Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2020 and Change in Composition of its Board of Directors
NEWPORT, R.I., March 15, 2021 /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., March 15, 2021 /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 and year ended December 31, 2020.\n\n \n \n \n \n \n \n\n \n4th Quarter 2020 Highlights \nNet income of $7.6 million, as compared to a net loss of $4.4 million in the same period of 2019. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $6.2 million, as compared to $4.4 million for the same period of 2019. Adjusted Earnings per share of $0.14, as compared to $0.10 for the same period of 2019. Pangaea's TCE rates decreased 4% to $14,640 per day for the three months ended December 31, 2020, a premium over the market average of approximately 42%. Adjusted EBITDA of $12.9 million for the fourth quarter of 2020 versus $13.8 million for the same period in 2019. Net transportation and service revenue was $16.9 million in the three months ended December 31, 2020 as compared to $18.7 million in the comparable period.2020 Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. of $11.4 million, as compared to $11.7 million for the year ended December 31, 2019, Non-GAAP adjusted Net Income attributable to Pangaea Logistics Solutions Ltd. of $14.0 million, as compared to $18.2 million for the year ended December 31, 2019. Earnings per share of $0.26 as compared to $0.27 for the year ended December 31, 2019. Adjusted earnings per share of $0.32, as compared to $0.43 for the year ended December 31, 2019 Cash flow from operations of $20.8 million, compared to $44.5 million for the prior year. Pangaea's TCE rates decreased 12% to $12,433 from $14,199 in 2019 while the market average for the year of 2020 was approximately $8,020 per day, a premium over the market of approximately 55%. Adjusted EBITDA of $41.6 million for the year ended December 31, 2020. At December 31, 2020, Pangaea had $48.4 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., which owns six modern 1-A ice-class panamax bulk vessels, increasing its equity interest to 66.7%.Ed Coll, Pangaea's Chief Executive Officer, commented;\n\"Against a challenging...