NEWPORT, R.I. (AP) — NEWPORT, R.I. (AP) — Pangaea Logistics Solutions Ltd. (PANL) on Wednesday reported profit of $1.1 million in its fourth quarter.

The Newport, Rhode Island-based company said it had profit of 3 cents per share. Earnings, adjusted for non-recurring costs, came to 16 cents per share.

The maritime logistics company posted revenue of $131.9 million in the period.

For the year, the company reported profit of $26.3 million, or 58 cents per share. Revenue was reported as $499.3 million.

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