The following is a summary of the Pangaea Logistics Solutions, Ltd. (PANL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Pangaea reported an adjusted net income of $6.6 million and adjusted EBITDA of $19.9 million in Q1, showing a 23% YoY increase. The adjusted EBITDA margin also strengthened by 400 basis points YoY.
Profitability was boosted by a 41% increase in published market rates for their Supramax and Panamax vessels.
The quarter ended with a sizable cash balance of $95.9 million and total debt, including finance lease obligations, at $258 million.
Business Progress:
Pangaea continued to derive higher-than-average TCE rates due to its adaptable cargo-focused business model, enabling it to outrun the prevailing market.
The company made a strategic investment with the acquisition of two 58,000 deadweight ton sister ships for $56.6 million, with expected delivery in Q3.
A long-term lease agreement in the Port of Tampa was executed to handle dry bulk commodities, providing a significant growth opportunity for their terminal and stevedoring business.
So far in Q2, over 2,890 shipping days have been booked at an average TCE rate of $16,200 per day.
More details: Pangaea Logistics Solutions IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.