NEWPORT – Pangaea Logistics Solutions Ltd. earned a profit of $27.5 million in the second quarter of 2022, an increase from $19.6 million in the same period a year earlier, according to the company’s public filings.
Pangaea, which provides logistics services to industrial customers that require the transportation of dry bulk cargoes, said that earnings per diluted share were 56 cents, compared with 43 cents one year before.
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“Our strong second-quarter results demonstrate continued execution on our long-term strategy, one that emphasizes profitable growth within niche, higher-margin dry bulk shipping and logistics markets,” said Mark Filanowski, CEO of Pangaea Logistics Solutions. “We delivered strong year-over-year growth in both revenue and net income while generating record second quarter adjusted EBITDA, driven by a significant year-over-year increase in TCE rates and strong fleet utilization.”
Revenue for the quarter was $195.5 million, a 34% increase year over year. Voyage revenue in the quarter totaled $173.2 million compared to $117.4 million one year prior. Quarterly Charter revenue decreased to $22.4 million from $28.1 million year over year.
“We have a dedicated leadership team and employee base, both ashore and aboard, who drive our performance,” Filanowski said. “Our ability to deploy capital in a prudent, yet opportunistic manner has been integral to our track record of value creation. In what remains a volatile market, we believe a balanced approach to capital deployment is appropriate, one that includes a consistent return of capital program, together with debt reduction and high-return organic growth investments, reflecting our continued confidence in the outlook for our business.”
