Pangaea Logistics Solution Ltd Stock Price, News & Analysis

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) will host a teleconference on March 16, 2021, at 8:00 a.m. ET to discuss its fourth quarter 2020 financial results. The results will be released after market hours on March 15, 2021, accompanied by a presentation available through SEC filing. Participants can join by calling 888-895-3561 domestically or 904-685-6494 internationally, using ID# 5197869. A recording will be available for two weeks post-conference. Pangaea specializes in logistics for various dry bulk cargoes.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) announced the purchase of a second-hand vessel for USD 16.45 million. This acquisition will increase its fleet to 18 ships by May 2021, as they expand their maritime logistics capabilities. The new vessel, built in 2013, is part of a strategy to enhance operational efficiency and maintain high-quality service for clients. Additionally, Pangaea plans to add four new ice-class vessels later this year to further strengthen its offerings.

Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) declared a quarterly cash dividend of $0.02 per share, payable on March 15, 2021, to shareholders of record by March 1, 2021. This decision follows a previous suspension of dividends in March 2020 due to the uncertainties stemming from the COVID-19 pandemic, which the Board continues to monitor. The company provides logistics services for various dry bulk cargoes and remains focused on addressing client needs amidst ongoing market challenges.

Pangaea Logistics Solutions, Ltd. (NASDAQ: PANL) has achieved a significant milestone by completing the 100^th voyage of the MV Bulk Pangaea in collaboration with Noranda Bauxite and Alumina. This journey, transporting approximately 63,000 tons of bauxite from Jamaica to Louisiana, underscores the strength of their partnership. Ed Coll, CEO of Pangaea, highlighted ongoing opportunities for expansion, while David D'Addario of Noranda celebrated the partnership's successful trajectory since their previous milestone in 2017. Pangaea specializes in logistics for various dry bulk cargoes.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) reported a net income of $7.6 million for Q3 2020, down from $8.3 million in Q3 2019. Adjusted net income was $8.1 million, with diluted earnings per share at $0.17, compared to $0.19 a year prior. Revenue fell 13% to $103.8 million, attributed to lower charter rates, while TCE rates were $13,316, outperforming the market average by 29%. Cash equivalents stood at $48.1 million, with a significant increase in equity interest in Nordic Bulk Holding to 66.7%. The company remains cautious amid COVID-19 uncertainties.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) will host a teleconference on November 12, 2020, at 8:00 a.m. ET to discuss its third quarter 2020 financial results. The company plans to release these results after market hours on November 11, 2020, along with an accompanying presentation. Interested parties can access the teleconference by dialing 888-895-3561 (domestic) or 904-685-6494 (international). A recording of the call will be available for two weeks following the event.

Pangaea Logistics Solutions Ltd. has acquired an additional one-third equity interest in Nordic Bulk Holding Company Ltd., increasing its ownership stake to 66.7%. The acquisition cost $22.5 million, including a $15 million cash payment and three annual payments of $2.5 million. NBHC operates six modern ice-class panamax bulk vessels, enhancing Pangaea's capabilities in its ice and Arctic logistics businesses. This strategic acquisition is expected to improve earnings and solidify Pangaea's leadership in the ice-class shipping sector, with plans for four new ships in 2021.

Pangaea Logistics Solutions Ltd. (PANL) reported a net income of $3.0 million for Q2 2020, down from $4.0 million in Q2 2019. The non-GAAP adjusted net income slightly decreased to $3.7 million. Revenue fell to $70.4 million, a 15% decline compared to last year, driven by a decrease in average time charter rates. The Time Charter Equivalent (TCE) rate was $10,733 per day, which is a 93% premium over market rates. Cash and equivalents stood at $49.5 million as of June 30, 2020, while second-quarter operating income rebounded to $6.1 million.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) will host a teleconference on August 13, 2020, at 8:00 a.m. ET to discuss its second quarter 2020 financial results. The company will release these results after market hours on August 12, 2020. Participants can join the call by dialing 888-895-3561 (domestic) or 904-685-6494 (international), referencing ID# 8947025. A recording will be available for two weeks post-call. Pangaea specializes in logistics for various dry bulk cargoes, including grains and iron products.