Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended March 31, 2024
NEWPORT, R.I., May 9, 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, R.I., May 9, 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 March 31, 2024.\n\n \n \n \n \n \n \n\n \nFIRST QUARTER 2024 RESULTS\nNet income attributable to Pangaea of $11.7 million, or $0.25 per diluted shareAdjusted net income attributable to Pangaea of $6.6 million, or $0.14 per diluted share Operating cash flow of $9.0 millionAdjusted EBITDA of $19.9 millionTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $17,697 per dayPangaea's TCE rates exceeded the average Baltic Panamax and Supramax indices by 29%Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.0xAnnounced the acquisition of two 58,000 dwt bulk vessels for $56.6 million in May 2024For the first quarter ended March 31, 2024, Pangaea reported non-GAAP adjusted net income of $6.6 million, or $0.14 per diluted share, on total revenue of $104.7 million. First quarter TCE rates increased 23% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, declined 7% to 3,685 days, when compared to the year-ago period.\nThe TCE earned was $17,697 per day for the three months ended March 31, 2024, compared to an average of $14,372 per day for the same period in 2023. During the first quarter ended March 31, 2024, the Company's average TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by 29%, supported by Pangaea's long-term contracts of affreightment (\"COAs\"), specialized fleet, and cargo-focused strategy.\nTotal Adjusted EBITDA increased by 23% to $19.9 million in the first quarter due to higher earned TCE rates and lower vessel operating expenses, which more than offset lower shipping days compared to the prior year period. Total Adjusted EBITDA margin was 19.0% during the first quarter of 2024, compared to 14.3% during the prior year period, driven by a 23% year-over-year increase in the earned TCE rates. The increase in earned TCE was driven by higher market rates and lower per-day voyage expenses, partially offset by an increase in charter hire expenses per chartered-in day.\nAs of March 31, 2024, the Company had $95.9 million in cash and cash equivalents. Total debt, including lease finance obligat...