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Jun 30, 2021
Pangaea Q2 2021 Earnings Report
Pangaea achieved record financial results due to market levels not seen in over a decade.
Key Takeaways
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.
Net income attributable to Pangaea Logistics Solutions Ltd. was $19.2 million, compared to $3.0 million for the same period of 2020.
Diluted net income per share was $0.44, compared to $0.07 for the same period of 2020.
Pangaea's TCE rates were $21,053, compared to $10,733 for the same period of 2020.
Adjusted EBITDA was $21.4 million, compared to $10.7 million for the same period of 2020.
Revenue by Segment
Forward Guidance
Pangaea is optimistic about the dry bulk market with a historically low order book and a stable demand outlook. The company will continue to be opportunistic in expanding its platform to add value for customers and enhance shareholder value.
Positive Outlook
- TCE earnings continue to improve heading into the third quarter.
- Historically low order book in the dry bulk market.
- Stable demand outlook in the dry bulk market.
- Focus on niches to capitalize on market improvements.
- Successful delivery of three second-hand vessels as part of fleet renewal and expansion.
Challenges Ahead
- Impact of timing of pricing and duration of performing voyages in a rapidly rising market.
- Performance of voyages on fixed freight rates from long term contracts of affreightment that are less than spot market rates.
- Fluctuations in charter rates and vessel values.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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