Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended June 30, 2019
NEWPORT, R.I., Aug. 12, 2019 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive
About this update from Pangaea Logistics Solutions Ltd.
[{"type":"text","content":"NEWPORT, R.I., Aug. 12, 2019 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. (\"Pangaea\" or the \"Company\") (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended June 30, 2019.\n\n \n2nd Quarter Highlights \nNet income attributable to Pangaea Logistics Solutions Ltd. of $4.0 million as compared to $5.8 million for the three months ended June 30, 2018. Earnings per share were $0.09 as compared to $0.13 for the three months ended June 30, 2018. Pangaea's TCE rates were $12,933 for the three months ended June 30, 2019 and $13,728 for the three months ended June 30, 2018 while the market average for the second quarter of 2018 was approximately $8,665, giving the Company an overall average premium over market rates of approximately $4,268 or 49%. At the end of the quarter, Pangaea had $43.7 million in cash, restricted cash and cash equivalents. Initiated and paid quarterly cash dividend of $0.035 per common share Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions, commented:\n\"Our second quarter results continued to outperform a turbulent market thanks to our active differentiated business model. We reported positive net income once again, declared and payed our first dividend, and continued to expand our platform by investing in our niche trades through the ordering of two new ice class post panamax vessels and the purchase of three second-hand vessels. Among those purchased ships was Nantong K, to be renamed Bulk Friendship, which will be delivered to us in September as part of our planned fleet renewal. Our markets have demonstrated extraordinary resiliency since hitting lows early this year, but we remain cautious of the risks of uncertain times in international trading and commerce. Our committed cargo relationships help mitigate this type of risk, as does our flexible charter-in strategy that keeps our chartered-in tonnage in sync with our cargo commitments.\"\nMr. Coll added, \"Looking ahead, we move into our seasonally strong summer ice season in good shape, hoping to further extend our services to customers who appreciate our capabilities and performance. We will continue to carefully approach our markets to expand in areas where we can continue to achieve above market returns by providing exceptional service to meet the needs ...