Pangaea Logistics Solutions(PANL) Prnewswire·2024-11-12 22:00Core Insights - Pangaea Logistics Solutions Ltd. reported a net income of 11.1 million, reflecting a diluted earnings per share of 153.1 million, a year-over-year increase of 13% from 16,324 per day, exceeding the average Baltic Panamax and Supramax indices by 19% [2][3] Financial Performance - Adjusted EBITDA for Q3 2024 was 28.5 million, with total debt amounting to 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]