Pangaea Logistics reports record FY2022 results; Q4 net income flat, adjusted EPS down 43% YoY

Pangaea Logistics Solutions Ltd.

Full-year 2022 net income $79.5M ($1.76 diluted) up 17% YoY; adjusted net income $82.1M ($1.82 diluted) up 29%.
Q4 2022 revenue $127.9M (down 45% YoY); adjusted EBITDA $26.9M (down 29%); TCE $20,023/day, 41% premium over market.
Q4 adjusted EPS $0.32 vs $0.56 prior year, decline of 43%; net income flat at $15.5M.
Ended 2022 with $128.4M cash; net debt/EBITDA 1.25x; declared $0.10 quarterly dividend paid March 15.
Sold m/v Bulk Newport for $9.2M in Q1 2023; Q1-to-date TCE booked at $15,065/day for 3,970 ship days.

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