Pangaea Logistics Solutions Ltd. ( (PANL) ) has released its Q1 earnings. Here is a breakdown of the information Pangaea Logistics Solutions Ltd. presented to its investors.
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Pangaea Logistics Solutions Ltd. is a global provider of maritime logistics solutions, specializing in dry bulk transportation and terminal services. The company recently reported its financial results for the first quarter of 2025, highlighting a net loss of $2.0 million, or $0.03 per share, and an adjusted EBITDA of $14.8 million. Despite a challenging market environment, Pangaea’s Time Charter Equivalent (TCE) rates exceeded industry benchmarks by 33%, supported by long-term contracts and a specialized fleet.
In the first quarter of 2025, Pangaea experienced a 36% decrease in TCE rates compared to the previous year, although shipping days increased by 41% due to the acquisition of fifteen handy-sized vessels. The company’s total revenue reached $122.8 million, with a notable increase in voyage revenue. However, the adjusted EBITDA margin declined to 12% from 18.6% in the previous year, primarily due to lower market freight and time charter hire rates.
Pangaea announced a $15 million share repurchase authorization and declared a quarterly cash dividend of $0.05 per share. The company also repaid $11.03 million of long-term debt and distributed $6.73 million in cash dividends during the quarter. The integration of the newly acquired Handysize fleet is progressing, unlocking operational efficiencies, and the company is advancing its infrastructure investment at the Port of Tampa.
Looking ahead, Pangaea remains focused on adapting to market conditions and creating long-term value. The management is committed to prudent capital allocation, fleet upgrades, and expanding port logistics infrastructure. The company’s flexible model allows it to optimize vessel and cargo positioning, ensuring resilience in a volatile global trade environment.