Business
Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Quarter Ended March 31, 2022
NEWPORT, R.I., May 10, 2022 /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 10, 2022 /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, 2022.\n\n \n \n \n \n \n \n\n \n 1st Quarter Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. was $20.2 million for the three months ended March 31, 2022, as compared to $5.9 million for the same period of 2021.Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $15.7 million, as compared to non-GAAP adjusted net income of $3.8 million for the three months ended March 31, 2021.Adjusted Earnings per share of $0.35, as compared to $0.09 for the same period of 2021.Diluted net income per share was $0.45 for the three months ended March 31, 2022, as compared to diluted net income per share of $0.13 for the same period of 2021.Pangaea's TCE rates were $26,472 per day for the three months ended March 31, 2022, as compared to $16,524 per day for the three months ended March 31, 2021.Adjusted EBITDA was $31.3 million for the three months ended March 31, 2022, as compared to $12.1 million for the same period of 2021.At the end of the quarter, Pangaea had $69.9 million in cash and cash equivalents.The Company's Board of Directors declared a quarterly cash dividend of $0.075 per common share, to be paid on June 15, 2022, to all shareholders of record as of June 1, 2022.Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions, commented:\n\"Improving dry bulk market fundamentals resulted in another strong quarter to start 2022 for Pangaea. We were well positioned entering the year after the timely expansion of our fleet in 2021, and an early winter ice season seeing greater demand. We aim to extract as much value out of this market as possible and we remain opportunistic in our approach. With the larger owned fleet, and values of older tonnage continuing to appreciate, we announced the sale of the 1999-built Bulk Pangaea for $8.8 million, with the sale expected to close in June. For the first quarter, we generated adjusted EBITDA of $31.3 million and net income of $20.2 million. We achieved TCE rates of $26,472 per day which was a 17% premium over the prevailing market for the quarter.\nIn response to sanctions against Rus...