Loading...
•
Sep 30, 2024
Pangaea Q3 2024 Earnings Report
Reported financial results for the quarter ended September 30, 2024.
Key Takeaways
Pangaea Logistics Solutions reported a net income of $5.1 million, or $0.11 per diluted share, and an adjusted net income of $11.1 million, or $0.24 per diluted share, on total revenue of $153.1 million for the third quarter of 2024. The company's TCE rates exceeded the average Baltic Panamax and Supramax indices by 19%.
Net income attributable to Pangaea was $5.1 million, or $0.11 per diluted share.
Adjusted net income attributable to Pangaea was $11.1 million, or $0.24 per diluted share.
Operating cash flow was $28.5 million.
Time Charter Equivalent (TCE) rates earned by Pangaea was $16,324 per day, exceeding the average Baltic Panamax and Supramax indices by 19%.
Pangaea
Pangaea
Pangaea Revenue by Segment
Revenue by Segment
Voyage Revenue
CapyFin.comCharter Revenue
CapyFin.comTerminal & Stevedore Revenue
CapyFin.com Forward Guidance
Pangaea expects to expand its logistics operations and deliver an expanded portfolio of services across a growing customer base.
Positive Outlook
- Fleet expansion through merger with M. T. Maritime will increase owned fleet by more than 60% and drive meaningful annual EBITDA.
- Acquisition of remaining interest in post-panamax ice class 1A joint venture solidifies position in niche market.
- Purchase of two modern supramaxes supports base businesses.
- Expectation to expand logistics operations at new and existing ports.
- Asset-lite, cargo-centric model provides superior durability, cost efficiency and scalability.
Challenges Ahead
- Market rates declined as the quarter progressed.
- Decrease in Adjusted EBITDA due to higher voyage expenses.
- Increase in charter hire costs.
- Fluctuations in global dry bulk capacity and demand.
- Reliance on shareholder approval for the MTM transaction.
Revenue & Expenses
Visualization of income flow from segment revenue to net income