Welcome to our dedicated page for Pangaea Logistics Solutions Ltd. news (Ticker: PANL), a resource for investors and traders seeking the latest updates and insights on Pangaea Logistics Solutions Ltd. stock.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) specializes in providing comprehensive maritime logistics and seaborne dry bulk transportation services. Established in 1996 and headquartered in Newport, Rhode Island, with an additional office in Rio de Janeiro, Brazil, Pangaea operates a fleet of 35-50 vessels, 14 of which are owned, excluding three new buildings on order. The company’s U.S. administrative agent, Phoenix Bulk Carriers, oversees operations with a focus on consistency, capability, and integrity.
Pangaea’s core business involves the transportation of various dry bulk cargoes such as grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, limestone, soybeans, sugar, salt, and wood pellets. The company offers a comprehensive suite of services to meet the industrial needs of its clients, including:
- Cargo Loading
- Voyage Planning
- Vessel Chartering
- Technical Vessel Management
- Cargo Discharge
Recent achievements include the certification of its 95,000 dwt. post-panamax dry bulk carrier, Nordic Nuluujaak, with the Class Silent (E) Notation by DNV, recognizing its ability to reduce environmental noise emissions. This vessel, built in 2021 at Guangzhou International Shipyard along with three sister ships, underscores Pangaea's commitment to environmental sustainability.
Financially, Pangaea reported robust results with a non-GAAP adjusted net income of $14.4 million for Q3 2023, driven by its specialized fleet and long-term contracts of affreightment (COAs). As of Q3 2023, the company had $87.4 million in cash and equivalents, with total debt at $279.3 million, showcasing solid financial health.
Pangaea’s strategic initiatives highlight its dedication to fleet renewal, operational efficiency, and environmental responsibility. The company continues to replace older vessels with newer, more efficient ones and expand its onshore logistics capabilities. Recent acquisitions of marine port terminals in Florida and Maryland and the sale of its 2006-built Bulk Trident for $9.8 million exemplify its proactive fleet management.
The company’s outlook remains positive with strong fleet utilization, leveraging its integrated shipping and logistics model, and focusing on strategic growth in both fleet and logistics capabilities.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) has acquired a 61,000 dwt dry bulk vessel, the Bulk Prudence, for $26.6 million in cash. This marks the 25th vessel in its owned fleet, with delivery expected in June 2023. The acquisition aligns with Pangaea's strategy to enhance its fleet with newer, high-quality vessels to optimize TCE rates and meet customer demands efficiently. Currently, Pangaea operates 50 vessels globally, a mix of owned and chartered. CEO Mark Filanowski emphasized that this addition supports their focus on providing consistent and efficient cargo transport services while adhering to disciplined capital allocation practices.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported its fourth quarter and full-year results for 2022 on March 15, 2023. The company maintained a net income of $15.5 million or $0.34 per diluted share, unchanged year-over-year. However, adjusted net income decreased by 43% to $14.3 million, with adjusted EBITDA dropping 29% to $26.9 million. Operating cash flow saw a significant increase of 73% to $32.9 million. For the full year, net income increased by 17% to $79.5 million, and adjusted EBITDA was up 34% to $140.9 million. The company continues to focus on strategic growth in logistics offerings while navigating a volatile shipping market.
Pangaea Logistics Solutions (Nasdaq: PANL) will release its fourth quarter and full year 2022 financial results on March 15, 2023, after market close. A subsequent conference call is scheduled for March 16, 2023, at 8:30 a.m. ET to discuss these results and recent events. Presentation materials will be available via the Company's Investor Relations website. For participation details, domestic callers can dial 1-800-225-9448, while international participants can reach 1-203-518-9708, using Conference ID: PANLQ422.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) declared a quarterly cash dividend of
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported a 13% decline in total revenue to $184.5 million for Q3 2022 compared to Q3 2021, with net income down 30% to $18.8 million, or $0.42 per diluted share. Adjusted net income rose 8% to $23.3 million, translating to $0.52 per diluted share. Despite a 16.2% drop in Time Charter Equivalent (TCE) rates to $24,107 per day, adjusted EBITDA increased 14% to $38.5 million, driven by improved operational efficiency. The company declared a $0.10 quarterly dividend, payable on December 15, 2022.
Pangaea Logistics Solutions (NASDAQ: PANL) will release its third quarter 2022 results after market close on November 9, 2022. A conference call is scheduled for November 10, 2022, at 8:30 a.m. ET to discuss the financial results and recent events. The call will include a Q&A session and presentation materials available on the Company’s website. Interested participants can join via a domestic or international phone line, with replays available until November 24, 2022.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) has announced the purchase of a second-hand vessel for USD 17.1 million, expanding its fleet to 25 ships. This vessel, to be named Bulk Sachuest, is expected to be delivered in September or October 2022. Pangaea operates a total fleet of 50-60 vessels globally and emphasizes its commitment to high quality and efficient tonnage, enhancing service delivery to clients. The company has operated the ship on a charter for the past year, indicating strong performance and integration into their logistics offerings.
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