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Jun 30, 2024
Pangaea Q2 2024 Earnings Report
Pangaea reported consistent execution amid a stable dry-bulk market, delivering continued premium TCE returns.
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a net income of $3.7 million, or $0.08 per diluted share, and adjusted net income of $4.6 million, or $0.10 per diluted share, on total revenue of $131.5 million for the quarter ended June 30, 2024. The company's TCE rates exceeded the average Baltic Panamax and Supramax indices by 7%.
Net income attributable to Pangaea was $3.7 million, or $0.08 per diluted share.
Adjusted net income attributable to Pangaea was $4.6 million, or $0.10 per diluted share.
TCE rates earned by Pangaea were $16,223 per day, exceeding the average Baltic Panamax and Supramax indices by 7%.
The company expanded its owned vessel fleet to 26 with the acquisitions of the Bulk Brenton and Bulk Patience in the third quarter.
Revenue by Segment
Forward Guidance
The company expects strong performance in the second half of the year due to peak demand in the Canadian Arctic region and an expanded fleet of owned vessels. They have booked 3,298 shipping days at an average TCE rate of $17,978 per day.
Positive Outlook
- Stable market environment.
- Expanded fleet of owned vessels.
- Peak demand period for specialized ice-class fleet operating in the Canadian Arctic region.
- Limited number of newbuild vessels entering the market will provide a systemic catalyst for higher market rates going in to 2025.
- Fleet of ice class vessels will be fully utilized during the third quarter.
Challenges Ahead
- Higher charter hire and vessel operating expenses per day offset the increase in market rates.
- Uncertainty of the impact of emissions regulations.
- Global trade disruptions.
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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