Pangaea Logistics logs $8.3M profit in Q3

PANGAEA LOGISTICS SOLUTIONS reported a profit of $8.3 million in the third quarter. / COURTESY PANGAEA LOGISTICS SOLUTIONS LTD.
PANGAEA LOGISTICS SOLUTIONS reported a profit of $8.3 million in the third quarter. / COURTESY PANGAEA LOGISTICS SOLUTIONS LTD.

NEWPORT – Pangaea Logistics Solutions Ltd. reported a profit of $8.3 million in the third quarter, or 19 cents per diluted share, matching results from one year prior, according to a company filing with the Securities and Exchange Commission Friday.

The company, which is headquartered in Newport and now has a terminal operation at Brayton Point, operates dozens of vessels, many of which it owns. It facilitates the logistics and transportation of dry-bulk cargoes for industrial customers around the globe.

Revenue for the quarter was $118.9 million, a 24.7% increase year over year, primarily attributed to an increase in voyage revenue, as opposed to charter revenue.

“The third quarter has historically been a strong quarter for us, and this year was no different. We fully deployed our industry-leading ice class capabilities to meet our clients’ needs during the summer arctic shipping season,” said CEO Ed Coll.

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The company noted that it had entered into an agreement to sell two ships and purchase another.

“Our operating fleet expanded from an average of 40 ships in the second quarter to 50 ships in the third quarter,” said Coll. “We again pioneered a voyage from the Arctic Circle, completing a breakthrough project in Greenland on one of our ice class ships. Further, through a newly formed joint venture with Hudson Structured Capital Management Ltd., we expanded our ice class capabilities by exercising our options for two additional post-panamax ice class vessels, bringing our total new-building order to four ships.”

The company noted that it worked to re-balance its owned vs. chartered vessel ratio, as well as reducing the age of its fleet.

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