Pangaea Q1 net income $20.2M, up 245% YoY; TCE $26,472/day beats market by 17%

Pangaea Logistics Solutions Ltd.

2022-Q1 EPS reported $0.45 revenue$191,762,403

Net income attributable to Pangaea of $20.2M ($0.45 diluted EPS) vs $5.9M ($0.13) YoY; adjusted EPS $0.35 vs $0.09.
Revenue $191.8M, up 53% YoY; TCE rate $26,472/day outperformed Baltic supramax/panamax index ($22,637) by 17%.
Adjusted EBITDA $31.3M, up 159% from $12.1M in Q1 2021; cash from operations $32.1M vs $4.9M.
Board declared quarterly dividend of $0.075/share, payable June 15, 2022 to holders of record June 1, 2022.
Sold 1999-built m/v Bulk Pangaea for $8.6M net; recorded $3.0M impairment and classified as held for sale.

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