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Dec 31, 2020
Pangaea Q4 2020 Earnings Report
Announced results for the three months and year ended December 31, 2020.
Key Takeaways
Pangaea Logistics Solutions Ltd. reported a net income of $7.6 million for Q4 2020, compared to a net loss of $4.4 million in the same period of 2019. Adjusted earnings per share were $0.14, compared to $0.10 for the same period in 2019. The company's TCE rates decreased 4% to $14,640 per day, a premium over the market average of approximately 42%.
Net income of $7.6 million, compared to a net loss of $4.4 million in the same period of 2019.
Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $6.2 million, compared to $4.4 million for the same period of 2019.
Adjusted Earnings per share of $0.14, compared to $0.10 for the same period of 2019.
Pangaea's TCE rates decreased 4% to $14,640 per day for the three months ended December 31, 2020, a premium over the market average of approximately 42%.
Pangaea
Pangaea
Pangaea Revenue by Segment
Revenue by Segment
Voyage Revenue
CapyFin.comCharter Revenue
CapyFin.com Forward Guidance
The coming year appears to be bright for dry bulk shipping. As the COVID-19 threat is mitigated the world economy will quickly recover, increasing demand for dry bulk capacity. Simultaneously, restraint in newbuilding orders should have a long term positive impact on the dry bulk industry. The first quarter of 2021 rates have been a welcome surprise to many, and perhaps an indication for the year ahead.
Positive Outlook
- Bright outlook for dry bulk shipping.
- World economy recovery expected to increase demand.
- Restraint in newbuilding orders should positively impact the industry.
- First quarter of 2021 rates are a welcome surprise.
- Company well-positioned and poised for growth.
Challenges Ahead
- Challenging backdrop due to COVID-19 global pandemic.
- Potential disruption of shipping routes due to accidents or political events.
- Vessels breakdowns and instances of off-hires
- Fluctuations in charter rates and vessel values.
- General market conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income