secwatch.observer — SEC 8-K summary
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Issuer:     Pangaea Logistics Solutions Ltd. (PANL)
CIK:        0001606909
Form:       8-K
Filed at:   2024-03-13T23:59:59+00:00
Accession:  0001606909-24-000036
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pangaea Q4 net income $1.1M, adj $7.4M; TCE beats indices 27%; FY net $26.3M
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- Q4 net income $1.1M ($0.03 diluted EPS); adjusted net income $7.4M ($0.16 diluted EPS).
- Q4 total revenue $131.9M; adjusted EBITDA $19.7M (14.9% margin vs 21% prior year).
- Q4 TCE $17,685/day, down 11.7% YoY, but beat Baltic Panamax and Supramax indices by 27%.
- Full year 2023: net income $26.3M ($0.58 diluted EPS); adjusted $31.4M ($0.69 EPS); revenue $499.3M.
- Cash $99M; net debt/EBITDA 2.12x; quarterly dividend $0.10/share declared for March 15, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1606909/000160690924000036/0001606909-24-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1606909/000160690924000036/panl-20240313.htm
  HTML page:      https://secwatch.observer/filing/0001606909-24-000036

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