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Mar 31, 2024
Pangaea Q1 2024 Earnings Report
Reported financial results for the quarter ended March 31, 2024.
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
Revenue by Segment
Voyage Revenue
CapyFin.comCharter Revenue
CapyFin.comTerminal & Stevedore Revenue
CapyFin.com 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