Business
Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Three Months and Year Ended December 31, 2022
NEWPORT, R.I., March 15, 2023 /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 15, 2023 /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, 2022.\n\n \n \n \n \n \n \n\n \nFOURTH QUARTER 2022 RESULTS(As compared to the Fourth Quarter 2021)\nNet income of $15.5 million, or $0.34 per diluted share, remained unchanged y/y.Adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $14.3 million, or $0.32 per diluted share, a decline of 43% y/y.Adjusted EBITDA of $26.9 million, a decrease of 29% y/yOperating cash flow of $32.9 million, an increase of 73% y/yTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $20,023 per day, a premium of 41% over the prevailing market rateCash and cash equivalents of $128.4 million, an increase of $72.2 million y/yRatio of net debt to trailing twelve-month Adjusted EBITDA of 1.25xFULL YEAR 2022 RESULTS(As compared to the year 2021)\nNet income attributable to Pangaea Logistics Solutions Ltd. of $79.5 million, or $1.76 per diluted share, an increase of 17% y/yAdjusted Net Income attributable to Pangaea Logistics Solutions Ltd. of $82.1 million, or $1.82 per diluted share, an increase of 29% y/yAdjusted EBITDA of $140.9 million, an increase of 34% y/yOperating cash flow of $134.8 million, an increase of 118% y/yTime Charter Equivalent (\"TCE\") rates earned by Pangaea of $24,434 per day, a premium of 22% over the prevailing market rateFor the fourth quarter ended December 31, 2022, Pangaea reported non-GAAP adjusted net income of $14.3 million, or $0.32 per diluted share, on total revenue of $127.9 million. Fourth quarter TCE rates declined 38.5% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, declined 29.2% to 3,681 days, when compared to the year-ago period.\nThe TCE earned was $20,023 per day for the three months ended December 31, 2022, compared to an average of $32,563 per day for the same period in 2021. During the fourth quarter 2022, the Company's average TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by approximately 41%, supported by Pangaea's long-term contracts of affreightment (\"COAs\"), specialized fleet, and cargo-focused strategy.\nTotal Adjusted EBITDA ...