Business
Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Quarter Ended September 30, 2021
NEWPORT, R.I., Nov. 9, 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., Nov. 9, 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 September 30, 2021.\n3rd Quarter Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. was $27.0 million for the three months ended September 30, 2021, as compared to $7.6 million for the same period of 2020. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $21.7 million, as compared to non-GAAP adjusted net income of $8.1 million for the three months ended September 30, 2020.Diluted net income per share was $0.60 for the three months ended September 30, 2021, as compared to a diluted net income per share of $0.17 for the same period of 2020. Pangaea's TCE rates were $28,770 per day for the three months ended September 30, 2021, as compared to $13,316 per day for the three months ended September 30, 2020. Adjusted EBITDA was $33.6 million for the three months ended September 30, 2021, as compared to $15.4 million for the same period of 2020. At the end of the quarter, Pangaea had $49.2 million in cash and cash equivalents. On November 8, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.035 per common share, to be paid on December 15, 2021, to all shareholders of record as of December 1, 2021.Subsequent Business Update\nOn November 5, 2021 the Company entered into a memorandum of agreement to purchase a 2009 built Panamax vessel to add to its operating fleet for $19.9 million which is expected to deliver during the first quarter of 2022. \nMark Filanowski, Interim Chief Executive Officer of Pangaea Logistics Solutions, commented:\n\"Our third quarter and year-to-date results set a record for us. The summer surge in rates worked in our favor, with our new vessels adding to our operating profits as we generated adjusted EBITDA of $33.6 million for the quarter and net income of $27 million. In addition to our three shuttle vessels moving bauxite from Jamaica to the Mississippi River, we also had eight ice classed vessels in the Arctic trade for most of the quarter. Two post Panamax vessels are still making their way over the Northern Sea Route to China. We are still able to participate in market volatility with...