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Sep 30, 2022
Pangaea Q3 2022 Earnings Report
Pangaea reported a decrease in total revenue but an increase in adjusted EBITDA and operating cash flow compared to the same quarter last year.
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a decrease in total revenue by 13% year-over-year to $184.5 million for the third quarter of 2022. Net income attributable to Pangaea declined by 30% y/y, while adjusted net income attributable to Pangaea increased by 8% y/y. The company's operating cash flow increased significantly by 41% y/y, and adjusted EBITDA increased by 14% y/y.
Total revenue decreased 13% year-over-year to $184.5 million.
Net income attributable to Pangaea declined 30% y/y to $18.8 million, or $0.42 per diluted share.
Adjusted EBITDA increased 14% y/y to $38.5 million.
Operating cash flow increased 41% y/y to $32.6 million.
Pangaea
Pangaea
Pangaea Revenue by Segment
Revenue by Segment
Voyage Revenue
CapyFin.comCharter Revenue
CapyFin.com Forward Guidance
Pangaea expects Bulk Sachuest is expected to contribute positively to both operating cash flow and net income beginning in the fourth quarter of 2022. Business remains strong, and strategy remains consistent, supported by stable cash flow generation across niche shipping and logistics markets.
Positive Outlook
- Diverse portfolio of stable, long-term transportation contracts.
- Leading positions in higher-margin ice-class trade routes.
- Improved fleet utilization.
- Strategic COAs.
- Increased backhaul activity, integrated logistics capabilities and expansion of owned fleet.
Challenges Ahead
- Broader rate volatility.
- Typical levels of seasonal softness during the summer months.
- Rising interest rate environment.
- Fluctuations in charter rates and vessel values.
- Changes in demand for dry bulk shipping capacity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income