Pangaea Logistics Solutions - dry bulk efficiently and productively with strategic ingenuity

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Pangea Logistics Solutions is a dry bulk freight forwarder and logistics company from Newport, USA. We offer help with the entire supply chain: loading, unloading, transport, voyage planning, and technical management of vessels. Time charters and charter parties are available by agreement.
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We have 8 Supramax vessels, 3 Ultramax, 9 Panamax, 4 Post-Panamax, and one barge. Please note our excellent readiness for Arctic waters. Our fleet includes 6 Panamax and all Post-Panamax vessels with 1A ice class. Two Ultramax vessels have poor C protection. The remaining vessels only sail in tropical waters.

I’ve been monitoring the port scans of the vessels. The vessels are moving excellently; all Supras are either transporting or unloading. Almost all Ultras are currently unloading. There are delays for Panamax and Post-Panamax vessels on the Arctic route, and I’m puzzled by the slow cargo unloading for a couple of vessels. Okay.

Pangea Logistics is a value stock. Currently, it is trading below NAV. Q2/2022 will be released on August 9, 2022, after the market closes. The EPS forecast for Q2/2022 is $0.37.

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Here are the main highlights from the old Q1:

Net income attributable to Pangea Logistics Solutions Ltd. was $20.2 million for the three months ended March 31, 2022, compared to $5.9 million for the corresponding period in 2021.

Non-GAAP adjusted net income attributable to Pangea Logistics Solutions Ltd. was $15.7 million compared to non-GAAP adjusted net income of $3.8 million for the three months ended March 31, 2021.

Adjusted earnings per share were $0.35 compared to $0.09 in the corresponding period of 2021.

Diluted net income per share was $0.45 for the three months ended March 31, 2022, compared to diluted net income per share of $0.13 for the same period in 2021.

Pangea’s TCE (Time Charter Equivalent) rates were $26,472 per day for the three months ended March 31, 2022, compared to $16,524 per day for the three months ended March 31, 2021.

Adjusted EBITDA was $31.3 million for the three months ended March 31, 2022, compared to $12.1 million for the same period in 2021.

Pangea had $69.9 million in cash and bank balances at the end of the quarter.

• The company’s board of directors declared a quarterly cash dividend of $0.075 per common share, payable on June 15, 2022, to all shareholders of record as of June 1, 2022.

The strategic brilliance of management mentioned in the title is based on an analyst’s assessment. I, myself, demand proof from management NOW! Even better profitability and an upward market correction. Since there’s cash, they should buy back their own shares and restore the stock’s valuation to its proper level.

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Why dry bulk? We want to secure energy security, even with fossil fuels, and bring grain/bread to the people. Is this also a matter of conscience for you? Pangaea Logistics Solutions

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Here it is – Q2/2022. We clearly exceeded consensus. EPS $0.56 (estimate was $0.37)

  • Total revenues increased 34% year-over-year to $195.5 million. Voyage revenues increased 48% from the previous year.
  • Net income attributable to Pangaea increased 30% year-over-year to $25.0 million, or $0.56 per diluted share.
  • Adjusted EBITDA increased 107% year-over-year to $44.2 million.
  • Operating cash flow increased 155% year-over-year to $37.2 million.
  • TCE rates earned by Pangaea increased 29% year-over-year to $27,139 per day.
  • Cash and cash equivalents increased 152% year-over-year to $102.2 million.
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To quote: “The rocket engines of the first stage of the investment story have started.”

Press Release Summary:
:clap: Mark “Matti” Filanowski, please take it away,

Our long-term contracts are with customers that allow for premium pricing. Our fleet is utilized efficiently, and we have a balance sheet that allows us to sustain investments in organic growth and an attractive capital profile return through a sustainable quarterly cash dividend.

Our business model and operations leverage us favorably to maximize our profitability throughout the cycle. Our ability to invest capital judiciously in an opportunistic manner has been an essential part of our value creation history.

The spot market has been quite good. Prices are high compared to historical figures, not as high as they were a few months ago, but I think everyone in our business is happy with the prices.
Below is the full transcript. Wait and click to enlarge. :cowboy_hat_face:

tulospuhelun pöytäkirja Q2 2022
tulospuhelun pöytäkirja Q2 2022849×22562 2.31 MB

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Finally, the awaited Q3 report is out. We came in slightly below the consensus estimate, with an EPS estimate of $0.56 and actual of $0.52.
TCE rates have decreased, and voyage and time charter days have slightly decreased. However, it’s good to hear that some real work has been done.

…partnered with several third-party cargo and logistics providers to transport 140,000 tons of coal to a power plant operator in the Northeastern United States; provided stevedoring and terminal services to an offshore cable lay vessel; discharged 13,000 tons of cement in jumbo bags in Texas; provided pipe laying and support services to a wind farm commissioning service vessel (“CSOV”) at our pier in Brayton Point, Somerset, Massachusetts; and was awarded a stevedoring permit at the Port of Freeport, Texas.

Let’s keep the suspense going… the official report is behind the link.

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Pangaea Logistics Q4 and annual report released.

Slightly beat the EPS estimate, with actual adjusted at $0.32 (estimate $0.28). Filanowski paints a bright future outlook, with a clever fleet strategy, agile business model, and improving demand outlook. :ok_hand: :cowboy_hat_face:

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