Pangaea Logistics Solutions(PANL) - 2023 Q1 - Quarterly Report

Revenue Performance - Voyage revenue for Q1 2023 was $107,950, down 39% from $176,337 in Q1 2022[85] - Total revenue decreased to $113,699 in Q1 2023, a decline of 41% compared to $191,762 in Q1 2022[85] - Total revenue for Q1 2023 was $113.7 million, a 41% decrease from $191.8 million in Q1 2022[96] - Voyage revenues fell by 39% to $108.0 million in Q1 2023 compared to $176.3 million in Q1 2022[97] - Charter revenues decreased by 63% to $5.7 million in Q1 2023 from $15.4 million in Q1 2022[98] Net Income and EBITDA - Net income attributable to Pangaea Logistics Solutions Ltd. was $3,474 in Q1 2023, down 83% from $20,168 in Q1 2022[85] - Net income attributable to Pangaea was approximately $3.5 million for Q1 2023, down from $20.2 million in Q1 2022[96] - Adjusted EBITDA for Q1 2023 was $16,238, a decrease of 48% from $31,296 in Q1 2022[89] TCE Rates and Market Conditions - TCE rates fell 46% to $14,372 in Q1 2023 from $26,472 in Q1 2022[94] - Average TCE rates decreased to $14,372 in Q1 2023 from $26,472 in Q1 2022[96] - The Baltic Dry Index averaged 1,020 in Q1 2023, down approximately 47% from the previous quarter and 47% from an average of 1,939 in Q1 2022[92] - Average market rates for Supramax and Panamax vessels decreased approximately 57% from $22,637 in Q1 2022 to $9,702 in Q1 2023[92] Cash Flow and Operating Activities - Net cash provided by operating activities was $11,572 in Q1 2023, down from $32,062 in Q1 2022[89] - Net cash provided by operating activities was $11.6 million in Q1 2023, down from $32.1 million in Q1 2022[111] - The company had $129.1 million in cash and cash equivalents at the end of Q1 2023[96] Expenses - Voyage expenses were $56.8 million in Q1 2023, a 13% decrease from $65.3 million in Q1 2022[99] - Charter hire expenses dropped 71% to $22.6 million in Q1 2023 from $77.7 million in Q1 2022[100] Debt and Equity - Total secured debt decreased to $289,922 as of March 31, 2023, from $299,481 as of December 31, 2022[87] - Total shareholders' equity was $363,192 as of March 31, 2023, down from $368,722 as of December 31, 2022[87] Capital Expenditures - Capital expenditures included approximately $1.3 million for drydocking costs in Q1 2023[116]