Pangaea Reports Q1 Financial Results


Pangaea Logistics Solutions, a global provider of comprehensive maritime logistics solutions, announced its results for the three months ended March 31, 2024.


  • Net income attributable to Pangaea of $11.7 million, or $0.25 per diluted share
  • Adjusted net income attributable to Pangaea of $6.6 million, or $0.14 per diluted share
  • Operating cash flow of $9.0 million
  • Adjusted EBITDA of $19.9 million
  • Time Charter Equivalent (“TCE”) rates earned by Pangaea of $17,697 per day
  • Pangaea’s TCE rates exceeded the average Baltic Panamax and Supramax indices by 29%
  • Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.0x
  • Announced the acquisition of two 58,000 dwt bulk vessels for $56.6 million in May 2024

For the first quarter ended March 31, 2024, Pangaea reported non-GAAP adjusted net income of $6.6 million, or $0.14 per diluted share, on total revenue of $104.7 million. First quarter TCE rates increased 23% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, declined 7% to 3,685 days, when compared to the year-ago period.

The TCE earned was $17,697 per day for the three months ended March 31, 2024, compared to an average of $14,372 per day for the same period in 2023. During the  first quarter ended March 31, 2024, the Company’s average TCE rate exceeded the benchmark average Baltic Panamax and Supramax indices by 29%, supported by Pangaea’s long-term contracts of affreightment (“COAs”), specialized fleet, and cargo-focused strategy.

Total Adjusted EBITDA increased by 23% to $19.9 million in the first quarter due to higher earned TCE rates and lower vessel operating expenses, which more than offset lower shipping days compared to the prior year period. Total Adjusted EBITDA margin was 19.0% during the first quarter of 2024, compared to 14.3% during the prior year period, driven by a 23% year-over-year increase in the earned TCE rates. The increase in earned TCE was driven by higher market rates and lower per-day voyage expenses, partially offset by an increase in charter hire expenses per chartered-in day.

As of March 31, 2024, the Company had $95.9 million in cash and cash equivalents. Total debt, including lease finance obligations was $260.8 million. At the end of the first quarter of 2024, the ratio of net debt to trailing twelve-month adjusted EBITDA was 2.0x, versus 1.3x in the prior year period. During the three months ended March 31, 2024, the Company repaid $3.4 million of long-term debt, $3.7 million of finance leases, and paid $4.9 million of cash dividends.

On May 7, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on June 13, 2024, to all shareholders of record as of May 30, 2024.


“Our flexible, cargo-focused business model continued to drive premium earned TCE rates during the first quarter, positioning us to achieve improved operating leverage and year-over-year growth in profitability,” stated Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions. “While the first quarter is generally a seasonally softer period for dry bulk activity, our first quarter results benefited from elevated long-haul voyage demand across our ice-class fleet, together with a solid base of premium long-term COAs. As market rates have increased in recent months, we’ve added to our cargo commitments to fully utilize our owned fleet and we have chartered-in more vessels, positioning us to optimize our TCE performance.”

“Global demand for dry bulk remains strong and the supply of vessels remains constrained, giving us confidence in both the near and longer-term outlooks for our business,” continued Filanowski. “While the current geopolitical environment has resulted in an increase in ton-mile demand within certain shipping channels, we’re seeing solid demand within our key bulk trades given rising infrastructure investment and project activity across North America. With a limited number of newbuild vessels coming into service over the coming years, dry bulk capacity is expected to become increasingly constrained.  We believe these capacity constraints should be supportive of structurally higher TCE rates in 2024 and beyond.”

“Amid the supportive backdrop for dry bulk demand, we remain committed to a returns-focused approach to capital allocation that supports long-term value creation,” continued Filanowski. “In 2024, our capital deployment priorities are on the build-out of our on-shore logistics business, together continued investment in our fleet. To that end, we recently executed a long-term lease agreement in the Port of Tampa, Florida to handle dry bulk commodities that are complementary to those carried on our fleet vessels. This year, we will also continue to refresh and expand our owned fleet with newer, more efficient vessels that support the unique requirements of our customers, while continuing to opportunistically divest of older vessels, consistent with our long-term strategy.”

“Market conditions have remained strong into the second quarter. Through today we’ve booked over 2,890 shipping days at an average TCE rate of $16,300 per day,” continued Filanowski. “We’ve built a durable model, one that consistently drives premium rates above broader market indices throughout the cycle, while delivering sustained profitability that supports a robust cash dividend. We look forward to continuing to scale our platform in the years ahead as we build market-leading positions across our core trades.”