Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended March 31, 2019
NEWPORT, R.I., May 14, 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., May 14, 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 March 31, 2019.\n\n \n1st Quarter Highlights \nNet income attributable to Pangaea Logistics Solutions Ltd. of $3.7 million as compared to $4.3 million for the three months ended March 31, 2018. Pangaea's TCE rates were $12,029 for the three months ended March 31, 2019 and $13,849 for the three months ended March 31, 2018 while the market average for the first quarter was approximately $7,160, giving the Company an overall average premium over market rates of approximately $4,869 or 68%. Total revenue increased slightly to $79.5 million for the three months ended March 31, 2019, up from $79.0 million for the three months ended March 31, 2018. At the end of the quarter, Pangaea had $61.6 million in cash, restricted cash and cash equivalents.Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions, commented:\n\"We navigated a challenging market in the first quarter of 2019. The precipitous drop in the market late in 2018 and early 2019 surprised many of us, but we have seen some recovery in the market. Significant events that impacted the larger segments of the dry bulk market eventually had some impact on the smaller segments, which we saw in the first quarter. The average market index for our panamax and supramax fleet was down about 32% compared to the prior year, but our average TCE declined only 13%. Our ability to quickly reduce our volume is one way we use our business model to protect our bottom line during volatile markets. Our dedication to our clients' needs, long term contracts, and niche market focus all contributed to our outperformance of market rates by approximately $4,869, or a 68% premium.\nOur cash position has strengthened and has enabled us to make a commitment to build two new vessels to expand our ice fleet niche. We will continue to seek opportunities and prudently invest in ways which optimize our business and, by extension, enhance shareholder value,\" continued Mr. Coll. \"Following the end of the quarter, we acquired a new vessel for our fleet, the m/v Bulk Independence, a 2008 Japanese built supramax, and we are expanding our reach on shore with our par...