Pangaea Logistics Solutions Ltd. ( (PANL) ) has released its Q3 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 the transportation of dry bulk cargoes, offering a comprehensive suite of services including vessel chartering and port operations.
The company recently announced its financial results for the third quarter of 2024, highlighting a net income of $5.1 million and an adjusted net income of $11.1 million, reflecting its resilient performance amidst fluctuating market conditions.
Key highlights include a total revenue of $153.1 million, an adjusted EBITDA of $23.9 million, and an impressive time charter equivalent rate of $16,324 per day, surpassing industry indices by 19%. Additionally, Pangaea expanded its fleet to 26 vessels with recent acquisitions, signaling strategic growth. However, the company’s adjusted EBITDA saw a 14.2% decrease compared to the prior year, attributed to increased voyage and charter hire expenses.
Looking forward, Pangaea’s management remains optimistic, anticipating enhanced profitability with the planned merger of 15 additional vessels by year-end. This strategic move is expected to significantly increase fleet size and operational capabilities, enabling further expansion of logistics operations and service offerings.
