Pangaea Earnings Reports

Pangaea Logistics Solutions Ltd. delivered solid financial results in Q4 2024, with net income reaching $8.4 million and adjusted net income of $7.6 million. The company achieved a Time Charter Equivalent (TCE) rate of $15,942 per day, outperforming market benchmarks by 48%. Total revenue for the quarter stood at $147.2 million, while adjusted EBITDA grew 18% year-over-year to $23.2 million.

Pangaea Logistics Solutions reported a net income of $5.1 million, or $0.11 per diluted share, and an adjusted net income of $11.1 million, or $0.24 per diluted share, on total revenue of $153.1 million for the third quarter of 2024. The company's TCE rates exceeded the average Baltic Panamax and Supramax indices by 19%.

Pangaea Logistics Solutions Ltd. reported a net income of $3.7 million, or $0.08 per diluted share, and adjusted net income of $4.6 million, or $0.10 per diluted share, on total revenue of $131.5 million for the quarter ended June 30, 2024. The company's TCE rates exceeded the average Baltic Panamax and Supramax indices by 7%.

Pangaea Logistics Solutions reported a net income of $11.7 million, or $0.25 per diluted share, and adjusted net income of $6.6 million, or $0.14 per diluted share, on total revenue of $104.7 million for the quarter ended March 31, 2024. The company's TCE rates increased 23% year-over-year, exceeding the average Baltic Panamax and Supramax indices by 29%.

Pangaea Logistics Solutions Ltd. reported a net income of $1.1 million, or $0.03 per diluted share, and adjusted net income of $7.4 million, or $0.16 per diluted share, on total revenue of $131.9 million for the three months ended December 31, 2023. The company's TCE rates exceeded the average Baltic Panamax and Supramax indices by 27%.

Pangaea Logistics Solutions reported a net income of $18.9 million, or $0.42 per diluted share, and adjusted net income of $14.4 million, or $0.32 per diluted share, on total revenue of $135.6 million for the third quarter ended September 30, 2023. The company's TCE rates exceeded the average Baltic Panamax and Supramax indices by 49%.

Pangaea Logistics Solutions Ltd. reported a decrease in net income and revenue for the quarter ended June 30, 2023, compared to the same period in 2022. However, the company's TCE rates exceeded the average Baltic Panamax and Supramax indices by approximately 49%.

Pangaea Logistics Solutions Ltd. reported a net income of $3.5 million, or $0.08 per diluted share, and adjusted net income of $5.1 million, or $0.11 per diluted share, on total revenue of $113.7 million for the quarter ended March 31, 2023. The company's TCE rate was $14,372 per day, exceeding the average Baltic Panamax and Supramax indices by approximately 48%.

Pangaea Logistics Solutions Ltd. reported net income of $15.5 million, or $0.34 per diluted share, remained unchanged y/y. Adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $14.3 million, or $0.32 per diluted share, a decline of 43% y/y. Adjusted EBITDA of $26.9 million, a decrease of 29% y/y. Total revenue of $127.9 million. Cash and cash equivalents of $128.4 million, an increase of $72.2 million y/y.

Pangaea Logistics Solutions Ltd. reported a decrease in total revenue by 13% year-over-year to $184.5 million for the third quarter of 2022. Net income attributable to Pangaea declined by 30% y/y, while adjusted net income attributable to Pangaea increased by 8% y/y. The company's operating cash flow increased significantly by 41% y/y, and adjusted EBITDA increased by 14% y/y.

Pangaea Logistics Solutions Ltd. reported a strong second quarter with a 34% increase in total revenue, a 30% increase in net income, and a 107% increase in Adjusted EBITDA compared to the same period last year. The increase was driven by a significant year-over-year increase in TCE rates and strong fleet utilization.

Pangaea Logistics Solutions Ltd. reported a strong first quarter in 2022, with net income attributable to Pangaea Logistics Solutions Ltd. reaching $20.2 million, compared to $5.9 million for the same period in 2021. The company's TCE rates were $26,472 per day, and adjusted EBITDA was $31.3 million.

Pangaea Logistics Solutions Ltd. reported record financial results for the three months ended December 31, 2021, with net income of $15.2 million and adjusted earnings per share of $0.56. The company's TCE rates increased by 122% compared to the same period in 2020, leading to a 108% increase in total revenue.

Pangaea Logistics Solutions Ltd. announced record financial results for the third quarter ended September 30, 2021, with a net income of $27.0 million and adjusted EBITDA of $33.6 million.

Pangaea Logistics Solutions Ltd. reported record-breaking second quarter results with net income of $19.2 million and EPS of $0.44. The company benefited from high market levels and the delivery of new Ice Class Newbuilding vessels.

Pangaea Logistics Solutions Ltd. reported a net income of $5.9 million and EPS of $0.13 for the quarter ended March 31, 2021, compared to a net loss of $6.8 million and loss per share of $0.16 for the same period in 2020. The company's TCE rates increased by approximately 57% compared to the first quarter of 2020.

Pangaea Logistics Solutions Ltd. reported a net income of $7.6 million for Q4 2020, compared to a net loss of $4.4 million in the same period of 2019. Adjusted earnings per share were $0.14, compared to $0.10 for the same period in 2019. The company's TCE rates decreased 4% to $14,640 per day, a premium over the market average of approximately 42%.

Pangaea Logistics Solutions Ltd. reported a net income of $7.6 million for the three months ended September 30, 2020, compared to $8.3 million for the same period in 2019. The company's TCE rates were $13,316, outperforming the market average by approximately 29%.

Pangaea Logistics Solutions Ltd. reported a net income of $3.0 million for the second quarter of 2020, compared to $4.0 million for the same period in 2019. Total revenue decreased to $70.4 million from $83.3 million in the prior year, while the TCE rate was $10,733 compared to $12,933 in 2019. The company's TCE rates outperformed market averages by approximately 93%.

Pangaea Logistics Solutions Ltd. reported a net loss of $6.8 million for the quarter ended March 31, 2020, compared to a net income of $3.7 million for the same period in 2019. However, total revenue increased to $95.9 million from $79.5 million in the prior year, driven by a 16% increase in shipping days.

Pangaea Logistics Solutions Ltd. reported a net loss of $4.4 million for Q4 2019, which included $9.3 million in losses from vessel impairments and sales. However, non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $4.4 million, compared to $3.7 million in the same period of 2018. Total revenue increased to $130.5 million from $101.8 million in Q4 2018.