Pangaea Logistics Q3 adjusted EPS beats estimates, EBITDA up 81%
PANL•Pangaea Logistics reported third-quarter adjusted EPS of $0.52, above the $0.39 estimate, while adjusted EBITDA rose 81% year over year to $52.4 million. The company declared a quarterly dividend of $0.10 per share.
1. Quarterly results
Pangaea Logistics reported third-quarter adjusted net income of $33.6 million, compared with the $23.02 million estimate, and adjusted EBITDA of $52.4 million, versus the $38.68 million estimate. Net income attributable to the company was $38.3 million, and operating cash flow was $57.2 million.
2. Market and outlook
CEO Mads Boye Petersen said higher time charter equivalent rates and profitability reflected peak Arctic ice-class activity and a stronger dry bulk market. Pangaea also cited growth in terminal and stevedore revenue, including new port operations, and high utilization and efficiency of owned and chartered-in vessels, particularly in Arctic trades. The company reported Q4-to-date TCE of $21,423 per day over 5,040 shipping days and said it plans to advance fleet renewal and maintain capital returns to shareholders.
