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Dec 31, 2024
Pangaea Q4 2024 Earnings Report
Pangaea reported strong performance despite market challenges.
Key Takeaways
Pangaea Logistics Solutions Ltd. delivered solid financial results in Q4 2024, with net income reaching $8.4 million and adjusted net income of $7.6 million. The company achieved a Time Charter Equivalent (TCE) rate of $15,942 per day, outperforming market benchmarks by 48%. Total revenue for the quarter stood at $147.2 million, while adjusted EBITDA grew 18% year-over-year to $23.2 million.
Net income of $8.4 million and adjusted net income of $7.6 million.
Time Charter Equivalent (TCE) rate of $15,942 per day, exceeding benchmarks by 48%.
Total revenue reached $147.2 million, with an 18% increase in adjusted EBITDA.
Completed acquisition of fifteen handy-size dry bulk vessels from SSI.
Pangaea
Pangaea
Pangaea Revenue by Segment
Revenue by Segment
Voyage Revenue
CapyFin.comCharter Revenue
CapyFin.comTerminal & Stevedore Revenue
CapyFin.com Forward Guidance
Pangaea expects market volatility in 2025 but remains focused on expanding its logistics and terminal services.
Positive Outlook
- Completed the acquisition of fifteen handy-size dry bulk vessels, expanding fleet capabilities.
- Strong contract base and premium-rate model to support revenue growth.
- Continued expansion of terminal services in Texas, Louisiana, and Florida.
- Potential for improved economies of scale with fleet expansion.
- Stable cash dividend program despite market uncertainties.
Challenges Ahead
- Softness in dry bulk market may impact TCE rates.
- Slowing global demand growth increases market uncertainty.
- Potential disruptions in global trade due to policy changes.
- Inflationary pressures may increase operating costs.
- Competitive pressures in the maritime logistics sector.
Revenue & Expenses
Visualization of income flow from segment revenue to net income