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: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.