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) announced the passing of its Chairman and CEO, Ed Coll, a key figure in the company's development over 25 years. Under his leadership, Pangaea evolved into a prominent dry bulk owner/operator with a fleet of 25 owned ships and a total of up to 60 vessels in operation daily. Following Coll's death, Mark Filanowski, previously COO, has been appointed as the new CEO, with Richard du Moulin as Chairman. The board expresses confidence in the team to uphold Pangaea's legacy and performance amid this transition.
Pangaea Logistics Solutions Ltd. (PANL) reported strong Q3 2021 results with net income of $27.0 million, up from $7.6 million in Q3 2020. Diluted earnings per share increased to $0.60 from $0.17. Revenue soared 105% to $213.0 million, driven by average TCE rates of $28,770 per day, compared to $13,316 in the prior year. Adjusted EBITDA reached $33.6 million, reflecting successful fleet expansion with six vessels added in nine months. The company also declared a quarterly cash dividend of $0.035 per share.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) will release its third quarter 2021 financial results after market hours on November 9, 2021. An accompanying presentation will be available with their SEC filing. The Company will host a teleconference on November 10, 2021, at 8:00 a.m. ET for discussing the results, including a Q&A session. Interested parties can access the call by dialing 866-342-8591 (domestic) or 203-518-9713 (international) using Conference ID: PANLQ321. A recorded version will be available for a week post-call.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported a record net income of $19.2 million for Q2 2021, a significant increase from $3.0 million in Q2 2020. Adjusted EBITDA reached $21.4 million, up from $10.7 million year-over-year. The Time Charter Equivalent (TCE) rate soared to $21,053 per day, marking a nearly 100% increase from the prior year. Total revenue was $145.5 million, significantly higher than $70.4 million in the same quarter last year. A quarterly cash dividend of $0.035 per share was declared, payable on September 15, 2021.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) will release its second quarter 2021 financial results after market hours on August 10, 2021, along with a presentation available via SEC filing. A teleconference to discuss these results will be held on August 11, 2021, at 8:00 a.m. ET, featuring a Q&A session with management. Participants can access the call via phone, using Conference ID: PANLQ221. A recording will be available for one week post-call. Pangaea offers comprehensive logistics solutions for a variety of dry bulk cargoes.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) announced the delivery of M/V Nordic Nuluujaak, the first of four Ice Class 1A Post Panamax dry bulk vessels, from Guangzhou International Shipyard. This vessel, designed for Arctic conditions, features a high cargo lift and fuel-efficient technology, meeting strict environmental standards. The remaining three vessels are expected to be delivered soon. The partnership, which includes Baffinland Iron Mines and CSSC Shipping, aims to enhance Pangaea's ice class fleet, now totaling twelve modern ships, to effectively meet customer demands.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported a solid financial performance for Q1 2021, achieving a net income of $5.9 million, reversing the $6.8 million loss from Q1 2020. Adjusted EBITDA increased significantly to $11.7 million from $2.9 million year-over-year, with TCE rates at $16,524, up 57% from $10,508. Revenues soared to $125.0 million, a 30% increase from the previous year. The board declared a quarterly cash dividend of $0.035 per share, showcasing confidence in growth and shareholder returns.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) will release its first quarter 2021 financial results on May 11, 2021, after market hours. An accompanying presentation will be available through SEC filings. A teleconference to discuss these results is scheduled for 8:00 a.m. ET on May 12, 2021, featuring a Q&A session with management. Interested participants can join by dialing 888-895-3561 (domestic) or 904-685-6494 (international). Recorded access will be available for two weeks post-call. For more information, visit www.pangaeals.com.
Pangaea Logistics Solutions Ltd. (PANL) reported a net income of $7.6 million for Q4 2020, compared to a net loss of $4.4 million in Q4 2019. Adjusted EPS rose to $0.14 from $0.10. Full-year net income reached $11.4 million, with EPS at $0.26, slightly down from $0.27 in 2019. Revenue for Q4 was $112.9 million, a decline from $130.5 million a year prior. TCE rates dropped 4% in Q4 to $14,640 per day. The company maintained $48.4 million in cash by year-end, and acquired a larger stake in Nordic Bulk Holding.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) announced the purchase of a second-hand vessel for USD 18.3 million, expected to enhance its fleet by July 2021. The acquisition will increase its owned fleet to 21 vessels after two new ice-class vessels are delivered. CEO Ed Coll stated that the dry bulk vessel, built in 2013, will operate in their Jamaican trade, thus boosting fleet efficiency and service quality for logistics clients.
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