Pangaea Logistics Solutions, Ltd. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
March 15, 2023 at 04:32 pm EDT
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Pangaea Logistics Solutions, Ltd. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported Revenue was USD 127.92 million compared to USD 234.56 million a year ago. Net income was USD 15.5 million compared to USD 15.15 million a year ago. Basic earnings per share from continuing operations was USD 0.35 compared to USD 0.34 a year ago. Diluted earnings per share from continuing operations was USD 0.34 compared to USD 0.34 a year ago.
For the full year, the company reported Revenue was USD 699.71 million compared to USD 718.1 million a year ago. Net income was USD 79.49 million compared to USD 67.23 million a year ago. Basic earnings per share from continuing operations was USD 1.79 compared to USD 1.53 a year ago. Diluted earnings per share from continuing operations was USD 1.76 compared to USD 1.5 a year ago.
Pangaea Logistics Solutions Ltd. is a provider of seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. The Company offers services to a base of industrial customers who require the transportation of a variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company provides ocean transportation services to clients utilizing an ocean-going fleet of motor vessels (m/v) in the Handymax, Supramax, Ultramax and Panamax and Post-Panamax segments. The Company operates 26 vessels which are wholly owned or partially-owned through joint ventures. The Company provides logistics services and commercially manages its fleet primarily from offices in Newport, Rhode Island, Copenhagen, Denmark and Singapore. Its logistics services and activities include cargo loading, cargo discharge, vessel chartering, voyage planning, and technical vessel management.
PANGAEA LOGISTICS SOLUTIONS, LTD. 
