Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended June 30, 2018
Company delivers earnings of $0.14 per share in the past three months and
$0.52 per share in the past twelve months
NEWPORT, RI - August 7, 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 ended June 30, 2018.
2nd Quarter 2018 Highlights     

$13.7 million Adjusted EBITDA(1) 
Net income attributable to Pangaea Logistics Solutions Ltd. of $5.8 million or $0.14 per share
Pangaea's average TCE rates increased 21% to $13,728 and the average premium over market rates was approximately $2,951
Cash, restricted cash and cash equivalents of $52.4 million

Results for the three months ended June 30, 2018 and 2017
For the second quarter of 2018, the Company reported net income of $5.8 million, compared to net loss of $4.7 million in the second quarter of 2017. The drybulk market fundamentals improved considerably in the second quarter as compared to the same period of 2017, which meant a dramatic improvement in net revenue(2) to $18.1 million for the three months ended June 30, 2018, compared with $10.6 million for the three months ended June 30, 2017. Charter hire and voyage expenses were lower, as a percentage of revenue, than in the comparable quarter.
“The pace of our shipping operations really picked up in the second quarter”, said Ed Coll, Pangaea’s Chief Executive Officer. “The average fleet employed in our business increased to about 47 ships during the quarter, and our overall time charter returns averaged $13,728 per day for the most recent quarter, a significant premium to market indexes.  Our balance sheet improved as well, not only because of our profitable operations, but also because of our relationships with a range of financing sources who refinance maturing loans at favorable terms. Regarding cash flow, the sale/charterback transaction on the m/v Bulk Trident provided approximately $10 million in cash, and the planned sale/charterback of the m/v Bulk PODS, which was delivered on August 1, 2018, will return the cash purchase price of approximately $14 million. Collectively, these strong fundamentals position us to capitalize on the beginning of a good market cycle as we enter expansion mode.”
 
Coll also commented on the recent ten-year contract the Company has signed with Baffinland Iron Mines to carry high-ferrous iron ore from Baffin Island to Europe on its ice class ships.  “This valuable relationship, started three years ago at the commencement of shipments of iron ore from Baffin Island, has proven to be an integral part of the Baffinland operation, and an anchor to our ice business in the summer months in the Arctic Circle.  With continued development of the mining operations, we think there is room for both Baffinland and Pangaea to grow their businesses, and we look forward to working together for a long time, in mutually beneficial ways.”



(1) 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.

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






The following information was filed by Pangaea Logistics Solutions Ltd. (PANL) on Tuesday, August 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Pangaea Logistics Solutions Ltd.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Pangaea Logistics Solutions Ltd..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account