secwatch.observer — SEC 8-K summary
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Issuer:     Pangaea Logistics Solutions Ltd. (PANL)
CIK:        0001606909
Form:       8-K
Filed at:   2023-05-10T23:59:59+00:00
Accession:  0001606909-23-000061
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pangaea Q1 net income $3.5M, down 83% YoY; TCE rates $14,372/day, -46%
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- Net income $3.5M ($0.08 diluted EPS) vs $20.2M YoY; adjusted net income $5.1M ($0.11).
- Revenue $113.7M, down 41% YoY; TCE $14,372/day, down 46% but 48% above Baltic indices.
- Adjusted EBITDA $16.2M, down 48% YoY; cash $129.1M; net debt/EBITDA 1.3x.
- Declared $0.10/share quarterly dividend (paid June 15); increased 100% YoY.
- Acquired terminal ops for $7.2M (Port Everglades, Palm Beach, Baltimore); purchased vessel Bulk Prudence for $26.6M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1606909/000160690923000061/0001606909-23-000061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1606909/000160690923000061/panl-20230510.htm
  HTML page:      https://secwatch.observer/filing/0001606909-23-000061

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