Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended September 30, 2020
NEWPORT, R.I., Nov. 11, 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., Nov. 11, 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 September 30, 2020.\n\n \n \n \n \n \n \n\n \n3rd Quarter Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. was $7.6 million for three months ended September 30, 2020 as compared to $8.3 million of net income for the same period of 2019. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $8.1 million as compared to $8.6 million for the three months ended September 30, 2019. Diluted net income per share was $0.17 for three months ended September 30, 2020 as compared to earnings per share of $0.19 for the same period of 2019. Pangaea's TCE rates were $13,316 for the three months ended September 30, 2020 and $15,915 for the three months ended September 30, 2019. The market average for the third quarter of 2020 was approximately $10,286, giving the Company an overall average premium over market rates of approximately $3,030 or 29%. Adjusted EBITDA of $15.1 million for the three months ended September 30, 2020, compared to $18.0 million for the same period of 2019. At the end of the quarter, Pangaea had $48.1 million in cash, restricted cash and cash equivalents. The Company acquired an additional one-third equity interest in its partially-owned consolidated subsidiary Nordic Bulk Holding Company Ltd. (NBHC), which owns six modern 1-A ice-class panamax bulk vessels, increasing its equity interest to 66.7%.Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions, commented:\n\"The third quarter was an active one for us from an operating and investing perspective. We deployed our industry leading ice class capabilities to meet our clients' needs during the summer arctic shipping season. Our operating fleet expanded from an average of 40 ships in the second quarter to 52 ships in the third quarter, which shows our unique chartering strategy in practice as we limited our exposure to turbulent markets by redelivering vessels earlier in the year and replacing them when needed to meet client demand. Our achieved TCE continued to outperform the market average by 29%. Furthermore, as we previously announced, we increased our ownership in our ...