NEWPORT – Pangea Logitsics Solutions Ltd. reported $5.5 million in first-quarter net income, compared with a 3,683 loss in the first quarter of 2017, according to an SEC filing Thursday.
Diluted earnings per share for the quarter was 10 cents, compared with 4 cents per share last year. Revenue for the quarter was $79 million, a drop from $84.5 million in the same year-earlier period.
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“During the first quarter of 2018, we continued a transition to a stronger shipping market, with cargo owners and traders shifting their sourcing and transportation requirements in response to higher shipping costs and potential impacts of tariff and sanction threats,” said Ed Coll, CEO of Pangaea, in a statement. “This kind of disruption presents us with strong opportunities to bring meaningful growth to our business in the right places, not in simple volume movements. … We are in the process of extending and expanding important contracts, cautiously investing in new assets, adding people and capabilities in important places, and re-enforcing our presence in growing markets.”
The company is the parent of various shipping companies that owns 20 ships and typically operates between 40 and 80 ships around the world at various times.
“Overall, our ship days activity was lower in the first quarter of 2018 than last year, when we were in the middle of performing our 14-month long Charleston contract that used four to five ships every day in the first quarter of 2017,” said Coll. “However, by the end of this quarter, our operating fleet of owned and chartered-in ships was back up to over 50 vessels and growing. We continue to be optimistic about the market.”
Pangaea Logistics provides logistics and ocean shipping services to industrial customers who require the transportation of dry bulk cargo including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone.
Chris Bergenheim is the PBN web editor.
