NEWPORT – Pangaea Logistics Solutions Ltd. reported an income of $24 million in 2018, an increase from $9.1 million one year prior in a Securities and Exchange Commission filing last week.
Earnings per diluted share in 2018 were 42 cents, compared with 20 cents one year prior.
The shipping and logistics company reported a revenue of $373 million for the year, a decline from $385.9 million in 2017. 2018 revenues included $319.8 million in voyage revenue and $53.2 million in charter revenue.
The company said it owns or partially owns 20 vessels and operates a fleet of 45-60 Supramax, Panamax and Handymax vessels.
“In almost every measure we had a great year,” stated Pangaea CEO Ed Coll. “We pushed forward our logistics efforts and extended important long-term contracts with Noranda and Baffinland Iron Mines. I am very proud of our team, and I am extremely confident we are positioned well and can navigate the unexpected present downturn in the market in good shape. Our future in the shipping sector is bright as we focus on our customers’ operations and on niche areas where we know we can provide extra value for our customers.”
The company reported assets of $453.5 million at the end of 2018, compared with $423.3 million in assets at the end of 2017.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
