Pangaea Logistics Solutions Ltd (OQ:PANL)

Sector:  Industrials Industry:  Marine Freight & Logistics
See Regulatory Filings on SEC
Company Contact
Address: 109 Long Wharf
NEWPORT RI 02840-2406
Tel: N/A
IR: See website
Key People
Edward Coll
Chairman of the Board, Chief Executive Officer
Carl Claus Boggild
Founder, Director
Gianni Del Signore
Chief Financial Officer
Mark L. Filanowski
Chief Operating Officer, Director
Business Overview
Pangaea Logistics Solutions, Ltd. (Pangaea), through its subsidiaries provides seaborn dry bulk logistics and transportation services. The Company utilizes its logistics proficiency to service a broad base of industrial customers to offers transportation services for a wide variety of dry bulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. It addresses the logistics needs of its customers by offering cargo loading, cargo discharge, vessel chartering, voyage planning, and vessel technical management services. It provides logistics and transportation services to clients utilizing an ocean-going fleet of motor vessels in the Handymax, Supramax, Ultramax and Panamax segments. It operates over 20 vessels, which were wholly-owned or partially-owned through joint ventures and uses this fleet to transport approximately 25 million tons of cargo annually to nearly 250 ports worldwide.
Financial Overview
For the nine months ended 30 September 2020, PangaeaLogistics Solutions Ltd revenues decreased 4% to $270M. Netincome decreased 77% to $3.8M. Revenues reflect Charterrevenue decrease of 46% to $18.5M. Net income also reflectsUnrealized loss on derivative instrumen decrease from $2.2M(income) to $1.5M (expense), Loss on sale of vesselsincrease from $0K to $705K (expense), Rental Expenseincrease of 1% to $156K (expense).
Employees: 70 as of Dec 31, 2019
Reporting Currency: U.S. Dollars
Enterprise value: $239.03M as of Sep 30, 2020
Annual revenue (TTM): $400.52M as of Sep 30, 2020
EBITDA (TTM): $40.22M as of Sep 30, 2020
Net annual income (TTM): -$0.64M as of Sep 30, 2020
Free cash flow (TTM): $36.91M as of Sep 30, 2020
Net Debt Last Fiscal Year: $111.05M as of Sep 30, 2020
Shares outstanding: 45,065,662 as of Nov 11, 2020
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization

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