Home Economy Economic Activity SEC filing of the week: Pangaea Logistics ends 2024 with a $29M...

SEC filing of the week: Pangaea Logistics ends 2024 with a $29M profit

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PBN Staff

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03/14/2025

Pangaea-Logistics-Solutions-Logo — PANGAEA LOGISTICS Solutions Ltd. earned a profit of $29 million for 2024, an increase from $26.3 million the year prior.

NEWPORT – Pangaea Logistics Solutions Ltd. earned a profit of $29 million for 2024, a 10% increase from $26.3 million a year ago. In its filing with the U.S. Securities and Exchange Commission on Thursday, the company reported revenue of $536.5 million for the year, an increase from $499.2 million in 2023. Earnings per diluted

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NEWPORT – Pangaea Logistics Solutions Ltd. earned a profit of $29 million for 2024, a 10% increase from $26.3 million a year ago. In its filing with the U.S. Securities and Exchange Commission on Thursday, the company reported revenue of $536.5 million for the year, an increase from $499.2 million in 2023. Earnings per diluted share were 63 cents for 2024, an increase from 58 cents the year the year prior. On Jan. 10, Pangaea Logistics completed its acquisition of 15 handy-size vessels from Strategic Shipping Inc. in a deal valued at $271 million. The approved acquisition increases Pangea’s’ fleet to 41 vessels. Handy-size cargo ships generally have a carrying capacity of up to 35,000 dead weight tons. “Entering 2025, slowing global demand growth and recent policy actions have contributed to uncertainty within the dry-bulk market,” said Mark Filanowski, CEO of Pangaea Logistics. “While this uncertainty may have an inflationary impact on [Time Charter Equivalent] rates, it also has the potential to lead to disruptions in the global flow of goods, leading us to remain agile across our trade networks. With the added scale afforded by the SSI transaction, Pangaea is uniquely positioned to drive a combination of expanded commercial growth, improved economies of scale and above-market TCE rate realization in the year ahead, while continuing to prioritize selective investments in our fleet, expanded logistics operations in strategic ports, and our stable cash dividend.” For the fourth quarter that ended Dec. 31, Pangaea reported a net income of $8.4 million, an increase of $1.1 million year over year. Earnings per diluted share were 16 cents, up from 58 cents a year ago. Fourth quarter TEC rates decreased 10% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 17% to 4,800 days, when compared to the year-ago period, the company reported. The TCE earned was $15,942 per day in the fourth quarter, compared to an average of $17,685 per day for the same period in 2023. Revenue for the fourth quarter was $147.1 million, up from $131.8 million a year ago.