Pangaea Logistics Solutions Ltd. Announces Increase to Quarterly Cash Dividend
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.
- Quarterly cash dividend increased by 43% to $0.05 per share.
- Strong demand in shipping markets indicates positive business outlook.
- Confidence in longer upturn cycle for shipping markets.
- None.
NEWPORT, R.I., Feb. 16, 2022 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today that its Board of Directors has declared a quarterly cash dividend of
Pangaea's Chief Executive Officer, Mark Filanowski, commented, "We see continued strength in the shipping markets in which we participate, and we feel we are in a longer upturn cycle than historical shipping markets we have experienced. Demand is strong, and new supply is constrained by the low newbuilding order book for bulkers and uncertainty by owners in what type of ship to build. The second half of 2021 was good for us, and we wish to reward shareholders for their faith in Pangaea's business plan and its management."
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.
Investor Relations Contacts | |
Gianni Del Signore | Emily Blum |
Chief Financial Officer | Prosek Partners |
401-846-7790 | 973-464-5240 |
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.
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SOURCE Pangaea Logistics Solutions Ltd.
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