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Pangaea Logistics (PANL) – Another strong quarter

Transportation
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Thursday, August 11, 2022

Pangaea Logistics (PANL)
Another strong quarter

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.

Higher revenues reflect a jump in shipping rates. The company reported revenues of $195.5m up 34% over the same period last year. Higher sales reflect a 29% increase in TCE rates to $27,139. Adjusted EBITDA rose 107% to $44.2 million. The large increase in EBITDA reflects higher revenues combined with only modest increases in operating costs. Net income rose 30% to $25.0 million. 

Next quarter should be good as well. The company has locked in 3,026 shipping days, or about 60% of its rates at a TCE rate of $25,600. Management reports that it has no planned dry dock days for the rest of 2022, so we expect high utilization rates.  Finally, we would note that the upcoming September quarter has 92 days versus lower levels in each of the first two quarters….

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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