Business
Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Quarter Ended June 30, 2021
NEWPORT, R.I., Aug. 10, 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., Aug. 10, 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 ended June 30, 2021.\n2nd Quarter Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. was $19.2 million for the three months ended June 30, 2021, as compared to a $3.0 million for the same period of 2020. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $12.9 million, as compared to Non-GAAP adjusted net income of $3.7 million for the three months ended June 30, 2020.Diluted net income per share was $0.44 for the three months ended June 30, 2021, as compared to a net income per share of $0.07 for the same period of 2020. Pangaea's TCE rates were $21,053 for the three months ended June 30, 2021, as compared to $10,733 for the three months ended June 30, 2020. Adjusted EBITDA was $21.4 million for the three months ended June 30, 2021, as compared to $10.7 million for the same period of 2020. At the end of the quarter, Pangaea had $40.6 million in cash and cash equivalents. On August 9, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.035 per common share, to be paid on September 15, 2021, to all shareholders of record as of September 1, 2021.Subsequent Business Update\nOn July 6, 2021, the Company, through its wholly owned subsidiary, Bulk Nordic Five Ltd., and the existing lender agreed to amend and restate the original Bareboat Charter dated October 27, 2016. The amended agreement extends the lease maturity date to April 2028 with a purchase obligation of $6.95 million. The Company also fixed the interest rate through maturity at 3.97%. The bareboat charter party is secured by a first preferred mortgage on the m/v Bulk Destiny, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders.\nOn July 12, 2021, the Company took delivery of the m/v Bulk Promise, a 2013 Shin Kurushima Toyohashi-built 78,228 dwt dry bulk vessel for $18.3 million. The vessel was financed under a secured term loan facility for $12.8 million payable in 24 equal quarterly installments and a final balloon payment of $4.5 million at maturity. Interest on the loan is floating at the ...