Pangaea Q4 2021 Earnings Report
Key Takeaways
Pangaea Logistics Solutions Ltd. reported record financial results for the three months ended December 31, 2021, with net income of $15.2 million and adjusted earnings per share of $0.56. The company's TCE rates increased by 122% compared to the same period in 2020, leading to a 108% increase in total revenue.
Net income increased to $15.2 million from $7.6 million in the same period of 2020.
Adjusted earnings per share rose to $0.56, compared to $0.14 in the prior year.
Income from operations grew to $30.8 million, up from $8.3 million in 2020.
TCE rates increased 122% to $32,563.
Pangaea
Pangaea
Forward Guidance
Pangaea has started out well in 2022, but also presents a new set of challenges to which the company is reacting. Rapidly changing sanctions imposed by the European Union and the United States, and a general market movement away from “Russian” cargo, changed trading patterns overnight.
Positive Outlook
- Market will present many opportunities for Pangaea as it adjusts.
- Company has refocused some of its commercial efforts away from certain loading areas.
- Company has rearranged its technical management contracts on part of its fleet.
- 2022 has started out well for Pangaea.
- Company is reacting to rapidly changing sanctions.
Challenges Ahead
- Rapidly changing sanctions imposed by the European Union and the United States.
- General market movement away from “Russian” cargo.
- Changed trading patterns overnight.
- Uncertainty about the long term impact on demand for commodities exported from Russia or Ukraine.
- Uncertainty about the impact on dry bulk ton miles.