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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. (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.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) will host a teleconference on March 16, 2021, at 8:00 a.m. ET to discuss its fourth quarter 2020 financial results. The results will be released after market hours on March 15, 2021, accompanied by a presentation available through SEC filing. Participants can join by calling 888-895-3561 domestically or 904-685-6494 internationally, using ID# 5197869. A recording will be available for two weeks post-conference. Pangaea specializes in logistics for various dry bulk cargoes.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) announced the purchase of a second-hand vessel for USD 16.45 million. This acquisition will increase its fleet to 18 ships by May 2021, as they expand their maritime logistics capabilities. The new vessel, built in 2013, is part of a strategy to enhance operational efficiency and maintain high-quality service for clients. Additionally, Pangaea plans to add four new ice-class vessels later this year to further strengthen its offerings.
Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) declared a quarterly cash dividend of $0.02 per share, payable on March 15, 2021, to shareholders of record by March 1, 2021. This decision follows a previous suspension of dividends in March 2020 due to the uncertainties stemming from the COVID-19 pandemic, which the Board continues to monitor. The company provides logistics services for various dry bulk cargoes and remains focused on addressing client needs amidst ongoing market challenges.
Pangaea Logistics Solutions, Ltd. (NASDAQ: PANL) has achieved a significant milestone by completing the 100th voyage of the MV Bulk Pangaea in collaboration with Noranda Bauxite and Alumina. This journey, transporting approximately 63,000 tons of bauxite from Jamaica to Louisiana, underscores the strength of their partnership. Ed Coll, CEO of Pangaea, highlighted ongoing opportunities for expansion, while David D'Addario of Noranda celebrated the partnership's successful trajectory since their previous milestone in 2017. Pangaea specializes in logistics for various dry bulk cargoes.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported a net income of $7.6 million for Q3 2020, down from $8.3 million in Q3 2019. Adjusted net income was $8.1 million, with diluted earnings per share at $0.17, compared to $0.19 a year prior. Revenue fell 13% to $103.8 million, attributed to lower charter rates, while TCE rates were $13,316, outperforming the market average by 29%. Cash equivalents stood at $48.1 million, with a significant increase in equity interest in Nordic Bulk Holding to 66.7%. The company remains cautious amid COVID-19 uncertainties.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) will host a teleconference on November 12, 2020, at 8:00 a.m. ET to discuss its third quarter 2020 financial results. The company plans to release these results after market hours on November 11, 2020, along with an accompanying presentation. Interested parties can access the teleconference by dialing 888-895-3561 (domestic) or 904-685-6494 (international). A recording of the call will be available for two weeks following the event.
Pangaea Logistics Solutions Ltd. has acquired an additional one-third equity interest in Nordic Bulk Holding Company Ltd., increasing its ownership stake to 66.7%. The acquisition cost $22.5 million, including a $15 million cash payment and three annual payments of $2.5 million. NBHC operates six modern ice-class panamax bulk vessels, enhancing Pangaea's capabilities in its ice and Arctic logistics businesses. This strategic acquisition is expected to improve earnings and solidify Pangaea's leadership in the ice-class shipping sector, with plans for four new ships in 2021.
Pangaea Logistics Solutions Ltd. (PANL) reported a net income of $3.0 million for Q2 2020, down from $4.0 million in Q2 2019. The non-GAAP adjusted net income slightly decreased to $3.7 million. Revenue fell to $70.4 million, a 15% decline compared to last year, driven by a decrease in average time charter rates. The Time Charter Equivalent (TCE) rate was $10,733 per day, which is a 93% premium over market rates. Cash and equivalents stood at $49.5 million as of June 30, 2020, while second-quarter operating income rebounded to $6.1 million.
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