Pangaea Logistics Solutions(US:PANL)2024-11-12 22:00Revenue 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].