# EDGAR Filing Document

**Accession Number:** 0001348145
**File Stem:** 0001193125-23-038396
**Filing Date:** 2023-2
**Character Count:** 25726
**Document Hash:** 0eb2228b99cfe09581450a8507aedcf1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-038396.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001193125-23-038396

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**GROUP MEMBERS**: RICHARD DEITZ

**GROUP MEMBERS**: VR CAPITAL GROUP LTD.

**GROUP MEMBERS**: VR CAPITAL HOLDINGS LTD.

**GROUP MEMBERS**: VR CAPITAL PARTICIPATION LTD.

**GROUP MEMBERS**: VR GLOBAL PARTNERS, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pangaea Logistics Solutions Ltd.
- **CENTRAL INDEX KEY:** 0001606909
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88353
- **FILM NUMBER:** 23626155

**BUSINESS ADDRESS:**
- **STREET 1:** 109 LONG WHARF
- **CITY:** NEWPORT
- **STATE:** RI
- **ZIP:** 02840
- **BUSINESS PHONE:** 401-457-9552

**MAIL ADDRESS:**
- **STREET 1:** 109 LONG WHARF
- **CITY:** NEWPORT
- **STATE:** RI
- **ZIP:** 02840

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Quartet Holdco Ltd.
- **DATE OF NAME CHANGE:** 20140430
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VR Advisory Services Ltd
- **CENTRAL INDEX KEY:** 0001348145
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** INTERTRUST CORPORATE SERVICES (CAYMAN)
- **STREET 2:** ONE NEXUS WAY
- **CITY:** CAMANA BAY, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9005
- **BUSINESS PHONE:** 646.571.1870

**MAIL ADDRESS:**
- **STREET 1:** INTERTRUST CORPORATE SERVICES (CAYMAN)
- **STREET 2:** ONE NEXUS WAY
- **CITY:** CAMANA BAY, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9005

------

------

**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 person's 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;NAME OF REPORTING PERSONS<br>&nbsp;&nbsp;&nbsp;&nbsp;VR Global Partners, L.P. |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP\*<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☐ |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br>&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 5 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 6 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES\*<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<br>&nbsp;&nbsp;&nbsp;&nbsp;5.8%\*\* (1) |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;TYPE OF REPORTING PERSON\*<br>&nbsp;&nbsp;&nbsp;&nbsp;PN |

---

\* 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;NAME OF REPORTING PERSONS<br>&nbsp;&nbsp;&nbsp;&nbsp;VR Advisory Services Ltd |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP\*<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☐ |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br>&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 5 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 6 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES\*<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<br>&nbsp;&nbsp;&nbsp;&nbsp;5.8%\*\* (1) |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;TYPE OF REPORTING PERSON\*<br>&nbsp;&nbsp;&nbsp;&nbsp;CO, IA |

---

\* 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;NAME OF REPORTING PERSONS<br>&nbsp;&nbsp;&nbsp;&nbsp;VR Capital Participation Ltd. |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP\*<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☐ |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br>&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 5 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 6 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES\*<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<br>&nbsp;&nbsp;&nbsp;&nbsp;5.8%\*\* (1) |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;TYPE OF REPORTING PERSON\*<br>&nbsp;&nbsp;&nbsp;&nbsp;CO, 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.

------

CUSIP No. G6891L105 13G

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;NAME OF REPORTING PERSONS<br>&nbsp;&nbsp;&nbsp;&nbsp;VR Capital Group Ltd. |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP\*<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☐ |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br>&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 5 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 6 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES\*<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<br>&nbsp;&nbsp;&nbsp;&nbsp;5.8%\*\* (1) |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;TYPE OF REPORTING PERSON\*<br>&nbsp;&nbsp;&nbsp;&nbsp;CO, 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.

------

CUSIP No. G6891L105 13G

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;NAME OF REPORTING PERSONS<br>&nbsp;&nbsp;&nbsp;&nbsp;VR Capital Holdings Ltd. |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP\*<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☐ |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br>&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 5 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 6 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES\*<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<br>&nbsp;&nbsp;&nbsp;&nbsp;5.8% \*\* (1) |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;TYPE OF REPORTING PERSON\*<br>&nbsp;&nbsp;&nbsp;&nbsp;CO, 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.

------

CUSIP No. G6891L105 13G

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;NAME OF REPORTING PERSONS<br>&nbsp;&nbsp;&nbsp;&nbsp;Richard Deitz |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP\*<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☐ |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br>&nbsp;&nbsp;&nbsp;&nbsp;United States |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 5 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 6 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>&nbsp;&nbsp;&nbsp;&nbsp;2,642,761\*\* (1) |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES\*<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<br>&nbsp;&nbsp;&nbsp;&nbsp;5.8\*\* (1) |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;TYPE OF REPORTING PERSON\*<br>&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**<u>SCHEDULE 13G</u>**

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 Issuer'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 "Reporting Persons"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) VR Global Partners, L.P. (the "Fund");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) VR Advisory Services Ltd ("VR");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) VR Capital Participation Ltd. ("VRCP");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) VR Capital Group Ltd. ("VRCG");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) VR Capital Holdings Ltd. ("VRCH"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund is a Cayman Islands exempted limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) VR is a Cayman Islands exempted company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) VRCP is a Cayman Islands exempted company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) VRCG is a Cayman Islands exempted company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) VRCH is a Cayman Islands exempted company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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). |

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| | | |
|:---|:---|:---|
| (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). |

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| | |
|:---|:---|
| **Item 4** | **Ownership.**  |

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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 Issuer's 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.

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| | |
|:---|:---|
| **Item 5** | **Ownership of Five Percent or Less of a Class.**  |

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Inapplicable.

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| | |
|:---|:---|
| **Item 6** | **Ownership of More Than Five Percent on Behalf of Another Person.**  |

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Inapplicable.

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| | |
|:---|:---|
| **Item 7** | **Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.**  |

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Inapplicable.

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| | |
|:---|:---|
| **Item 8** | **Identification and Classification of Members of the Group.**  |

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Inapplicable.

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| | |
|:---|:---|
| **Item 9** | **Notice of Dissolution of Group.**  |

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Inapplicable.

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| | |
|:---|:---|
| **Item 10** | **Certification.**  |

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

By signing below each of the Reporting Persons certifies that, to the best of such person's 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 person's 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.

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**<u>SIGNATURE</u>**

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

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| | |
|:---|:---|
| **VR Global Partners, L.P.** | **VR Global Partners, L.P.** |
| By: VR Advisory Services Ltd, its general partner | By: VR Advisory Services Ltd, its general partner |
| By: | /s/ Emile du Toit |
| Name: | Emile du Toit |
| Title: | Authorized Person |
| **VR Advisory Services Ltd** | **VR Advisory Services Ltd** |
| By: | /s/ Emile du Toit |
| Name: | Emile du Toit |
| Title: | Authorized Person |
| **VR Capital Participation Ltd.** | **VR Capital Participation Ltd.** |
| By: | /s/ Emile du Toit |
| Name: | Emile du Toit |
| Title: | Authorized Person |
| **VR Capital Group Ltd.** | **VR Capital Group Ltd.** |
| By: | /s/ Emile du Toit |
| Name: | Emile du Toit |
| Title: | Authorized Person |
| **VR Capital Holdings Ltd.** | **VR Capital Holdings Ltd.** |
| By: | /s/ Emile du Toit |
| Name: | Emile du Toit |
| Title: | Authorized Person |
| /s/ Richard Deitz | /s/ Richard Deitz |
| Richard Deitz | Richard Deitz |

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