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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.
Pangaea
Pangaea
Pangaea Revenue by Segment
Revenue by Segment
Voyage Revenue
CapyFin.comCharter Revenue
CapyFin.com 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.
- Changes in demand for dry bulk shipping capacity.
- Potential disruption of shipping routes due to accidents or political events.
Revenue & Expenses
Visualization of income flow from segment revenue to net income