Pangaea Logistics Solutions Ltd (OQ:PANL)
Business Focus: Marine Freight & Logistics
| Sector: Industrials | Industry: Marine Freight & Logistics |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 109 Long Wharf NEWPORT RI 02840 |
| Tel: | N/A |
| Website: | https://www.pangaeals.com |
| IR: | See website |
| Key People | ||
| Mark L. Filanowski Chief Executive Officer, Director | Gianni Del Signore Chief Financial Officer | Mads Boye Petersen Chief Operating Officer |
| Business Overview |
| Pangaea Logistics Solutions Ltd. is a provider of seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. The Company offers services to a base of industrial customers who require the transportation of a variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company provides ocean transportation services to clients utilizing an ocean-going fleet of motor vessels (m/v) in the Handymax, Supramax, Ultramax and Panamax and Post-Panamax segments. The Company operates 26 vessels which are wholly owned or partially-owned through joint ventures. The Company provides logistics services and commercially manages its fleet primarily from offices in Newport, Rhode Island, Copenhagen, Denmark and Singapore. Its logistics services and activities include cargo loading, cargo discharge, vessel chartering, voyage planning, and technical vessel management. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Pangaea Logistics Solutions Ltd revenues decreased 29% to $499.3M. Net income decreased 67% to $26.3M. Revenues reflect Voyage revenue decrease of 27% to $468.6M, Charter revenue decrease of 60% to $23.7M. Net income also reflects Unrealized loss on derivative instrumen decrease from $682K (income) to $2.9M (expense), General and administrative - Balancin increase of 13% to $22.6M (expense). |
| Employees: | 151 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $486.84M as of Dec 31, 2023 |
| Annual revenue (TTM): | $499.27M as of Dec 31, 2023 |
| EBITDA (TTM): | $76.43M as of Dec 31, 2023 |
| Net annual income (TTM): | $26.32M as of Dec 31, 2023 |
| Free cash flow (TTM): | $8.42M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $165.40M as of Dec 31, 2023 |
| Shares outstanding: | 46,721,228 as of Mar 12, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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