Movers and SHAKERS
Pangaea Logistics Solutions Ltd. (PANL)
Unique Business Model Delivers Strong Operating Results in Challenging Times
Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm's services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Bounce back from a challenging quarter. Unique and consistent business model continues to deliver TCE rate outperformance. While the 2Q020 environment for the dry bulk market was challenging, the unique business model once again delivered positive operating results and adjusted 2Q2020 EBITDA of $10.7 million was well ahead of expectations, mainly due to an overly cautious stance that we took when 1Q2020 operating results were lower than expected in May.
Adjusting 2020 EBITDA estimate to reflect current dry bulk market weakness and near-term uncertainty. Similar to last year, we have seen a robust recovery off the lows of last quarter. We are reversing the conservative stance, which proved way too cautious, taken after 1Q2020 operating results were announced in May and our EBITDA estimate moves back up to ...
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.