secwatch.observer — SEC 8-K summary
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Issuer:     Pangaea Logistics Solutions Ltd. (PANL)
CIK:        0001606909
Form:       8-K
Filed at:   2022-05-10T23:59:59+00:00
Accession:  0001606909-22-000051
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1606909/000160690922000051/0001606909-22-000051-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1606909/000160690922000051/panl-20220510.htm
  HTML page:      https://secwatch.observer/filing/0001606909-22-000051

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