Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended September 30, 2024
Pangaea Logistics Solutions reported Q3 2024 financial results with net income of $5.1 million ($0.11 per diluted share) and adjusted net income of $11.1 million ($0.24 per diluted share). Revenue totaled $153.1 million with operating cash flow of $28.5 million. The company's Time Charter Equivalent rate was $16,324 per day, exceeding market indices by 19%. Total Adjusted EBITDA decreased 14.2% to $23.9 million compared to prior year. The company expanded its fleet to 26 vessels with two new acquisitions and announced a merger agreement to add 15 dry bulk vessels. A quarterly dividend of $0.10 per share was declared.
Pangaea Logistics Solutions ha riportato i risultati finanziari del terzo trimestre 2024, con un reddito netto di 5,1 milioni di dollari (0,11 dollari per azione diluita) e un reddito netto rettificato di 11,1 milioni di dollari (0,24 dollari per azione diluita). I ricavi sono ammontati a 153,1 milioni di dollari, con un flusso di cassa operativo di 28,5 milioni di dollari. Il tasso equivalente del Time Charter della società era di 16.324 dollari al giorno, superando gli indici di mercato del 19%. L'EBITDA rettificato totale è diminuito del 14,2% a 23,9 milioni di dollari rispetto all'anno precedente. L'azienda ha ampliato la propria flotta a 26 navi con due nuove acquisizioni e ha annunciato un accordo di fusione per aggiungere 15 navi per carichi secchi. È stato dichiarato un dividendo trimestrale di 0,10 dollari per azione.
Pangaea Logistics Solutions reportó los resultados financieros del tercer trimestre de 2024, con un ingreso neto de 5,1 millones de dólares (0,11 dólares por acción diluida) y un ingreso neto ajustado de 11,1 millones de dólares (0,24 dólares por acción diluida). Los ingresos totalizaron 153,1 millones de dólares, con un flujo de caja operativo de 28,5 millones de dólares. La tasa equivalente de Time Charter de la empresa fue de 16.324 dólares por día, superando los índices del mercado en un 19%. El EBITDA ajustado total disminuyó un 14,2% a 23,9 millones de dólares en comparación con el año anterior. La empresa amplió su flota a 26 barcos con dos nuevas adquisiciones y anunció un acuerdo de fusión para agregar 15 barcos de carga seca. Se declaró un dividendo trimestral de 0,10 dólares por acción.
판가에아 물류 솔루션은 2024년 3분기 재무 결과를 보고했으며, 순이익은 510만 달러(희석 기준 주당 0.11달러), 조정 순이익은 1110만 달러(희석 기준 주당 0.24달러)입니다. 수익은 1억 5310만 달러에 이르며, 운영 현금 흐름은 2850만 달러입니다. 회사의 타임 차터 이퀴벌런트 요율은 하루에 16,324달러였으며, 이는 시장 지수보다 19% 초과하는 수치입니다. 총 조정 EBITDA는 전년 대비 14.2% 감소하여 2390만 달러가 되었습니다. 회사는 두 개의 신규 인수로 함대를 26척으로 확장했으며, 15척의 벌크 선박을 추가하기 위한 합병 계약을 발표했습니다. 주당 0.10달러의 분기 배당금이 선언되었습니다.
Pangaea Logistics Solutions a annoncé les résultats financiers du troisième trimestre 2024, avec un revenu net de 5,1 millions de dollars (0,11 dollar par action diluée) et un revenu net ajusté de 11,1 millions de dollars (0,24 dollar par action diluée). Les revenus ont totalisé 153,1 millions de dollars, avec un flux de trésorerie opérationnel de 28,5 millions de dollars. Le taux d'équivalent de Time Charter de l'entreprise était de 16.324 dollars par jour, dépassant les indices du marché de 19%. L'EBITDA ajusté total a diminué de 14,2% à 23,9 millions de dollars par rapport à l'année précédente. L'entreprise a élargi sa flotte à 26 navires avec deux nouvelles acquisitions et a annoncé un accord de fusion pour ajouter 15 navires de charge sèche. Un dividende trimestriel de 0,10 dollar par action a été déclaré.
Pangaea Logistics Solutions hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Nettogewinn von 5,1 Millionen Dollar (0,11 Dollar pro verwässerter Aktie) und einem angepassten Nettogewinn von 11,1 Millionen Dollar (0,24 Dollar pro verwässerter Aktie). Der Umsatz belief sich auf 153,1 Millionen Dollar, mit einem operativen Cashflow von 28,5 Millionen Dollar. Der Tagestarif des Time Charter Äquivalents des Unternehmens lag bei 16.324 Dollar, was die Marktindizes um 19% übertraf. Das insgesamt angepasste EBITDA sank um 14,2% auf 23,9 Millionen Dollar im Vergleich zum Vorjahr. Das Unternehmen erweiterte seine Flotte auf 26 Schiffe durch zwei neue Akquisitionen und kündigte einen Fusionsvertrag an, um 15 Schüttgutschiffe hinzuzufügen. Eine quartalsweise Dividende von 0,10 Dollar pro Aktie wurde erklärt.
- Time Charter Equivalent rates increased 4% year-over-year to $16,324 per day
- Operating cash flow of $28.5 million in Q3
- Fleet expansion with two new vessel acquisitions
- Strategic merger agreement to add 15 vessels, expanding fleet by 60%
- Maintained quarterly dividend of $0.10 per share
- Total Adjusted EBITDA decreased 14.2% year-over-year to $23.9 million
- Adjusted EBITDA margin declined to 15.6% from 20.6% year-over-year
- Higher voyage expenses and increased charter hire costs impacting margins
- Net debt to trailing twelve-month Adjusted EBITDA ratio at 2.5x
Insights
Q3 2024 shows mixed performance with notable strategic developments. Revenue increased to
The planned merger with MTM's 15 vessels will expand fleet capacity by
Balance sheet remains solid with
The strategic expansion through vessel acquisitions and the MTM merger positions PANL well in specialized shipping segments. The company's ice-class fleet leadership and integrated logistics model create competitive advantages, evidenced by the
The acquisition of Bulk Patience and Bulk Brenton modernizes the fleet, while gaining full control of the ice-class joint venture strengthens their niche market position. The expansion into handymax vessels through MTM merger will provide greater operational flexibility and market coverage.
The focus on port infrastructure development, particularly in Tampa, demonstrates commitment to vertical integration. This asset-light, cargo-centric approach should provide resilience through market cycles.
THIRD QUARTER 2024 RESULTS
- Net income attributable to Pangaea of
$5.1 million $0.11 - Adjusted net income attributable to Pangaea of
$11.1 million $0.24 - Operating cash flow of
$28.5 million - Adjusted EBITDA of
$23.9 million - Time Charter Equivalent ("TCE") rates earned by Pangaea of
$16,324 - Pangaea's TCE rates exceeded the average Baltic Panamax and Supramax indices by
19% - Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.5x
- Expanded owned vessel fleet to 26 with the acquisitions of the Bulk Brenton and Bulk Patience in third quarter
For the three months ended September 30, 2024, Pangaea reported non-GAAP adjusted net income of
The TCE earned was
Total Adjusted EBITDA decreased by
As of September 30, 2024, the Company had
On November 8, 2024, the Company's Board of Directors declared a quarterly cash dividend of
MANAGEMENT COMMENTARY
"Strategically, this has been a historic year for Pangaea, one in which we've continued to advance our value creation strategy through a combination of targeted fleet expansion, strong operational execution, and accretive inorganic growth," stated Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions. "In September, we entered into a definitive agreement to merge 15 dry bulk handy-size vessels into our own dry bulk fleet in an all-stock transaction with M. T. Maritime ("MTM"). The transaction, which is expected to close by year-end 2024, will increase the size of our owned fleet by more than
"With our added scale, we expect to expand our logistics operations at both new and existing ports of operation, consistent with our integrated shipping and logistics model," continued Filanowski. "Our asset-lite, cargo-centric model leverages a combination of owned and chartered-in vessels, consistent with our long-term strategy. Given fluctuations in global dry bulk capacity and demand, we believe our model provides superior durability, cost efficiency and scalability through the cycle, with an emphasis on profitable growth".
"The third quarter is a seasonally active period of the year across our Arctic trades," continued Filanowski. "We optimized our ice class fleet during the quarter and we delivered a year-over-year increase in both total shipping days and TCE/day rate. While market rates declined as the quarter progressed, our reported TCE exceeds prevailing market indices by
"Through today, we have performed 3,378 shipping days generating a TCE of
STRATEGIC UPDATE
Pangaea remains committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets, which drive premium returns measured in time charter equivalent per day.
Leverage integrated shipping and logistics model. In addition to operating the largest high ice class dry bulk fleet of Panamax and post-Panamax vessels globally, Pangaea also performs stevedoring services, together with port and terminal operations capabilities. The Company is focused on deploying capital to support continued organic growth of its port and terminal operations. During the third quarter the Company continued to advance its ongoing expansion of its terminal operations in the Port of
Continue to drive strong fleet utilization. In the third quarter, Pangaea's 26 owned vessels were fully utilized and supplemented with an average of 27 chartered-in vessels to support cargo and COA commitments. During the quarter, the Company completed the acquisition of two new vessels, which will expand the owned vessel fleet to 26. In addition to the two newly acquired vessels, the Company proposed merger with the dry bulk fleet of MTM will expand the Company's capabilities into the Handymax segment, further enabling Pangaea to dynamically meet the evolving needs of its customers while maximizing its owned fleet utilization.
Continue to upgrade fleet, while divesting older, non-core assets. During the quarter, the Company took delivery of the 2016-built Bulk Patience and Bulk Brenton. In addition, the Company announced that it had entered into an agreement to merge its Dry Bulk fleet with the fleet of MTM, adding another 15 vessels to its owned vessel fleet. Going forward, the Company will continue to opportunistically invest in its fleet with the purpose of maximizing TCE rates, meeting evolving regulatory requirements and supporting client cargo needs on an on-demand basis.
THIRD QUARTER 2024 CONFERENCE CALL
The Company's management team will host a conference call to discuss the Company's financial results on Wednesday, November 13, 2024 at 8:00 a.m., Eastern Time (ET). Accompanying presentation materials will be available in the Investor Relations section of the Company's website at https://www.pangaeals.com/investors/.
To participate in the live teleconference:
Domestic Live: 1-800-225-9448
International Live: 1-203-518-9708
Conference ID: PANLQ324
To listen to a replay of the teleconference, which will be available through November 20, 2024:
Domestic Replay: 1-800-839-9374
International Replay: 1-402-220-6087
Pangaea Logistics Solutions Ltd. Consolidated Statements of Operations (unaudited)
| |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Voyage revenue | |||||||
Charter revenue | 4,860,376 | 3,797,528 | 23,738,200 | 16,636,920 | |||
Terminal & Stevedore Revenue | 3,134,936 | 3,934,154 | 9,117,226 | 4,453,811 | |||
Total revenue | 153,115,064 | 135,616,188 | 389,361,469 | 367,390,917 | |||
Expenses: | |||||||
Voyage expense | 71,539,649 | 59,075,208 | 169,805,168 | 170,349,472 | |||
Charter hire expense | 36,511,251 | 25,466,886 | 96,339,176 | 77,183,388 | |||
Vessel operating expense | 13,884,629 | 14,252,533 | 41,289,813 | 41,070,199 | |||
Terminal & Stevedore Expenses | 2,417,374 | 3,517,736 | 7,324,959 | 3,892,318 | |||
General and administrative | 6,041,857 | 5,500,121 | 18,349,556 | 17,115,013 | |||
Depreciation and amortization | 7,719,083 | 8,092,495 | 22,609,231 | 22,546,350 | |||
Loss on sale of vessel | — | — | — | 1,172,196 | |||
Total expenses | 138,113,843 | 115,904,979 | 355,717,903 | 333,328,936 | |||
Income from operations | 15,001,221 | 19,711,209 | 33,643,566 | 34,061,981 | |||
Other income (expense): | |||||||
Interest expense | (4,702,101) | (4,348,686) | (12,365,614) | (12,724,920) | |||
Interest income | 893,879 | 775,504 | 2,434,325 | 2,867,914 | |||
Income (loss) attributable to Non-controlling interest recorded as long-term liability interest expense | 274,326 | (267,198) | (420,826) | (1,027,798) | |||
Unrealized (loss) gain on derivative instruments, net | (5,961,224) | 4,531,912 | (1,804,388) | 2,760,059 | |||
Other income | 551,021 | (212,639) | 1,229,193 | 422,636 | |||
Total other expense, net | (8,944,099) | 478,893 | (10,927,310) | (7,702,109) | |||
Net income | 6,057,122 | 20,190,102 | 22,716,256 | 26,359,872 | |||
Income attributable to non-controlling interests | (946,082) | (1,321,811) | (2,248,265) | (1,172,774) | |||
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 5,111,040 | $ 18,868,291 | $ 20,467,991 | $ 25,187,098 | |||
Earnings per common share: | |||||||
Basic | $ 0.11 | $ 0.42 | $ 0.45 | $ 0.56 | |||
Diluted | $ 0.11 | $ 0.42 | $ 0.45 | $ 0.56 | |||
Weighted average shares used to compute earnings per common share: | |||||||
Basic | 45,279,813 | 44,775,438 | 45,257,462 | 44,754,620 | |||
Diluted | 46,011,402 | 45,081,668 | 45,947,548 | 45,108,039 | |||
Pangaea Logistics Solutions Ltd. Consolidated Balance Sheets | |||
September 30, 2024 | December 31, 2023 | ||
(unaudited) | (audited) | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 93,119,521 | $ 99,037,866 | |
Accounts receivable (net of allowance of | 44,157,144 | 47,891,501 | |
Inventories | 26,742,783 | 16,556,266 | |
Advance hire, prepaid expenses and other current assets | 32,219,650 | 28,340,246 | |
Total current assets | 196,239,098 | 191,825,879 | |
Fixed assets, net | 514,581,091 | 474,265,171 | |
Right of use assets, net | 29,134,488 | 30,393,823 | |
Goodwill | 3,104,800 | 3,104,800 | |
Other non-current Assets | 6,107,198 | 5,590,295 | |
Total assets | $ 749,166,675 | $ 705,179,968 | |
Liabilities and stockholders' equity | |||
Current liabilities | |||
Accounts payable, accrued expenses and other current liabilities | $ 47,778,007 | $ 35,836,262 | |
Deferred revenue | 16,080,451 | 15,629,886 | |
Current portion of secured long-term debt | 16,536,650 | 30,751,726 | |
Current portion of lease liabilities | 14,238,935 | 21,970,124 | |
Dividend payable | 1,279,494 | 1,146,321 | |
Total current liabilities | 95,913,537 | 105,334,319 | |
Secured long-term debt, net | 117,014,342 | 68,446,309 | |
Lease liabilities, net | 141,066,827 | 143,266,867 | |
Long-term liabilities - other | 16,357,366 | 17,936,540 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock, | — | — | |
Common stock, | 4,692 | 4,648 | |
Additional paid-in capital | 167,167,687 | 164,854,546 | |
Retained earnings | 165,417,353 | 159,026,799 | |
Total Pangaea Logistics Solutions Ltd. equity | 332,589,732 | 323,885,993 | |
Non-controlling interests | 46,224,871 | 46,309,940 | |
Total stockholders' equity | 378,814,603 | 370,195,933 | |
Total liabilities and stockholders' equity | $ 749,166,675 | $ 705,179,968 | |
Pangaea Logistics Solutions, Ltd. Consolidated Statements of Cash Flows (unaudited)
| |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Operating activities | |||
Net income | $ 22,716,256 | $ 26,359,872 | |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization expense | 22,609,231 | 22,546,350 | |
Amortization of deferred financing costs | 739,522 | 701,275 | |
Amortization of prepaid rent | 91,399 | 91,048 | |
Unrealized (gain) loss on derivative instruments | 1,804,388 | (2,760,059) | |
Income from equity method investee | (1,445,750) | (417,636) | |
Earnings attributable to non-controlling interest recorded as other long term liability | 420,826 | 1,027,798 | |
Provision for doubtful accounts | 1,671,197 | 933,449 | |
Loss on sale of vessel | — | 1,172,196 | |
Drydocking costs | (2,999,998) | (3,368,800) | |
Share-based compensation | 2,313,185 | 1,393,514 | |
Change in operating assets and liabilities: | |||
Accounts receivable | 2,563,160 | (17,676,862) | |
Inventories | (10,186,517) | 2,757,206 | |
Advance hire, prepaid expenses and other current assets | (5,637,302) | 885,264 | |
Accounts payable, accrued expenses and other current liabilities | 11,297,723 | 3,324,586 | |
Deferred revenue | 450,565 | (7,086,632) | |
Net cash provided by operating activities | 46,407,885 | 29,882,569 | |
Investing activities | |||
Purchase of vessels and vessel improvements | (57,530,543) | (27,217,355) | |
Purchase of fixed assets and equipment | (160,231) | — | |
Proceeds from sale of vessel | — | 8,037,804 | |
Acquisitions, net of cash acquired | — | (7,200,000) | |
Dividends received from equity method investments | 510,000 | 1,637,500 | |
Contributions to non-consolidated subsidiaries and other investments | (171,699) | (275,000) | |
Net cash used in investing activities | (57,352,473) | (25,017,051) | |
Financing activities | |||
Proceeds from long-term debt | 64,150,000 | — | |
Payments of financing fees and issuance costs | (1,228,714) | — | |
Payments of long-term debt | (28,963,663) | (12,435,039) | |
Proceeds from finance leases | 8,000,000 | — | |
Payments of finance lease obligations | (18,653,782) | (12,211,158) | |
Dividends paid to non-controlling interests | (2,333,334) | (5,000,000) | |
Cash dividends paid | (13,944,264) | (13,618,424) | |
Cash paid for incentive compensation shares relinquished | — | (127,283) | |
Payments to non-controlling interest recorded as long-term liability | (2,000,000) | (2,500,000) | |
Net cash provided by (used in) financing activities | 5,026,243 | (45,891,904) | |
Net change in cash and cash equivalents | (5,918,345) | (41,026,386) | |
Cash and cash equivalents at beginning of period | 99,037,866 | 128,384,606 | |
Cash and cash equivalents at end of period | $ 93,119,521 | $ 87,358,220 | |
Pangaea Logistics Solutions Ltd. Reconciliation of Non-GAAP Measures (unaudited)
| ||||||||
Three Months Ended | Nine Months Ended | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Transportation and Service Revenue | ||||||||
Gross Profit | ||||||||
Add: | ||||||||
Vessel Depreciation and Amortization | 7,677,620 | 8,063,270 | 22,526,796 | 22,462,168 | ||||
Net transportation and service revenue | ||||||||
Adjusted EBITDA | ||||||||
Net Income | 6,057,122 | 20,190,102 | 22,716,256 | 26,359,872 | ||||
Interest expense, net | 3,808,222 | 3,573,182 | 9,931,289 | 9,857,006 | ||||
(Income) loss attributable to Non-controlling interest recorded as long-term liability interest expense | (274,326) | 267,198 | 420,826 | 1,027,798 | ||||
Depreciation and amortization | 7,719,083 | 8,092,495 | 22,609,231 | 22,546,350 | ||||
EBITDA | 17,310,101 | 32,122,977 | 55,677,602 | 59,791,026 | ||||
Non-GAAP Adjustments: | ||||||||
Loss on sale of vessels | — | — | — | 1,172,196 | ||||
Share-based compensation | 645,835 | 270,007 | 2,313,185 | 1,393,514 | ||||
Unrealized loss (gain) on derivative instruments, net | 5,961,224 | (4,531,912) | 1,804,388 | (2,760,059) | ||||
Other non-recurring items | — | 19,476 | — | 445,178 | ||||
Adjusted EBITDA | ||||||||
Earnings Per Common Share | ||||||||
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 5,111,040 | |||||||
Weighted average number of common shares outstanding - basic | 45,279,813 | 44,775,438 | 45,257,462 | 44,754,620 | ||||
Weighted average number of common shares outstanding - diluted | 46,011,402 | 45,081,668 | 45,947,548 | 45,108,039 | ||||
Earnings per common share - basic | $ 0.11 | $ 0.42 | $ 0.45 | $ 0.56 | ||||
Earnings per common share - diluted | $ 0.11 | $ 0.42 | $ 0.45 | $ 0.56 | ||||
Adjusted EPS | ||||||||
Net Income attributable to Pangaea Logistics Solutions Ltd. | $ 5,111,040 | |||||||
Non-GAAP | ||||||||
Add: | ||||||||
Loss on sale of vessels | — | — | — | 1,172,196 | ||||
Unrealized loss (gain) on derivative instruments | 5,961,224 | (4,531,912) | 1,804,388 | (2,760,059) | ||||
Other non-recurring items | — | 19,476 | — | 445,178 | ||||
Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. | ||||||||
Weighted average number of common shares - basic | 45,279,813 | 44,775,438 | 45,257,462 | 44,754,620 | ||||
Weighted average number of common shares - diluted | 46,011,402 | 45,081,668 | 45,947,548 | 45,108,039 | ||||
Adjusted EPS - basic | $ 0.24 | $ 0.32 | $ 0.49 | $ 0.54 | ||||
Adjusted EPS - diluted | $ 0.24 | $ 0.32 | $ 0.48 | $ 0.53 | ||||
INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used herein, "GAAP" refers to accounting principles generally accepted in
We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.
Gross Profit. Gross profit represents total revenue less net transportation and service revenue and less vessel depreciation and amortization.
Net transportation and service revenue. Net transportation and service revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses and terminal & stevedore expenses. Net transportation and service revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net transportation and service revenue is not an item recognized by the generally accepted accounting principles in
Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents net income (or loss), determined in accordance with
There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea's definition of adjusted EBITDA used here are not comparable to EBITDA.
The table set forth above provides a reconciliation of the non-GAAP financial measures presented during the period to the most directly comparable financial measures prepared in accordance with GAAP.
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) and its subsidiaries (collectively, "Pangaea" or the "Company") provides seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management. Learn more at www.pangaeals.com.
Investor Relations Contacts
Gianni Del Signore | Stefan C. Neely | |||
Chief Financial Officer | Vallum Advisors | |||
401-846-7790 | ||||
Investors@pangaeals.com | PANL@val-adv.com |
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
FAQ
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