Significant EBITDA Increase
Pangaea reported a greater than 20% year-over-year increase in adjusted EBITDA despite a 22.6% decrease in prevailing market rates.
Merger Completion
Successfully completed a merger with SSI, adding 15 Handysize dry bulk vessels, expanding their fleet to 41 owned vessels and 60-70 operating vessels.
TCE Rate Outperformance
Achieved a Time Charter Equivalent (TCE) rate that exceeded the benchmark index by 48% in the fourth quarter.
Strong Financial Results
Reported adjusted net income of $7.6 million and adjusted EBITDA of $23.2 million for the fourth quarter of 2024.
Strategic Fleet Expansion
Expanded fleet through vessel acquisitions, fleet combination, and JV buyout, indicating confidence in their business plan.