Business
Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Three Months and Year Ended December 31, 2021
NEWPORT, R.I., March 16, 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., March 16, 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 and year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \n4th Quarter 2021 Highlights \nNet income of $15.2 million, as compared to net income of $7.6 million in the same period of 2020. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $24.9 million, as compared to $6.2 million for the same period of 2020. Adjusted Earnings per share of $0.56, as compared to $0.14 for the same period of 2020.Income from operations of $30.8 million, up from $8.3 million for December 31, 2020. Diluted net income per share was $0.34 as compared to $0.17 for the three months ended December 31, 2020. Pangaea's TCE rates were $32,563 for the three months ended December 31, 2021 and $14,640 for the three months ended December 31, 2020, a 122% increase, giving the Company an overall average premium over market rates of $4,459 or 16%. Adjusted EBITDA of $38.0 million for the fourth quarter of 2021 versus $12.9 million for the same period in 2020.2021 Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. of $67.2 million, as compared to $11.4 million for the year ended December 31, 2020. Non-GAAP adjusted Net Income attributable to Pangaea Logistics Solutions Ltd. of $63.3 million, as compared to $14.0 million for the year ended December 31, 2020.Income from operations of $78.9 million, up from $19.7 million for 2020. Earnings per share of $1.50 as compared to $0.26 for the year ended December 31, 2020. Adjusted earnings per share of $1.41, as compared to $0.32 for the year ended December 31, 2020.Cash flow from operations of $61.7 million, compared to $20.8 million for the prior year. Pangaea's TCE rates increased 102% to $25,056 from $12,433 in 2020. Adjusted EBITDA of $105.1 million for the year ended December 31, 2021 versus $42.6 million for the same period in 2020. At December 31, 2021, Pangaea had $56.2 million in cash and cash equivalents.Mark Filanowski, Pangaea's Chief Executive Officer, commented;\n\"It really was a banner year in 2021 for Pangaea's performance. Our revenues and income reached new records. With our fleet renewal well underway, and timely d...