Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended June 30, 2023
NEWPORT, R.I., Aug. 9, 2023 /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. 9, 2023 /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, 2023.\n\n \n \n \n \n \n \n\n \nSECOND QUARTER 2023 RESULTS(As compared to the second quarter 2022)\nNet income attributable to Pangaea of $2.8 million, or $0.06 per diluted shareAdjusted net income attributable to Pangaea of $4.6 million, or $0.10 per diluted shareOperating cash flow of $2.0 million, a decrease of 95% y/yAdjusted EBITDA of $15.9 million, a decrease of 64% y/yTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $15,558 per day, a decline of 43% y/yPangaea's TCE rates exceeded the average Baltic Panamax and Supramax indices by approximately 49%Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.1xCompleted the strategic acquisition of marine port terminal operations, expanding logistics service offeringsExpanded owned vessel fleet to 25 through the acquisition of the 61,000 dwt Bulk PrudenceFor the second quarter ended June 30, 2023, Pangaea reported non-GAAP adjusted net income of $4.6 million, or $0.10 per diluted share, on total revenue of $118.1 million. Second quarter TCE rates declined 43% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, declined 14% to 4,056 days, when compared to the year-ago period.\nThe TCE earned was $15,558 per day for the three months ended June 30, 2023, compared to an average of $27,139 per day for the same period in 2022. During the second quarter 2023, the Company's average TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by approximately 49%, supported by Pangaea's long-term contracts of affreightment (\"COAs\"), specialized fleet, and cargo-focused strategy.\nTotal Adjusted EBITDA decreased 64% to $15.9 million in the second quarter, as demand weakness negatively impacted market rates. Adjusted EBITDA margin declined to 9.0% in the second quarter 2023, when compared to the year-ago period, driven by lower market rates.\nAs of June 30, 2023, the Company had $84.3 million in cash and equivalents. Total debt, including lease finance obligations was $283 million. At the end of the second quarter 2023, the Company's net debt to trail...