Pangaea Logistics Solutions Ltd. - PANL STOCK NEWS

Pangaea Logistics Solutions (Nasdaq: PANL) has scheduled its third quarter 2024 earnings release for Tuesday, November 12, 2024, after market close. The company will host a conference call on Wednesday, November 13, 2024, at 8:00 a.m. ET to discuss financial results and conduct a Q&A session. Presentation materials will be available on the company's website and SEC filing. The conference call can be accessed via domestic line (1-800-225-9448) or international line (1-203-518-9708) using Conference ID: PANLQ324. A replay will be available through November 20, 2024.

Pangaea Logistics Solutions (Nasdaq: PANL) has announced a definitive agreement to purchase the remaining 50% equity ownership of its consolidated subsidiary, Nordic Bulk Partners , from HS Nordic for $17.2 million in cash. The transaction is expected to be completed by November 1, 2024.

Nordic Bulk Partners was established in 2019 as a joint venture to construct four Ice Class 1A Post-Panamax dry bulk vessels. Upon completion of the transaction, Pangaea will own 100% of the equity in Nordic Bulk Partners. The purchase will extinguish a long-term liability of $16.6 million recorded on Pangaea's balance sheet as of June 30, 2024.

CEO Mark Filanowski stated that this strategic move consolidates Pangaea's fleet of niche Ice Class 1A vessels, improves the balance sheet, and enhances operating cash generation. The company aims to invest in its owned fleet while capitalizing on the favorable dry bulk market conditions.

Pangaea Logistics Solutions (Nasdaq: PANL) and M.T. Maritime Management (MTM) announced a definitive agreement to merge fifteen handy-size dry bulk vessels into Pangaea's fleet. The vessels, valued at approximately $295 million with related financing of $102 million, result in a net asset value of $193 million. Pangaea will issue roughly 19 million shares to SSI, representing 29% of its outstanding stock. The transaction, expected to close in Q4 2024, will expand Pangaea's fleet by nearly 60% to 41 vessels. The merger is anticipated to enhance growth, efficiency, and profitability, with MTM's experienced team joining Pangaea. The deal is expected to be accretive to earnings and maintain financial flexibility. SSI will designate two board members post-transaction.

Pangaea Logistics Solutions (Nasdaq: PANL) reported its Q2 2024 financial results on August 8, 2024. The company achieved a net income of $3.7 million, or $0.08 per diluted share, and an adjusted net income of $4.6 million, or $0.10 per diluted share. Operating cash flow stood at $9.0 million, while adjusted EBITDA was $15.9 million. Time Charter Equivalent (TCE) rates were $16,223 per day, surpassing market indices by 7%.

The company expanded its fleet to 26 vessels with the acquisition of Bulk Brenton and Bulk Patience. Pangaea maintained a net debt to trailing twelve-month adjusted EBITDA ratio of 2.1x and repaid $8.2 million in debt during the quarter. As of June 30, 2024, cash and cash equivalents were $77.9 million, with total debt at $252.6 million.

A quarterly cash dividend of $0.10 per share was declared, payable on September 16, 2024, to shareholders on record as of September 2, 2024. The company is optimistic about the upcoming peak demand period for its ice-class fleet and anticipates strong performance in the second half of the year.

Pangaea Logistics Solutions (Nasdaq: PANL), a global maritime logistics provider, has announced its second quarter 2024 earnings release and conference call schedule. The company will release its Q2 2024 results after market close on Thursday, August 8, 2024. A conference call to discuss the results is scheduled for Friday, August 9, 2024, at 8:00 a.m. ET.

The call will include a Q&A session and will be accompanied by presentation materials available on the company's website and SEC filing. Investors can participate using the provided domestic and international call-in numbers. A replay of the call will be available until August 16, 2024.

Pangaea Logistics Solutions reported strong financial results for the first quarter of 2024, with net income of $11.7 million, adjusted net income of $6.6 million, operating cash flow of $9.0 million, and adjusted EBITDA of $19.9 million. The company's TCE rates exceeded industry indices by 29%, driving a 23% increase in total Adjusted EBITDA. Pangaea acquired two bulk vessels for $56.6 million and saw total revenue of $104.7 million, with a positive outlook for dry bulk demand and profitability.

Pangaea Logistics Solutions (Nasdaq: PANL) will release its first-quarter 2024 results on May 9, 2024, and hold a conference call the following day to discuss financial results, recent events, and conduct a Q&A session.

Pangaea Logistics Solutions renews its shelf registration statement on Form S-3 with the SEC, maintaining the same aggregate amount. The new statement replaces the expired one from January 28, 2024, but is not yet effective. This press release clarifies that it is not an offer to sell or buy securities, and any future offering will follow SEC regulations.

Pangaea Logistics Solutions Ltd. announces strong financial results for the fourth quarter and full year 2023, with net income of $1.1 million and $26.3 million respectively. The company reported adjusted EBITDA of $19.7 million for Q4 and $79.7 million for the full year, showing a decline in TCE rates but exceeding industry benchmarks. Pangaea's strategic focus on premium-rate, cargo-centric operations and fleet expansion is driving growth and shareholder value.