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%.
Net income attributable to Pangaea was $3.5 million, or $0.08 per diluted share.
Adjusted net income attributable to Pangaea was $5.1 million, or $0.11 per diluted share.
Operating cash flow was $11.6 million, a decrease of 64% year-over-year.
Cash and cash equivalents were $129.1 million, an increase of $59.2 million year-over-year.
Pangaea anticipates a further strengthening in market rates during the second quarter of 2023, given a combination of improved seasonal demand, strengthening activity in Asia and tightness in global shipping capacity.
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