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Pangaea Logistics (PANL) – Results in line, upcoming quarters look favorable

Transportation
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Thursday, May 12, 2022

Pangaea Logistics (PANL)
Results in line, upcoming quarters look favorable

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2022-1Q Results reflect strong market conditions. Revenues soared 53% surpassing expectations. TCE rates rose to $26,472 from $16,524. Offsetting the rise in revenues was an increase in operating costs. Adjusted EBITDA was $31.3 million versus $12.1 million and  adjusted net income rose to $15.7 million ($0.35 per share) versus $3.8 million ($0.09 per share). Reported results were in line with expectations.

Future looks good especially for Pangaea Shipping rates remain favorable and are poised to improve. Northern routes remain tight. Pangaea has a dominate position in the ice-breaking fleet industry. TCE rates for the second quarter as currently booked are $29,432 up from the first quarter’s rate of $26,472. In response to favorable pricing and results, the board of directors has increased the annual dividend 50% to $0.30 per share….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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