Christina Tan
About Christina Tan
Christina Tan (age 72) was appointed as a Class II Director of Pangaea Logistics Solutions (PANL) on January 20, 2025. She is CEO of M.T. Maritime Management (USA) LLC since early 2020 and has over 30 years of experience across finance and chartering within the MTM Group; she holds a BA in Economics and Mathematics from Western State College of Colorado .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| M.T. Maritime Management (USA) LLC | Chief Executive Officer | 2020–present | Leads MTM’s U.S. operations; deep finance and chartering background |
| MTM Group | Officer, various capacities (finance, chartering) | ~1990s–present | 30+ years; shipping finance/chartering expertise |
| Northern Shipping Funds | Board Member; LPAC Member | Director 2008–2015; LPAC through 2023 | Governance and fund oversight |
| Socoil Corporation | Vice President of Finance & Trading | Pre-MTM, 8 years | Commodity trading and finance leadership |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Dorian LPG Ltd. (NYSE: LPG) | Director | May 1, 2015–present | Audit; Nominating & Corporate Governance |
Board Governance
- Committee assignments at PANL: None disclosed for Tan in 2024; the 2025 proxy’s committee composition table shows no assignments for Tan as of 2024, consistent with her January 2025 appointment .
- Independence: The Board listed independent directors and committee independence; Christina Tan is not included among independent directors. Her Form 3 identifies her as a “director, 10 percent owner,” which typically precludes independence under Nasdaq rules .
- Attendance: Committee meetings held in 2024 were Audit (4), Compensation (11), Nominating & ESG (4); Tan joined in 2025, so 2024 attendance is not applicable or disclosed .
- Risk oversight context: Audit Committee reviews related party transactions; a material weakness in ASC 606 revenue recognition was identified in 2024 and remediation is underway—Tan is not an Audit Committee member .
Fixed Compensation
- PANL director compensation structure: Non-employee directors receive cash fees plus an annual restricted share award with grant-date fair value of approximately $120,000, fully vested upon grant, under the 2024 LTIP .
- 2024 cash fees (indicative range for PANL directors): Chair $175,000; other directors ranged $102,500–$117,500; Tan was appointed in 2025 and did not receive 2024 director fees .
Performance Compensation
| Grant Date | Award Type | Shares Granted | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|
| Feb 19, 2025 | Restricted Share Award | 23,077 | $120,000 | Fully vested upon grant |
Notes:
- The Form 4 shows an “A-Award” of 23,077 common shares at $5.20, matching the $120,000 program value; PANL’s proxy confirms director awards are fully vested at grant .
- 8-K states Tan will receive compensation similar to other non-executive directors .
Other Directorships & Interlocks
- Public boards: Dorian LPG Ltd. director since 2015; Audit and Nominating & Corporate Governance committees .
- Shipping ecosystem interlocks: Tan is CEO of M.T. Maritime Management (USA) LLC; PANL’s proxy discloses MTM Ship Management-related amounts ($3,789,859) and notes a board member has partial ownership in MTM Ship Management (potential related-party proximity) .
- Third-party compensation: PANL disclosed no third-party arrangements related to director service that require Nasdaq 5250(b)(3) disclosure .
Expertise & Qualifications
- Shipping operations, supply chain, and chartering expertise; public board experience; finance/accounting literacy; senior executive leadership; strategic planning/M&A .
- Education: BA in Economics and Mathematics, Western State College of Colorado .
Equity Ownership
| Item | Amount | % of Outstanding | Source |
|---|---|---|---|
| Indirect beneficial ownership (initial statement) | 18,359,342 common shares (indirect) as of Jan 20, 2025 | 27.97% (based on 65,628,437 shares) | Form 3; PANL proxy five-percent holder table |
| Direct grant (director award) | 23,077 common shares on Feb 19, 2025 | — | Form 4; fully vested |
Additional notes:
- Her Form 3 identifies her as “director, 10 percent owner,” with indirect ownership of 18,359,342 shares tied to Strategic Shipping/Strategic Investment/Pacific Star trust structure noted in the proxy’s 5% holders .
- No disclosures on pledging or hedging of PANL stock specific to Tan; PANL’s Insider Trading Policy prohibits trading on MNPI and outlines blackout/preclearance procedures .
Insider Trades (2025)
| Filing Date | Transaction Date | Form | Type | Shares | Price | Post-Transaction Ownership | Notes |
|---|---|---|---|---|---|---|---|
| Jan 24, 2025 | Jan 20, 2025 | Form 3 | Initial | — | — | 18,359,342 (indirect) | Initial beneficial ownership statement; “director, 10 percent owner” |
| Feb 19, 2025 | Feb 19, 2025 | Form 4 | A – Award | 23,077 | $5.20 | 23,077 (direct) | Director equity grant; fully vested; matches $120k policy |
Governance Assessment
- Independence risk: Not listed among independent directors in PANL’s 2025 proxy; Form 3 shows 10% ownership, indicating non-independence under Nasdaq standards—reduces committee eligibility and independent oversight value .
- Related-party exposure: PANL disclosed $3,789,859 related to MTM Ship Management and indicated a board member has partial ownership in MTM; Tan’s CEO role at M.T. Maritime Management (USA) LLC elevates conflict risk and calls for strict Audit Committee review of all MTM-related dealings (RED FLAG) .
- Committee engagement: No current committee assignment disclosed for Tan; limits direct influence on Audit/Compensation/Nominating agendas; governance impact contingent on future committee placement .
- Alignment: Significant beneficial ownership (27.97% via Strategic Shipping/Strategic Investment/Pacific Star trust structure) aligns interests with shareholders but amplifies influence—monitor voting power and any transactions with related entities .
- Compensation: Director equity grants are fully vested on grant—reduces long-term performance conditioning; however, award value is modest ($120k) relative to ownership; cash fee levels are in line with PANL peers and roles .
References
- Appointment and compensation expectation: 8-K dated Jan 23, 2025 .
- Biography, age, education, external boards: 2025 DEF 14A .
- Committee compositions, meetings, independence determinations: 2025 DEF 14A .
- Director compensation program and 2024 fee levels: 2025 DEF 14A .
- Insider Trading Policy and third-party compensation disclosure: 2025 DEF 14A .
- Related party transactions (MTM/Seamar): 2025 DEF 14A .
- Security ownership (5% holders; share count/percent): 2025 DEF 14A .
- Form 3 and Form 4 filings: SEC EDGAR links .