secwatch.observer — SEC 8-K summary
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Issuer:     Pangaea Logistics Solutions Ltd. (PANL)
CIK:        0001606909
Form:       8-K
Filed at:   2022-11-09T23:59:59+00:00
Accession:  0001606909-22-000097
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pangaea Q3 GAAP EPS $0.42 (-30% y/y), adjusted $0.52 (+8%); revenue $184.5M
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- GAAP net income $18.8M ($0.42 diluted EPS) vs $27.0M ($0.60) in Q3 2021.
- Adjusted net income $23.3M ($0.52 diluted EPS), up 8% y/y; Adjusted EBITDA $38.5M, up 14%.
- TCE rate $24,107/day (-16% y/y) but 41% above benchmark Baltic Panamax/Supramax indices.
- Cash $117.9M (up $68.8M y/y); net debt/EBITDA 1.2x; declared $0.10 dividend payable Dec 15.
- Acquired supramax Bulk Sachuest for $16.6M; owned fleet now 25 vessels, operates ~55 total.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1606909/000160690922000097/0001606909-22-000097-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1606909/000160690922000097/panl-20221109.htm
  HTML page:      https://secwatch.observer/filing/0001606909-22-000097

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer