Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2017
Company posts strong earnings after two years of industry turmoil
NEWPORT, RI - March 21, 2018 - Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months and year ended December 31, 2017.
2017 Highlights

39% increase in net revenue(1) from 2016 to $55.2 million.
$40.1 million adjusted EBITDA(2) in 2017 as compared to $27.0 million in 2016.
Net income of $7.8 million or $0.20 per share and adjusted EPS(3) of $0.39 per share, as drybulk market rates improve from 2016 levels.
Income from operations of $15.2 million including the effect of losses incurred on two sale and leaseback financing transactions.
Cash flow from operations of $29.2 million representing a significant increase over the prior year.
Cash and cash equivalents totaling $34.5 million at December 31, 2017.
Improved working capital resulting from cash generated by operations, debt extinguishment and conversion of dividends payable to common stock.

4th Quarter 2017 Highlights     

Revenue up 54% to $102.2 million from $66.3 million in Q4 of 2016.
Total shipping days increased to 5,036, a 38% increase over the Q4 2016 total of 3,654.
TCE of $12,510 per day for the three months ended December 31, 2017 compared to $10,159 for the three months ended December 31, 2016.
Adjusted EBITDA of $10.7 million for the fourth quarter of 2017 versus $4.4 million for the same period in 2016.
The Company operated an average of 55 vessels during the fourth quarter of 2017 versus an average of 40 vessels in the same period of 2016.

Ed Coll, said “We came through the toughest dry bulk market the industry has ever experienced in excellent shape.  We generated $67 million of adjusted EBITDA during this two year span, and deployed capital to expand our fleet and grow our business in ways that better serve our customers, spread shipping risks, and provide steady returns to our shareholders.  We did this while recording positive net earnings, paying down debt and keeping our promises to our lenders by improving our balance sheet and leverage ratios. These actions helped us expand our credit capabilities to borrow for expansion at reasonable rates and terms.  I am very thankful and proud of our entire organization, our customers and partners, and all of our employees for the hard work in difficult times.  We look forward to even greater success as the drybulk market continues to improve.”

(1) Net revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses.

(2) Adjusted EBITDA is a non-GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessel and, when applicable, loss on impairment of vessels and certain non-recurring items. See Reconciliation of Income from Operations to Adjusted EBITDA.

(3) Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessel and certain non-recurring charges, divided by the weighted average number of shares of common stock.

The following information was filed by Pangaea Logistics Solutions Ltd. (PANL) on Wednesday, March 21, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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