Pangaea Q2 2023 Earnings Report
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a decrease in net income and revenue for the quarter ended June 30, 2023, compared to the same period in 2022. However, the company's TCE rates exceeded the average Baltic Panamax and Supramax indices by approximately 49%.
Net income attributable to Pangaea was $2.8 million, or $0.06 per diluted share.
Adjusted net income attributable to Pangaea was $4.6 million, or $0.10 per diluted share.
Time Charter Equivalent (TCE) rates earned by Pangaea were $15,558 per day, a decline of 43% year-over-year.
Completed the strategic acquisition of marine port terminal operations, expanding logistics service offerings.
Pangaea
Pangaea
Forward Guidance
The Company anticipates a sequential improvement in results as they enter peak demand season in the Arctic. All of their Ice Class 1A vessels are fully booked through October, positioning them to realize above-market rates as they enter the second half of the year.
Positive Outlook
- Expects a sequential improvement in results as they enter peak demand season in the Arctic.
- All Ice Class 1A vessels are fully booked through October.
- Positioned to realize above-market rates in the second half of the year.
- Optimistic about the fundamentals in the dry bulk market with a historically low order book.
- Stable demand outlook.