGNEE	 
	 	 
	 	 
	 	 
	 	 


  


	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 
	 
	 	 shares


 


of the capital stock represented by
the within Certificate, and do hereby irrevocably constitute and appoint


 


_________________________________________________________________________________
Attorney to transfer the said stock on the books of the within named Company will full power of substitution in the premises.


 


	Dated	 	 	 	 
	 	 	 	 	 
	 	 	 	Notice:	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.	 
	 	 	 	 	 	 


 


	Signature(s) Guaranteed:	 
	 	 
	 	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).