Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2023
NEWPORT, R.I., March 13, 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., March 13, 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 and year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nFOURTH QUARTER 2023 RESULTS\nNet income of $1.1 million, or $0.03 per diluted shareAdjusted net income attributable to Pangaea Logistics Solutions Ltd. of $7.4 million, or $0.16 per diluted shareOperating cash flow of $23.9 millionAdjusted EBITDA of $19.7 millionTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $17,685 per dayPangaea's TCE rates exceeded the average Baltic Panamax and Supramax indices by 27%Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.12xIn November 2023, completed the sale of the Supramax Bulk Trident for $9.8 millionFULL YEAR 2023 RESULTS\nNet income attributable to Pangaea Logistics Solutions Ltd. of $26.3 million, or $0.58 per diluted shareAdjusted Net Income attributable to Pangaea Logistics Solutions Ltd. of $31.4 million, or $0.69 per diluted shareOperating cash flow of $53.8 millionAdjusted EBITDA of $79.7 millionTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $15,849 per dayPangaea's TCE rates exceeded the average Baltic Panamax and Supramax indices by 39%For the fourth quarter ended December 31, 2023, Pangaea reported non-GAAP adjusted net income of $7.4 million, or $0.16 per diluted share, on total revenue of $131.9 million. Fourth quarter TCE rates declined 11.7% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 11% to 4,087 days, when compared to the year-ago period.\nThe TCE earned was $17,685 per day for the three months ended December 31, 2023, compared to an average of $20,023 per day for the same period in 2022. During the fourth quarter 2023, the Company's average TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by approximately 27%, supported by Pangaea's long-term contracts of affreightment (\"COAs\"), specialized fleet, and cargo-focused strategy.\nTotal Adjusted EBITDA decreased by 27% to $19.7 million in the fourth quarter due to fewer total shipping days and lower market rates, partially offset by the benefit of more owned ship days from a larger owned fleet an...