Pangaea Logistics Solutions Ltd., a global provider of comprehensive maritime logistics solutions, has announced its results for the three months and year ended 31 December 2017.
- 39% increase in net revenue from 2016 to US$55.2 million.
- US$40.1 million adjusted EBITDA in 2017 as compared to US$27.0 million in 2016.
- Net income of US$7.8 million or US$0.20 per share and adjusted EPS of US$0.39 per share, as dry bulk market rates improve from 2016 levels.
- Income from operations of US$15.2 million including the effect of losses incurred on two sale and leaseback financing transactions.
- Cash flow from operations of US$29.2 million representing a significant increase over the prior year.
- Cash and cash equivalents totalling US$34.5 million at 31 December 2017.
- Improved working capital resulting from cash generated by operations, debt extinguishment and conversion of dividends payable to common stock.
- Revenue up 54% to US$102.2 million from US$66.3 million in 4Q16.
- Total shipping days increased to 5036, a 38% increase over the 4Q16 total of 3654.
- TCE of US$12 510 per day for the three months ended 31 December 2017 compared to US$10 159 for the three months ended 31 December 2016.
- Adjusted EBITDA of US$10.7 million for 4Q17 versus US$4.4 million for the same period in 2016.
- The company operated an average of 55 vessels during 4Q17 versus an average of 40 vessels in the same period of 2016.
Ed Coll, Pangaea Logistics CEO, said: "We came through the toughest dry bulk market the industry has ever experienced in excellent shape. We generated US$67 million of adjusted EBITDA during this two year span, and deployed capital to expand our fleet and grow our business in ways that better serve our customers, spread shipping risks, and provide steady returns to our shareholders. We did this while recording positive net earnings, paying down debt and keeping our promises to our lenders by improving our balance sheet and leverage ratios. These actions helped us expand our credit capabilities to borrow for expansion at reasonable rates and terms. I am very thankful and proud of our entire organisation, our customers and partners, and all of our employees for the hard work in difficult times. We look forward to even greater success as the dry bulk market continues to improve."
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/22032018/pangaea-logistics-solutions-declares-2017-and-4q17-financial-results/