secwatch.observer — SEC 8-K summary
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Issuer:     Pangaea Logistics Solutions Ltd. (PANL)
CIK:        0001606909
Form:       8-K
Filed at:   2023-03-15T23:59:59+00:00
Accession:  0001606909-23-000040
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1606909/000160690923000040/0001606909-23-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1606909/000160690923000040/panl-20230315.htm
  HTML page:      https://secwatch.observer/filing/0001606909-23-000040

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