Pangaea Logistics Solutions(US:PANL) Prnewswireยท2025-08-07 20:30Core Viewpoint - Pangaea Logistics Solutions Ltd. reported a non-GAAP adjusted net loss of $1.4 million for Q2 2025, with total revenue of $156.7 million, reflecting challenges in the maritime logistics sector due to decreased TCE rates and increased shipping days [3][4][5]. Financial Performance - The company experienced a non-GAAP adjusted net loss of $1.4 million, or $0.02 per share, compared to a net income of $3.7 million in the same period of 2024 [3][12]. - Total revenue for the second quarter of 2025 was $156.7 million, up from $131.5 million in Q2 2024 [3][16]. - Adjusted EBITDA decreased by 4.1% to $15.3 million, with an adjusted EBITDA margin of 9.8%, down from 12.1% in the prior year [5][12]. Shipping Operations - The average TCE rate earned was $12,108 per day, a decrease from $16,223 per day in Q2 2024, but exceeded benchmark averages by 17% [4][12]. - Total shipping days increased by 51% to 6,222 days, primarily due to the acquisition of fifteen handy-sized vessels [3][5]. Debt and Cash Position - As of June 30, 2025, the company had $59.3 million in cash and cash equivalents, with total debt of $379.7 million [6][12]. - The company repaid $7.1 million in finance leases and $4.1 million in long-term debt during the quarter [6][12]. Strategic Developments - Pangaea sold the Strategic Endeavor for $7.7 million and purchased the remaining 49% equity ownership of Seamar Management for $2.7 million [7][12]. - The company is focused on disciplined capital deployment, including share repurchases and financing for new vessels [9][10]. Market Outlook - The CEO noted a dynamic global trade environment with signs of stabilization and increased activity in the panamax and supramax segments as the company enters the peak arctic trade season [9][10]. - The company is expanding its terminal operations, with new operations planned in multiple ports [9][11].