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%.
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.
Visualization of income flow from segment revenue to net income
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