Pangaea Q4 net income $8.4M, adj EBITDA up 18%; Q1 TCE rate drops to $11,412/day

Pangaea Logistics Solutions Ltd.

Q4 net income $8.4M ($0.18 diluted) vs $1.1M YoY; adjusted net income $7.6M ($0.16 diluted).
Revenue $147.2M; TCE $15,942/day (down 10% YoY) but 48% above market indices.
Adjusted EBITDA $23.2M (up 18% YoY); margin improved to 16.4% from 14.9%.
Closed SSI acquisition of 15 vessels on Dec 30; fleet now 41 owned, total 62 vessels.
Q1 2025 to-date TCE $11,412/day (4,982 days) signals sharp rate decline from Q4.

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