Pangaea Logistics Solutions, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 04:53 pm EST
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Pangaea Logistics Solutions, Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 7.73 million compared to USD 11.31 million a year ago. Revenue was USD 135.62 million compared to USD 184.48 million a year ago. Net income was USD 18.87 million compared to USD 18.79 million a year ago. Basic earnings per share from continuing operations was USD 0.42 compared to USD 0.42 a year ago. Diluted earnings per share from continuing operations was USD 0.42 compared to USD 0.42 a year ago.
For the nine months, sales was USD 21.09 million compared to USD 49.09 million a year ago. Revenue was USD 367.39 million compared to USD 571.78 million a year ago. Net income was USD 25.19 million compared to USD 63.99 million a year ago. Basic earnings per share from continuing operations was USD 0.56 compared to USD 1.44 a year ago. Diluted earnings per share from continuing operations was USD 0.56 compared to USD 1.43 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. 
