Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended June 30, 2024
NEWPORT, RI, Aug. 8, 2024 /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, RI, Aug. 8, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \nSECOND QUARTER 2024 RESULTS\nNet income attributable to Pangaea of $3.7 million, or $0.08 per diluted shareAdjusted net income attributable to Pangaea of $4.6 million, or $0.10 per diluted share Operating cash flow of $9.0 millionAdjusted EBITDA of $15.9 millionTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $16,223 per dayPangaea's TCE rates exceeded the average Baltic Panamax and Supramax indices by 7%Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.1xExpanded owned vessel fleet to 26 with the acquisitions of the Bulk Brenton and Bulk Patience in third quarterFor the three months ended June 30, 2024, Pangaea reported non-GAAP adjusted net income of $4.6 million, or $0.10 per diluted share, on total revenue of $131.5 million. Second quarter TCE rates increased 4% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 2% to 4,117 days, when compared to the year-ago period.\nThe TCE earned was $16,223 per day for the three months ended June 30, 2024, compared to an average of $15,558 per day for the same period in 2023. During the second quarter ended June 30, 2024, the Company's average TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by 7%, supported by Pangaea's long-term contracts of affreightment (\"COAs\"), specialized fleet, and cargo-focused strategy.\nTotal Adjusted EBITDA was $15.9 million in the second quarter and unchanged compared to the prior year period. Total Adjusted EBITDA margin was 12.1% during the second quarter of 2024, compared to 13.5% during the prior year period. Second quarter Adjusted EBITDA performance relative to the prior year period reflects the increase in market rates, which were offset by higher charter hire and vessel operating expenses per day.\nAs of June 30, 2024, the Company had $77.9 million in cash and cash equivalents. Total debt, including lease finance obligations was $252.6 million. At the end of the second quarter 2024, the ratio of net debt to trailing twelve-month adjusted EBITDA was 2.1x, w...