Pangaea Logistics Q4 net income $15.2M, adjusted EPS $0.56; record FY 2021

Pangaea Logistics Solutions Ltd.

Q4 2021 net income $15.2M vs $7.6M in Q4 2020; diluted EPS $0.34 vs $0.17.
FY 2021 net income $67.2M vs $11.4M; revenue $718.1M (+88% YoY); TCE $25,056/day (+102%).
Adjusted EBITDA $38.0M in Q4, $105.1M for FY; cash from operations $61.7M.
Cash and cash equivalent $56.2M at Dec 31, 2021; working capital improved to $72.2M.
Declared $0.05/share dividend paid March 15, 2022; acquired four newbuild Ice Class vessels in 2021.

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