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Dec 31, 2022
Pangaea Q4 2022 Earnings Report
Pangaea reported unchanged net income and a decrease in adjusted net income and adjusted EBITDA, but exceeded benchmark average TCE rate.
Key Takeaways
Pangaea Logistics Solutions Ltd. reported net income of $15.5 million, or $0.34 per diluted share, remained unchanged y/y. Adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $14.3 million, or $0.32 per diluted share, a decline of 43% y/y. Adjusted EBITDA of $26.9 million, a decrease of 29% y/y. Total revenue of $127.9 million. Cash and cash equivalents of $128.4 million, an increase of $72.2 million y/y.
Net income of $15.5 million, or $0.34 per diluted share, remained unchanged y/y.
Adjusted net income of $14.3 million, or $0.32 per diluted share, a decline of 43% y/y.
Adjusted EBITDA decreased by 29% to $26.9 million.
Time Charter Equivalent (TCE) rates earned by Pangaea of $20,023 per day, a premium of 41% over the prevailing market rate.
Pangaea
Pangaea
Forward Guidance
In 2023, Pangaea anticipates that a post-pandemic reopening in China and stable economic activity in the West should provide incremental support for global dry bulk demand. On the supply-side, global dry bulk shipping capacity is constrained for the foreseeable future.
Positive Outlook
- Post-pandemic reopening in China should provide incremental support for global dry bulk demand.
- Stable economic activity in the West should provide incremental support for global dry bulk demand.
- Global dry bulk shipping capacity is constrained for the foreseeable future.
- Low new-build activity.
- Recent introduction of new, IMO-mandated emissions-reduction regulations that will impact older, less efficient fleets and will further restrict newbuilding orders.