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Jun 30, 2022
Pangaea Q2 2022 Earnings Report
Pangaea reported record financial results, driven by strong year-over-year growth in revenue and net income.
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a strong second quarter with a 34% increase in total revenue, a 30% increase in net income, and a 107% increase in Adjusted EBITDA compared to the same period last year. The increase was driven by a significant year-over-year increase in TCE rates and strong fleet utilization.
Total revenue increased 34% year over year to $195.5 million.
Net income attributable to Pangaea increased 30% year over year to $25.0 million, or $0.56 per diluted share.
Adjusted EBITDA increased 107% year over year to $44.2 million.
Cash and equivalents increased 152% year over year to $102.2 million.
Forward Guidance
Pangaea expects to capitalize on favorable market conditions during what is typically the seasonally strongest quarter of the year. The company will continue to provide exceptional service during global supply chain disruption, and their long-term contracting and short-term charter-in strategies are expected to generate profitability.
Positive Outlook
- Global shipping capacity remains constrained, resulting in market rates that remain well above historical averages.
- Pangaea fleet will be fully compliant ahead of the IMO 2023 mandate, positioning them to maintain a consistent level of performance during the transition.
- Entering what is typically the seasonally strongest quarter of the year for our business.
- Continue to provide both new and existing customers with an exceptional level of service during a period of global supply chain disruption.
- Long-term contracting and short-term charter-in strategies have consistently generated profitability over the years.
Challenges Ahead
- Global shipping capacity remains constrained
- Market rates remain well above historical averages
Historical Earnings Impact
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Avg. Return Before/After Earnings
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