Pangaea Q1 2024 Earnings Report
Key Takeaways
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%.
Net income attributable to Pangaea was $11.7 million, or $0.25 per diluted share.
Adjusted net income attributable to Pangaea was $6.6 million, or $0.14 per diluted share.
Operating cash flow was $9.0 million.
TCE rates earned by Pangaea were $17,697 per day, exceeding the average Baltic Panamax and Supramax indices by 29%.
Pangaea
Pangaea
Pangaea Revenue by Segment
Forward Guidance
Market conditions have remained strong into the second quarter. Through today we've booked over 2,890 shipping days at an average TCE rate of $16,300 per day.
Positive Outlook
- Global demand for dry bulk remains strong.
- The supply of vessels remains constrained.
- Market rates have increased in recent months.
- Company added to cargo commitments to fully utilize owned fleet.
- Company has chartered-in more vessels, positioning to optimize TCE performance.
Challenges Ahead
- Current geopolitical environment has resulted in an increase in ton-mile demand within certain shipping channels.
- The first quarter is generally a seasonally softer period for dry bulk activity.
- Increase in charter hire expenses per chartered-in day.
- Company will continue to opportunistically divest of older vessels.
- Dry bulk capacity is expected to become increasingly constrained.
Revenue & Expenses
Visualization of income flow from segment revenue to net income