Pangaea Logistics Solutions(US:PANL) Prnewswire·2025-05-12 20:36Core Insights - Pangaea Logistics Solutions Ltd. reported a non-GAAP adjusted net loss of $2.2 million for Q1 2025, with total revenue of $122.8 million, reflecting a 36% decrease in TCE rates year-over-year [3][4][10] - The company experienced a 41% increase in total shipping days to 5,210 days, primarily due to the acquisition of fifteen handy-sized vessels at the end of Q4 2024 [3][4] - Total Adjusted EBITDA decreased by 24.2% to $14.8 million, with an Adjusted EBITDA margin of 12.0%, down from 18.6% in the prior year [5][10] Financial Performance - The average TCE earned was $11,390 per day, compared to $17,697 per day in Q1 2024, exceeding the benchmark indices by 33% [4][10] - The company had $63.9 million in cash and cash equivalents as of March 31, 2025, with total debt of $390.8 million [6][10] - Pangaea repaid $11.03 million of long-term debt during the quarter and distributed $6.73 million in cash dividends [6][10] Strategic Developments - A new share repurchase program was authorized, allowing for the repurchase of up to $15 million of common stock, representing 5.6% of the company's market capitalization [7][10] - The Board declared a quarterly cash dividend of $0.05 per common share, to be paid on June 16, 2025 [8][10] - The company is focused on integrating the newly acquired Handysize fleet and advancing infrastructure investments at the Port of Tampa, expected to enhance terminal and stevedore operations [9][14] Market Outlook - The CEO noted that while the global trade environment remains uncertain, demand for core dry bulk commodities has been resilient, and the company’s trade routes are largely insulated from tariff impacts [9][11] - Pangaea aims to adapt to market volatility and create long-term value through targeted fleet investments and disciplined capital allocation [11][12]