Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended June 30, 2020
NEWPORT, R.I., Aug. 12, 2020 /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, 2020 /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, 2020.\n\n \n \n \n \n \n \n\n \n2nd Quarter Highlights \nNet income attributable to Pangaea Logistics Solutions Ltd. was $3.0 million for three months ended June 30, 2020 as compared to $4.0 million of net income for the same period of 2019. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $3.7 million as compared to $3.8 million for the three months ended June 30, 2019.Net income per share was $0.07 for three months ended June 30, 2020 as compared to earnings per share of $0.09 for the same period of 2019. Pangaea's TCE rates were $10,733 for the three months ended June 30, 2020 and $12,933 for the three months ended June 30, 2019. The market average for the second quarter of 2020 was approximately $5,548, giving the Company an overall average premium over market rates of approximately $5,185 or 93%. Adjusted EBITDA of $10.7 million for the three months ended June 30, 2020. Total revenue decreased to $70.4 million for the three months ended June 30, 2020, from $83.3 million for the three months ended June 30, 2019 due to a decrease in market hire and freight rates. At the end of the quarter, Pangaea had $49.5 million in cash, restricted cash and cash equivalents. Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions, commented:\n\"Our strong second quarter results outperformed in a challenging dry bulk market that tested historic lows in April and May. Adhering to our strategy in turbulent markets, we limited our exposure by adjusting our fleet composition, redelivering chartered vessels back to their owners over the last several months and replacing them when needed at lower cost. Second quarter 2020 operating income of $6.1 million, before non-cash impairment charges, is a remarkable turnaround from our first quarter of 2020 operating loss of $2.3 million. Our achieved TCE rate of $10,733 per day represented an outperformance of $5,548, or 93% premium over the average market rates. \nMr. Coll added, \"Looking forward we move into our seasonally strong summer ice season in a strong position. Although the market has recovered somewhat ...