Revenue Performance - Voyage revenue for the three months ended September 30, 2024, was $145,120,000, an increase of 13.4% compared to $127,885,000 for the same period in 2023[103]. - Total revenue for the nine months ended September 30, 2024, reached $389,361,000, up 6.0% from $367,391,000 in the prior year[103]. - Total revenue for the three months ended September 30, 2024, was $153.1 million, a 13% increase from $135.6 million in the same period of 2023, driven by a 5% rise in total shipping days[118]. - Voyage revenues increased by 13% for the three months ended September 30, 2024, reaching $145.1 million compared to $127.9 million in the same period of 2023[119]. - Voyage revenues for the nine months ended September 30, 2024, increased by 3% to $356.5 million compared to $346.3 million in the same period of 2023[130]. - Charter revenues rose by 28% to $4.9 million for the three months ended September 30, 2024, compared to $3.8 million in the same period of 2023[120]. - Charter revenues increased to $23.7 million from $16.6 million, a 43% increase for the nine months ended September 30, 2024 compared to the same period in 2023[131]. - Terminal & Stevedore revenues decreased by 20% to $3.1 million for the three months ended September 30, 2024, down from $3.9 million in the same period of 2023[121]. - Terminal & Stevedore revenues rose by 105% to $9.1 million for the nine months ended September 30, 2024, attributed to the acquisition of port operations[132]. Income and Profitability - Net income attributable to Pangaea Logistics Solutions Ltd. for the three months ended September 30, 2024, was $5,111,000, a decrease of 72.9% from $18,868,000 in the same period last year[103]. - For the three months ended September 30, 2024, net income was approximately $5.1 million, down from $18.9 million in the same period of 2023, representing a decrease of about 73%[117]. - The company reported a gross profit of $21,084,000 for the three months ended September 30, 2024, down from $25,241,000 in the same period last year[103]. - Adjusted EBITDA for the three months ended September 30, 2024, was $23,917,000, down 14.0% from $27,881,000 in the prior year[106]. - Adjusted EBITDA for the three months ended September 30, 2024, was $23.9 million, compared to $27.9 million for the same period in 2023, reflecting a decrease of approximately 14%[117]. Cash Flow and Debt - Net cash provided by operating activities for the three months ended September 30, 2024, was $46,408,000, significantly higher than $29,883,000 in the same period last year[106]. - Net cash provided by operating activities was $46.4 million for the nine months ended September 30, 2024, compared to $29.9 million for the same period in 2023[148]. - Net cash used in investing activities was $57.4 million for the nine months ended September 30, 2024, primarily for the purchase of two vessels[149]. - Net cash provided by financing activities was $5.0 million for the nine months ended September 30, 2024, compared to a net cash used of $45.9 million in the same period of 2023[150]. - Total secured debt, including lease liabilities, increased to $288,857,000 as of September 30, 2024, compared to $264,435,000 at the end of December 2023[105]. - Cash and cash equivalents decreased to $93,120,000 as of September 30, 2024, from $99,038,000 at the end of December 2023[105]. - As of September 30, 2024, the Company's working capital was $100.3 million, an increase from $86.5 million as of December 31, 2023[144]. Operational Metrics - Total shipping days for the three months ended September 30, 2024, were 4,805, an increase from 4,610 days in the same period last year[103]. - Time charter equivalent (TCE) rates for the three months ended September 30, 2024, were $16,324 per day, compared to $15,748 per day in the prior year[103]. - The average TCE rate for the three months ended September 30, 2024, was $16,324, up 4% from $15,748 in the same period of 2023[116]. - Charter hire expenses increased by 25% to $96.3 million for the nine months ended September 30, 2024, driven by a 38% rise in average market rates for vessels[134]. - Vessel operating expenses slightly increased by approximately 1% to $41.3 million for the nine months ended September 30, 2024[135]. - Terminal & Stevedore expenses increased by 88% to $7.3 million for the nine months ended September 30, 2024, also due to the acquisition of port operations[136]. Market Conditions - The Baltic Dry Index averaged 1,871 for the third quarter of 2024, up approximately 43% from 1,305 in the same quarter of 2023[115]. - The Company capitalized drydocking costs totaling approximately $3.0 million in the nine months ended September 30, 2024[153].

Core Insights - Pangaea Logistics Solutions Ltd. reported a net income of $5.1 million for Q3 2024, with adjusted net income of $11.1 million, reflecting a diluted earnings per share of $0.24 [2][3] - The company achieved total revenue of $153.1 million, a year-over-year increase of 13% from $135.6 million in Q3 2023 [2][6] - Time Charter Equivalent (TCE) rates increased by 4% year-over-year to $16,324 per day, exceeding the average Baltic Panamax and Supramax indices by 19% [2][3] Financial Performance - Adjusted EBITDA for Q3 2024 was $23.9 million, down 14.2% from the previous year, with an EBITDA margin of 15.6% compared to 20.6% in Q3 2023 [2][3] - Operating cash flow was reported at $28.5 million, with total debt amounting to $292.8 million and a net debt to trailing twelve-month adjusted EBITDA ratio of 2.5x [2][3] - The company had $93.1 million in cash and cash equivalents as of September 30, 2024 [2][3] Strategic Developments - Pangaea is expanding its fleet, having acquired two modern supramaxes and entered into a merger agreement to integrate 15 dry bulk handy-size vessels from M. T. Maritime, which will increase its owned fleet by over 60% [3][4] - The company is focused on enhancing its logistics operations at existing ports and expanding terminal operations, particularly in the Port of Tampa, expected to be completed in the second half of 2025 [4] - Pangaea's asset-lite, cargo-centric model aims to provide cost efficiency and scalability, leveraging both owned and chartered vessels [3][4] Market Position - The company operates the largest high ice class dry bulk fleet globally and is committed to providing specialized shipping and logistics services in commodity and niche markets [4][12] - Pangaea's strategic focus on premium rate trade routes has allowed it to maintain TCE rates above prevailing market indices despite fluctuations in global dry bulk capacity and demand [3][4] - The company aims to maximize fleet utilization and continue upgrading its fleet while divesting older, non-core assets [4]

Core Viewpoint - Pangaea Logistics Solutions will release its third quarter 2024 financial results on November 12, 2024, followed by a conference call on November 13, 2024, to discuss the results and recent events [1][2]. Company Overview - Pangaea Logistics Solutions Ltd. is a global provider of maritime logistics services, catering to industrial customers needing transportation for various dry bulk cargoes such as grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone [2]. - The company offers a comprehensive range of services including cargo loading, cargo discharge, vessel chartering, and voyage planning to meet customer transportation needs [2].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]

NEWPORT, R.I., Sept. 23, 2024 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, and M.T. Maritime Management (USA) LLC ("MTM"), managers of a diversified fleet of tankers and dry bulk vessels, today announced a definitive agreement to merge fifteen handy-size dry bulk vessels into Pangaea's 26 vessel supramax, ultramax, panamax and post-panamax fleet. The handy vessels are currently owned by Strategi ...

PepeBaeza I have covered Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) previously, so investors should view this as an update to my earlier articles on the company. Last week, leading dry bulk shipper Pangaea Logistics Solutions, Ltd. or "Pangaea" reported better-than-expected Q2/2024 results with both the company's top- and bottom-line results coming in ahead of consensus estimates: | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|---------|---------|---- ...

2Q24 Earnings Call Presentation Safe Harbor 2Q24 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 ...

Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) Q2 2024 Earnings Conference Call August 9, 2024 8:00 AM ET Company Participants Stefan Neely - IR, Vallum Advisors Mark Filanowski - CEO Gianni Del Signore - CFO Mads Petersen - COO Conference Call Participants Liam Burke - B. Riley Poe Fratt - AGP Operator Good morning. My name is Savannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Second Quarter 2024 Earnings Teleconference ...

Pangaea Logistics (PANL) came out with quarterly earnings of $0.10 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 900%. A quarter ago, it was expected that this maritime logistics company would post earnings of $0.09 per share when it actually produced earnings of $0.14, delivering a surprise of 55.56%. Over the last four q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD. (Exact name of Registrant as specified in its charter) Bermuda 98-1205464 (State or other ...