Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $23.2 million for Q4 2024, representing a year-over-year increase of approximately $4 million despite a 22.6% decrease in prevailing market rates during the quarter [10][15] - Adjusted net income for Q4 2024 was $7.6 million, or $0.16 per diluted share, consistent with the fourth quarter of the previous year [17][18] - Total cash from operations decreased by $4.6 million year-over-year to approximately $19.2 million due to a decrease in cash generated by net working capital [18] Business Line Data and Key Metrics Changes - The company experienced a 33% increase in total chartered-in days, which was almost entirely offset by a 23% decrease in prevailing market rates for Panamax and Supramax vessels [16] - TCE rates for Q4 2024 were approximately $15,941 per day, a premium of approximately 48% over the average published market rates for Supramax and Panamax vessels [14] Market Data and Key Metrics Changes - The broader dry bulk market experienced pronounced softness, yet the company maintained robust demand across all bulk trades supported by ongoing economic expansion and domestic infrastructure investment [9] - Market prices have been volatile due to anticipation and uncertainty over international trade, although demand remains consistent [11] Company Strategy and Development Direction - The company completed a merger with a strategic shipping fleet of 15 Handysize dry bulk vessels, expanding its business into a smaller segment of the market [6][8] - The asset-light cargo-centric operating model enhances flexibility, cost efficiency, and scalability through market cycles, positioning the company for profitable growth [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential headwinds from proposed tariffs and new port entry fees in the U.S., which could introduce near-term volatility in market rates [9] - The company aims to maintain a balanced return-focused approach to capital allocation, with a focus on targeted investments in logistics operations and fleet modernization [12][21] Other Important Information - The company had $86.8 million in cash and total debt of approximately $404 million at quarter-end, with finance leases including about $100 million of lease obligations from the strategic fleet combination [19] - The company plans to sell older ships as they reach 20 years of age to manage fleet renewal and debt reduction [35] Q&A Session Summary Question: What contributed to the impressive TCE rates despite a challenging market? - Management highlighted their focus on contracts that pay more than the market and their willingness to take on challenging cargoes in less desirable locations, which has allowed them to maintain higher rates [24][25] Question: How quickly can new vessels be integrated into the Pangaea chartering platform? - Management indicated that they have already made significant progress with planned voyages for the new vessels, focusing on challenging routes [27] Question: What is the outlook for the port services business? - Management noted that they have seen increased profitability in their port services due to more dry bulk voyages and the opening of new operations, which are expected to contribute positively [32] Question: How does the company view its capital allocation strategy? - Management emphasized a cautious approach to fleet growth and indicated that they are not currently over-leveraged, with plans to opportunistically buy ships when market conditions are favorable [35][36] Question: What is the expected impact of the recent acquisition on operations? - Management reported positive integration of the acquired fleet, enhancing service offerings and operational efficiency [101]

Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2024 NEWPORT, RI - March 13, 2025 - 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, 2024. FOURTH QUARTER 2024 RESULTS FULL YEAR 2024 RESULTS For the three months ended December 31, 2024, Pangaea reported non-GAAP adjusted net income ...

NEWPORT, R.I., March 13, 2025 /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, 2024. FOURTH QUARTER 2024 RESULTS Net income attributable to Pangaea Logistics Solutions Ltd. of $8.4 million, or $0.18 per diluted share Adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $7.6 million, or $0.16 per diluted ...

Core Points - Pangaea Logistics Solutions will announce its fourth quarter and full year 2024 results on March 13, 2025, after market close [1] - A conference call to discuss the financial results will take place on March 14, 2025, at 8:00 a.m. ET [1] - Presentation materials for the conference call will be available on the Company's website and SEC filing [2] Company Overview - Pangaea Logistics Solutions provides logistics services for industrial customers, focusing on the transportation of various dry bulk cargoes such as grains, pig iron, and cement clinker [3] - The Company offers a comprehensive range of services including cargo loading, discharge, vessel chartering, and voyage planning [3]

NEWPORT, R.I., Feb. 13, 2025 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today that its Board of Directors has declared a quarterly cash dividend of $0.10 per common share to be paid on March 14, 2025 to all shareholders of record as of February 28, 2025. ABOUT PANGAEA LOGISTICS SOLUTIONS Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) and its subsidiaries (collectively, "Pangaea" or ...

Core Viewpoint - Pangaea Logistics Solutions Ltd. has successfully completed the acquisition of fifteen handy-size dry bulk vessels from Strategic Shipping Inc., enhancing its fleet and operational capabilities [1][2][3]. Group 1: Transaction Details - The transaction involved Pangaea issuing 18,059,342 shares, representing approximately 27.6% of its outstanding common stock, in exchange for the vessels valued at around $271 million, which includes $100 million in vessel-related financing agreements [2]. - The net asset value of the acquired vessels is approximately $171 million [2]. Group 2: Management Commentary - The CEO of Pangaea highlighted that the expanded fleet will provide new offerings to clients and enhance the company's ability to address supply chain challenges creatively and efficiently [3]. - The company now owns a fleet of 41 ships ranging from handy to post-Panamax sizes, which will allow for improved logistics solutions for dry bulk cargoes [3]. Group 3: Company Overview - Pangaea Logistics Solutions Ltd. specializes in seaborne dry bulk logistics and transportation services, catering to a diverse range of industrial customers [4]. - The company offers comprehensive services including cargo loading, discharge, port operations, vessel chartering, and technical management [4]. Group 4: Strategic Shipping Inc. Overview - Strategic Shipping Inc. operates as a privately held ship-owner and manager, focusing on the chemical, product, and dry bulk segments [5].

Financial Data and Key Metrics Changes - For Q3 2024, the company reported adjusted net income of $11.1 million and adjusted EBITDA of $23.9 million, with adjusted EBITDA declining by approximately $4 million compared to the previous year due to lower market volatility flattening margins [8][12] - The reported GAAP net income attributable to the company was $5.1 million or $0.11 per diluted share, compared to $18.9 million or $0.42 per diluted share in Q3 2023 [15] - Total cash from operations increased by $12.1 million year-over-year to approximately $28.5 million, with cash at quarter end amounting to $93.1 million and total debt around $293 million [16][17] Business Line Data and Key Metrics Changes - The company’s TCE rates for Q3 2024 were approximately $16,324 per day, a premium of about 19% over average market rates for supramax and panamax vessels, driven by strong fleet utilization in Arctic trade routes [12] - Total charter hire expenses increased by more than 40% compared to Q3 2023 due to a 7% increase in total chartering days and a 30% increase in prevailing market rates [13] Market Data and Key Metrics Changes - Global demand for dry bulk remains strong despite geopolitical disruptions and softening economic activity in some regions, with expectations of upward pressure on dry bulk rates in the near to intermediate term due to constrained newbuild vessel supply [9] - The company has booked 3,378 shipping days for Q4 2024, generating a TCE of $16,629 per day [10] Company Strategy and Development Direction - The company is advancing its value creation strategy through targeted fleet expansion, operational execution, and inorganic growth, with a focus on maintaining a stable recurring quarterly cash dividend [5][10] - Recent acquisitions include a definitive agreement to merge 15 handysize dry bulk vessels into its fleet and the acquisition of the remaining 50% interest in post-panamax ice class vessels, enhancing its position in the ice class niche [6][10] Management's Comments on Operating Environment and Future Outlook - Management anticipates typical seasonal slowing in dry bulk demand for Q4 2024, with expectations of lower Arctic demand due to wetter and warmer weather conditions compared to the previous year [9] - The company remains committed to a balanced return-focused approach to capital allocation, emphasizing sustainable returns on capital and maintaining its dividend policy through economic cycles [10][17] Other Important Information - The company is expanding its terminal and stevedore operations in the Port of Tampa, which is expected to significantly increase shipping days and logistics operations [6] - The company’s asset-light cargo-centric model is designed to provide durability, cost efficiency, and scalability throughout the cycle [7] Q&A Session Summary Question: Transition period for adding 15 handysize vessels - Management indicated that while there will be a transition period for integrating the new vessels, they do not expect it to dampen profitability significantly [19][22] Question: Voyage expenses impacting TCE revenue - Management clarified that there were no specific outliers affecting voyage expenses, attributing the higher costs to general market conditions [23] Question: Dry docking schedule for Q4 2024 - Management confirmed four dry dockings planned for Q4 2024, with an estimated six ships for the following year [27] Question: Opportunities in the terminalling business - Management expressed excitement about expanding their presence in the terminalling business, with ongoing projects and operations in Tampa expected to enhance their service offerings [34] Question: Strategy for services side growth - Management noted that while they have focused on acquiring ships, they continue to explore organic growth opportunities and potential bolt-on acquisitions in the services sector [37]

3Q24 Earnings Call Presentation Safe Harbor 3Q24 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea's and managements' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those ...

Group 1: Earnings Performance - Pangaea Logistics reported quarterly earnings of $0.24 per share, matching the Zacks Consensus Estimate, but down from $0.32 per share a year ago [1] - The company had a surprise in the previous quarter, posting earnings of $0.10 per share against an expected $0.01, resulting in a 900% surprise [1] - Over the last four quarters, Pangaea Logistics has surpassed consensus EPS estimates two times [1] Group 2: Revenue Performance - The company posted revenues of $153.12 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 10.43% and up from $135.62 million year-over-year [2] - Pangaea Logistics has also topped consensus revenue estimates two times over the last four quarters [2] Group 3: Stock Performance and Outlook - Pangaea Logistics shares have declined approximately 18.2% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the sustainability of the recent earnings numbers [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.28 on revenues of $155.74 million, and for the current fiscal year, it is $0.76 on revenues of $530.64 million [7] Group 4: Industry Context - The Transportation - Shipping industry, to which Pangaea Logistics belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Pangaea Logistics' stock performance [5][6]

Financial Performance - Net income attributable to Pangaea for Q3 2024 was $5.1 million, or $0.11 per diluted share, with total revenue of $153.1 million, representing a year-over-year increase of 12.9%[2][15] - Adjusted EBITDA decreased by 14.2% to $23.9 million in Q3 2024, with an adjusted EBITDA margin of 15.6%, down from 20.6% in the prior year period[4][15] - Net income for the nine months ended September 30, 2024, was $22.72 million, a decrease of 13.8% compared to $26.36 million for the same period in 2023[19] - Gross profit for the three months ended September 30, 2024, was $21,084,541, a decrease of 16.5% from $25,240,555 in the same period of 2023[20] - Net transportation and service revenue for the nine months ended September 30, 2024, was $74,602,353, compared to $74,895,540 for the same period in 2023, reflecting a slight decrease of 0.4%[20] - Adjusted EBITDA for the three months ended September 30, 2024, was $23,917,160, down from $27,880,548 in the same period of 2023, representing a decline of 14.1%[20] - Net income attributable to Pangaea Logistics Solutions Ltd. for the three months ended September 30, 2024, was $5,111,040, a significant decrease of 73.0% from $18,868,291 in the same period of 2023[20] - Earnings per common share - diluted for the three months ended September 30, 2024, was $0.11, down from $0.42 in the same period of 2023, a decline of 73.8%[20] - Non-GAAP adjusted net income attributable to Pangaea for the three months ended September 30, 2024, was $11,072,264, compared to $14,355,855 in the same period of 2023, a decrease of 22.9%[20] Fleet and Operations - Time Charter Equivalent (TCE) rates earned by Pangaea were $16,324 per day, a 4% increase year-over-year, exceeding the average Baltic Panamax and Supramax indices by 19%[2][3] - The company expanded its owned vessel fleet to 26 with the acquisition of Bulk Brenton and Bulk Patience during Q3 2024[2][12] - Pangaea entered into a definitive agreement to merge 15 dry bulk handy-size vessels with M. T. Maritime, expected to close by year-end 2024, increasing the owned fleet size by over 60%[7][10] - Pangaea's total shipping days increased by 4% to 4,805 days compared to the same period last year[2] Financial Position - As of September 30, 2024, Pangaea had $93.1 million in cash and cash equivalents, with total debt of $292.8 million, maintaining a net debt to trailing twelve-month adjusted EBITDA ratio of 2.5x[5][15] - Total assets increased to $749.17 million as of September 30, 2024, up from $705.18 million at December 31, 2023, representing a growth of approximately 6.24%[17] - Cash and cash equivalents decreased to $93.12 million from $99.04 million, reflecting a decline of about 5.9%[19] - Total stockholders' equity rose to $378.81 million, up from $370.20 million, indicating an increase of approximately 2.2%[18] - Total current assets reached $196.24 million, up from $191.83 million, marking an increase of about 2.3%[17] Investment and Cash Flow - Net cash provided by operating activities was $46.41 million, an increase of 55.1% compared to $29.88 million in the same period last year[19] - The company incurred $57.53 million in purchases of vessels and vessel improvements, significantly higher than $27.22 million in the previous year[19] - Proceeds from long-term debt amounted to $64.15 million, with no proceeds reported in the same period last year[19] - The company reported a net cash used in investing activities of $57.35 million, compared to $25.02 million in the prior year, indicating a significant increase in investment outflows[19] Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $0.10 per common share, payable on December 13, 2024[6] - Retained earnings increased to $165.42 million from $159.03 million, reflecting a growth of approximately 4.3%[18] Strategic Focus and Risks - The company is focused on expanding logistics operations at new and existing ports, with ongoing terminal operations expansion in the Port of Tampa expected to complete in the second half of 2025[11][12] - Pangaea's asset-lite, cargo-centric model aims to provide superior durability and cost efficiency, emphasizing profitable growth amid fluctuations in global dry bulk capacity and demand[8][10] - Pangaea Logistics Solutions Ltd. continues to focus on enhancing its logistics services and expanding its market presence in the dry bulk transportation sector[27] - The company anticipates potential risks including fluctuations in charter rates and vessel values, which may impact future performance[29] Derivative Instruments - The company reported an unrealized loss on derivative instruments of $5,961,224 for the three months ended September 30, 2024, compared to a gain of $(4,531,912) in the same period of 2023[20]