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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) reported a strong second quarter 2022, with total revenue increasing by 34% year-over-year to $195.5 million. Net income rose 30% to $25.0 million or $0.56 per diluted share. Adjusted EBITDA surged 107% to $44.2 million, while operating cash flow jumped 155% to $37.2 million. The company maintained a solid TCE rate of $27,139 per day, exceeding industry averages. Pangaea declared a quarterly cash dividend of $0.075 per share.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) has announced it will release its second quarter 2022 financial results on August 9, 2022, after market hours. This release will accompany a presentation accessible through their SEC filing. A teleconference to discuss these results is scheduled for August 10, 2022, at 8:00 a.m. ET, including a Q&A session with management. Those interested can join the call at 800-343-5172 (domestic) or 785-424-1699 (international). A recording will be available for one week following the teleconference.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported robust results for Q1 2022, with a net income of $20.2 million, a substantial increase from $5.9 million in Q1 2021. Adjusted net income reached $15.7 million compared to $3.8 million year-over-year. Earnings per share (EPS) rose to $0.35 from $0.09, while diluted EPS was $0.45, up from $0.13. Total revenue soared by 53% to $191.8 million, driven by higher TCE rates of $26,472 per day. Pangaea also declared a dividend of $0.075 per share, reflecting strong financial health.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) has appointed Brent Mahana as Vice President of Business Development for Ports & Logistics, effective May 9, 2022. Mr. Mahana brings over 30 years of experience in marine transportation and port management, aiming to expand Pangaea's services in the ports and logistics sector. Mark Filanowski noted that Mahana's addition will enhance the company's profile and align with its 'Door-to-Door' logistics vision. Pangaea provides logistics for various dry bulk cargoes and aims to strengthen client relations.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) will announce its first quarter 2022 financial results on May 10, 2022, after market hours. A teleconference will follow on May 11, 2022, at 8:00 a.m. ET, featuring a Q&A session with management. Participants can dial 866-518-6930 (domestic) or 203-518-9797 (international), using Conference ID: PANLQ122. A recording of the call will be available for a week afterward. Pangaea specializes in logistics solutions for dry bulk cargoes, offering services like vessel chartering and voyage planning.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) has appointed Karen H. Beachy to its Board of Directors, emphasizing her extensive experience in operations and supply chain management. Beachy currently works with The Alliance Risk Group, providing supply chain risk analysis, and serves as an independent director at Oceaneering International. Chairman Richard du Moulin noted that her qualifications align with the company's need for strategic insight during pivotal industry changes. Beachy expressed enthusiasm about joining Pangaea and contributing to its leadership in the shipping sector.
Pangaea Logistics Solutions Ltd. (PANL) reported strong financial results for Q4 and the full year ending December 31, 2021. Net income surged to $15.2 million in Q4, up from $7.6 million in 2020, while full-year net income reached $67.2 million, compared to $11.4 million the previous year. Adjusted EPS for Q4 was $0.56, significantly higher than $0.14 in 2020. Revenues for Q4 increased 108% to $234.6 million. The company’s operational capacity improved with TCE rates rising 122% year-over-year. Despite uncertainties ahead, the company remains optimistic about growth opportunities.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) will release its fourth quarter and full year 2021 financial results after market hours on March 16, 2022. A teleconference is scheduled for March 17, 2022, at 8:00 a.m. ET to discuss the results, including a Q&A session. Interested parties can dial 866-518-6930 (domestic) or 203-518-9797 (international) to participate, using Conference ID: PANLQ421. A recording of the call will be available for one week post-teleconference. Pangaea provides logistics services for various industrial customers.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) announced the appointment of Mads Boye Petersen as the new Chief Operating Officer, effective April 1, 2022. He succeeds Mark Filanowski, who became CEO in December 2021. Petersen, who joined Pangaea in 2009, will oversee group strategy and capital market initiatives while continuing his role as Managing Director for the Danish and Singapore subsidiaries. His extensive experience includes enhancing the company’s ice class shipping business and managing the largest fleet of high ice class dry bulk vessels.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) announced a quarterly cash dividend of $0.05 per share, marking a 43% increase from the previous dividend. The payment will occur on March 15, 2022, for shareholders of record by March 1, 2022. CEO Mark Filanowski highlighted the continued strength in shipping markets, citing strong demand and constrained new supply, positioning the company favorably for the long term. This dividend increase reflects Pangaea's commitment to rewarding shareholders amid a favorable business climate.
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