Pangaea Q3 net income $5.1M ($0.11/share); merger of 15 vessels from MTM by year-end

Pangaea Logistics Solutions Ltd.

2024-Q3 EPS reported $0.45 revenue$389,361,469

GAAP net income $5.1M ($0.11 diluted) vs $18.9M ($0.42) YoY; adjusted net income $11.1M ($0.24).
Total revenue $153.1M, +13% YoY; TCE $16,324/day, +4% and 19% above Baltic indices.
Adj. EBITDA $23.9M, -14.2%; margin 15.6% vs 20.6% on higher voyage/charter costs.
Board declared $0.10/share quarterly dividend, payable Dec 13 to holders of record Nov 29.
Agreement to merge 15 dry bulk vessels from MTM in all-stock deal, expected close by year-end pending shareholder approval.

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