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Pangaea Logistics Solutions Ltd. (PANL)
Unique Business Model Delivers Solid Results
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 full report for price target, fundamental analysis and rating.
- Lower-than-expected 3Q2019 numbers but consistent business model delivered solid results amid market volatility. While short of our estimate, 3Q2019 EBITDA of $17.7 million was higher than 2Q2019 EBITDA of $11.3 million and TCE rates of $15,915/day were the highest in several years and well above $14,360/day in 3Q2018.
- To reflect the 3Q2019 variance, we updated our 2019 EBITDA estimate to $50.5 million based on shipping days of...
This Company Sponored 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 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.