Pangaea Q3 2020 Earnings Report
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a net income of $7.6 million for the three months ended September 30, 2020, compared to $8.3 million for the same period in 2019. The company's TCE rates were $13,316, outperforming the market average by approximately 29%.
Net income attributable to Pangaea Logistics Solutions Ltd. was $7.6 million.
Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $8.1 million.
Diluted net income per share was $0.17.
Pangaea's TCE rates outperformed the market average by approximately 29%.
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Pangaea Revenue by Segment
Forward Guidance
Pangaea Logistics Solutions expects continued uncertainty in the markets over the next few quarters, while remaining encouraged by the decline in newbuilding orders and its potential impact on the dry bulk industry.
Challenges Ahead
- Rapidly changing conditions caused by COVID-19.
- Changes to the working environment.
- Rotating crews aboard vessels.
- Continued uncertainty in markets.
- Potential hardships for people and their families ashore and aboard vessels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income