NEWPORT,
R.I., May 10, 2023 /PRNewswire/ -- Pangaea
Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ:
PANL), a global provider of comprehensive maritime logistics
solutions, announced today its results for the three months ended
March 31, 2023.
FIRST QUARTER 2023 RESULTS
(As compared to the
first Quarter 2022)
- Net income attributable to Pangaea of $3.5 million, or $0.08 per diluted share
-
- Adjusted net income attributable to Pangaea of $5.1 million, or $0.11 per diluted share
- Operating cash flow of $11.6
million, a decrease of 64% y/y
- Adjusted EBITDA of $16.2 million,
a decrease of 48% y/y
- Time Charter Equivalent ("TCE") rates earned by Pangaea of
$14,372 per day, a decline of 46%
y/y
-
- Pangaea's TCE rates exceeded the average Baltic Panamax and
Supramax indices by approximately 48%
- Cash and cash equivalents of $129.1
million, an increase of $59.2
million y/y
- Ratio of net debt to trailing twelve-month Adjusted EBITDA of
1.3x
For the first quarter ended March 31, 2023, Pangaea
reported non-GAAP adjusted net income of $5.1 million, or $0.11 per diluted share, on total revenue of
$113.7 million. First quarter TCE
rates declined 46% on a year-over-year basis, while total shipping
days, which include both voyage and time charter days, declined 17%
to 3,958 days, when compared to the year-ago period.
The TCE earned was $14,372 per day
for the three months ended March 31, 2023, compared to an
average of $26,472 per day for the
same period in 2022. During the first quarter 2023, the Company's
average TCE rate exceeded the benchmark average Baltic Panamax and
Supramax indices by approximately 48%, supported by Pangaea's
long-term contracts of affreightment ("COAs"), specialized fleet,
and cargo-focused strategy.
Total Adjusted EBITDA decreased 48% to $16.2 million in the first quarter, as seasonal
demand weakness negatively impacted market rates. Adjusted EBITDA
margin declined 204 basis points to 14.3% in the first quarter
2023, when compared to the year-ago period, driven by lower market
rates. After bottoming in February
2023 at $6,200/day, market
rates increased to over $13,000/day
in April 2023, an increase of 110%.
Pangaea currently anticipates a further strengthening in market
rates during the second quarter of 2023, given a combination of
improved seasonal demand, strengthening activity in Asia and tightness in global shipping
capacity.
As of March 31, 2023, the Company had $129.1 million in cash and equivalents. Total
debt, including lease finance obligations was $290 million. At the end of the first quarter
2023, the Company's net debt to trailing twelve-month adjusted
EBITDA was at 1.3x. During the three months ended March 31,
2023, the Company repaid $5.8 million
of long-term debt, $4.1 million of
finance leases, and paid $4.6 million
of cash dividends.
The Company's Board of Directors declared a quarterly cash
dividend of $0.10 per common share,
to be paid on June 15, 2023, to all
shareholders of record as of June 1,
2023.
STRATEGIC UPDATE
Pangaea remains committed to developing a leading dry bulk
logistics and transportation services company of scale, providing
its customers with specialized shipping and supply chain and
logistics offerings in commodity and niche markets, which drive
premium returns measured in time charter equivalent per
day.
Leverage integrated shipping and logistics model.
In addition to operating the largest high ice class dry bulk
fleet of panamax and post-panamax vessels globally, Pangaea also
performs stevedoring services, together with port and terminal
operations capabilities. In May 2023,
Pangaea announced that it has entered into a definitive agreement
to acquire marine port terminal operations in Port
Everglades/Ft. Lauderdale, Port of
Palm Beach, Florida, and Port of
Baltimore, Maryland. Pangaea
currently operates terminals and performs stevedoring in four ports
in North America. Under the terms
of the agreement, Pangaea will acquire all onshore assets, licenses
and business operations related to the acquired terminal operations
for a total purchase price of $7.2
million. With this acquisition, Pangaea expands its North
American terminal network to include the mid-Atlantic and
southeastern United States. The
acquisition provides Pangaea with additional dry bulk distribution
capabilities within growing commerce centers, while augmenting its
integrated ocean freight and shoreside solutions offering. The
acquisition is subject to regulatory review and customary closing
conditions. The Company expects to close the transaction during the
second quarter of 2023.
Continue to drive strong fleet utilization. In the first
quarter, Pangaea's 24 owned vessels were fully utilized and
supplemented with an average of 20 chartered-in vessels to
support cargo and COA commitments. Utilizing its nimble fleet
approach, the Company reduced its exposure to the market by
redelivering chartered-in vessels and reducing its average
chartered-in fleet from 25 vessels on average during 2022 to 20
vessels in the first quarter 2023. However, due to improving market
rates in the second quarter, the Company increased its charter-in
fleet to 25 as of today.
Continue to drive fleet upgrades and refreshment.
In May 2023, Pangaea announced the
acquisition of a 61,000 dwt dry bulk vessel in the second-hand
market for $26.6 million cash. Built
in 2014, this vessel, to be re-named Bulk Prudence, is
expected to be delivered to Pangaea in June
2023, representing the 25th owned vessel in its
fleet. The vessel is currently expected to enter into service
immediately after delivery. Looking ahead, the Company intends to
opportunistically manage its fleet with the purpose of maximizing
TCE rates, while continuing to support client requirements on an
on-demand basis.
MANAGEMENT COMMENTARY
"During a seasonally slower period for the global dry bulk
shipping market, we delivered an average TCE rate that was nearly
50% higher than market benchmark indices, resulting in another
consecutive quarter of profitability," stated Mark Filanowski, Chief Executive Officer of
Pangaea Logistics Solutions. "Since bottoming in February,
market rates have recovered materially, given a combination of
improved seasonal demand, strengthening activity in Asia and tightness in global shipping
capacity. During April, market rates averaged over $13,000/day, up from $6,200/day in February, and our cargo portfolio
will provide premium contract revenue, positioning our business for
sequential growth entering the second quarter 2023, despite
macroeconomic uncertainty."
"Pangaea continues to maintain a disciplined capital allocation
strategy designed to drive long-term value creation for our
shareholders," continued Filanowski. "On a trailing four-quarter
basis, we've generated over $100
million in free cash flow, positioning us to reduce net
leverage and return capital to shareholders, while investing in
high-return organic and inorganic growth opportunities that align
with our integrated shipping and logistics strategy. Over the last
year, we've increased our quarterly cash dividend by 100% to
$0.10 per share, further positioning
us as a stable, yield-centric equity. On a year-to-date basis,
we've continued to refresh our fleet with the divestiture of the
Bulk Newport, a dry bulk vessel built in 2003, followed by the
purchase of the Bulk Prudence, a 61,000 dwt Ultramax vessel built
in 2014, bringing our total owned fleet to 25 vessels. In June, we
expect to close on our purchase of port terminal operations in
Fort Lauderdale, Florida and
Baltimore, Maryland that, at a
strategic level, will both expand our onshore capabilities in
growing regional hubs and further position us as an integrated
shipping-logistics business of scale."
"Looking ahead, we anticipate Pangaea will generate strong free
cash flow this year, positioning us to further reward our
shareholders, reduce debt outstanding and opportunistically refresh
our existing fleet with newer, more efficient vessels, particularly
given recently enacted emissions regulations enacted earlier this
year. As we continue to build our onshore logistics capabilities,
we see the potential for further synergies with our ocean freight
offering. We continue to focus on moving closer to our customer,
while managing an end-to-end supply chain solution that drives
long-term margin expansion and profitable growth, over the
long-term."
FIRST QUARTER 2023 CONFERENCE CALL
The Company's management team will host a conference call to
discuss the Company's financial results on Thursday, May 11, 2023 at 8:00 a.m., Eastern Time (ET). Accompanying
presentation materials will be available in the Investor Relations
section of the Company's website at
https://www.pangaeals.com/investors/. To listen to a live
broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download, and install
any necessary audio software.
To participate in the live teleconference:
Domestic Live:
1-800-225-9448
International Live:
1-203-518-9708
Conference ID:
PANLQ123
To listen to a replay of the teleconference, which will be
available through May 18, 2023:
Domestic Replay:
1-800-723-0528
International Replay: 1-402-220-2654
Pangaea Logistics
Solutions Ltd. Consolidated Statements of
Operations (unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
Voyage
revenue
|
$
107,950,123
|
|
$
176,336,751
|
Charter
revenue
|
5,748,952
|
|
15,425,652
|
Total
revenue
|
113,699,075
|
|
191,762,403
|
Expenses:
|
|
|
|
Voyage
expense
|
56,814,631
|
|
65,250,467
|
Charter hire
expense
|
22,590,840
|
|
77,711,607
|
Vessel operating
expense
|
13,606,815
|
|
13,187,833
|
General and
administrative
|
5,691,733
|
|
5,281,388
|
Depreciation and
amortization
|
7,326,860
|
|
7,301,419
|
Loss on impairment of
vessel
|
—
|
|
3,007,809
|
Loss on sale of
vessel
|
1,172,196
|
|
—
|
Total
expenses
|
107,203,075
|
|
171,740,523
|
|
|
|
|
Income from
operations
|
6,496,000
|
|
20,021,880
|
|
|
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(4,250,514)
|
|
(3,371,712)
|
Interest
income
|
1,049,846
|
|
539
|
Loss (income)
attributable to Non-controlling interest recorded as long-term
liability
interest expense
|
144,736
|
|
(1,840,333)
|
Unrealized (loss) gain
on derivative instruments, net
|
(423,569)
|
|
7,500,314
|
Other
income
|
386,413
|
|
137,207
|
Total other (expense)
income, net
|
(3,093,088)
|
|
2,426,015
|
|
|
|
|
Net income
|
3,402,912
|
|
22,447,895
|
Loss (income)
attributable to non-controlling interests
|
71,355
|
|
(2,279,930)
|
Net income attributable
to Pangaea Logistics Solutions Ltd.
|
$
3,474,267
|
|
$
20,167,965
|
|
|
|
|
Earnings per
common share:
|
|
|
|
Basic
|
$
0.08
|
|
$
0.45
|
Diluted
|
$
0.08
|
|
$
0.45
|
|
|
|
|
Weighted average shares
used to compute earnings per common share:
|
|
|
|
Basic
|
44,712,290
|
|
44,388,960
|
Diluted
|
45,116,719
|
|
45,192,983
|
Pangaea Logistics
Solutions Ltd. Consolidated Balance Sheets
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
(unaudited)
|
|
(audited)
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
129,149,673
|
|
$
128,384,606
|
Accounts receivable
(net of allowance of $4,197,323 and $4,367,848 at March 31,
2023 and December 31, 2022, respectively)
|
33,439,701
|
|
36,755,149
|
Bunker
inventory
|
26,734,280
|
|
29,104,436
|
Advance hire, prepaid
expenses and other current assets
|
30,439,156
|
|
28,266,831
|
Total current
assets
|
219,762,810
|
|
222,511,022
|
|
|
|
|
Fixed assets,
net
|
461,744,846
|
|
476,524,752
|
Finance lease right of
use assets, net
|
42,985,763
|
|
43,921,569
|
Other non-current
Assets
|
5,734,456
|
|
5,284,127
|
Total
assets
|
$
730,227,875
|
|
$
748,241,470
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
40,224,765
|
|
$
38,554,131
|
Deferred
revenue
|
16,419,178
|
|
20,883,958
|
Current portion of
secured long-term debt
|
13,373,846
|
|
15,782,530
|
Current portion of
finance lease liabilities
|
16,467,180
|
|
16,365,075
|
Dividend
payable
|
639,632
|
|
626,178
|
Total current
liabilities
|
87,124,601
|
|
92,211,872
|
|
|
|
|
Secured long-term debt,
net
|
95,561,614
|
|
98,819,739
|
Finance lease
liabilities, net
|
164,519,655
|
|
168,513,939
|
Long-term liabilities -
other
|
19,829,654
|
|
19,974,390
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized and no shares issued
or
outstanding
|
—
|
|
—
|
Common stock, $0.0001
par value, 100,000,000 shares authorized; 46,466,622 shares
issued and outstanding at March 31, 2023; 45,898,395 shares issued
and outstanding
at December 31, 2022
|
4,648
|
|
4,590
|
Additional paid-in
capital
|
163,623,173
|
|
162,894,080
|
Retained
earnings
|
150,140,417
|
|
151,327,392
|
Total Pangaea
Logistics Solutions Ltd. equity
|
313,768,238
|
|
314,226,062
|
Non-controlling
interests
|
49,424,113
|
|
54,495,468
|
Total stockholders'
equity
|
363,192,351
|
|
368,721,530
|
Total liabilities
and stockholders' equity
|
$
730,227,875
|
|
$
748,241,470
|
Pangaea Logistics
Solutions, Ltd.
Consolidated Statements of Cash Flows
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Operating
activities
|
Unaudited
|
|
Unaudited
|
Net income
|
$
3,402,912
|
|
$
22,447,895
|
Adjustments to
reconcile net income to net cash provided by operations:
|
|
|
|
Depreciation and
amortization expense
|
7,326,860
|
|
7,301,419
|
Amortization of
deferred financing costs
|
239,207
|
|
256,830
|
Amortization of
prepaid rent
|
30,484
|
|
30,484
|
Unrealized loss (gain)
on derivative instruments
|
423,569
|
|
(7,500,314)
|
Income from equity
method investee
|
(386,413)
|
|
(137,207)
|
(Loss) earnings
attributable to non-controlling interest recorded as other long
term
liability
|
(144,736)
|
|
1,840,333
|
(Recovery) provision
for doubtful accounts
|
(170,525)
|
|
696,869
|
Loss on impairment of
vessel
|
—
|
|
3,007,809
|
Loss on sale of
vessel
|
1,172,196
|
|
—
|
Drydocking
costs
|
(1,347,899)
|
|
(1,638,364)
|
Share-based
compensation
|
856,434
|
|
827,806
|
Change in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
3,485,973
|
|
12,196,570
|
Bunker
inventory
|
2,370,157
|
|
(12,061,014)
|
Advance hire, prepaid
expenses and other current assets
|
(2,917,384)
|
|
6,255,996
|
Accounts payable,
accrued expenses and other current liabilities
|
1,695,595
|
|
4,843,359
|
Deferred
revenue
|
(4,464,780)
|
|
(6,306,463)
|
Net cash provided by
operating activities
|
11,571,650
|
|
32,062,008
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of vessels and
vessel improvements
|
(75,291)
|
|
(18,261,685)
|
Purchase of fixed
assets and equipment
|
—
|
|
(67,178)
|
(Contributions to)
payment from non-consolidated subsidiaries
|
(63,917)
|
|
81,495
|
Proceeds from sale of
vessel
|
8,933,700
|
|
—
|
Net cash provided by
(used in) investing activities
|
8,794,492
|
|
(18,247,368)
|
|
|
|
|
Financing
activities
|
|
|
|
Payments of financing
fees and issuance costs
|
—
|
|
(331,317)
|
Payments of long-term
debt
|
(5,765,505)
|
|
(3,353,207)
|
Proceeds from finance
leases
|
—
|
|
15,000,000
|
Payments of finance
lease obligations
|
(4,060,499)
|
|
(3,837,280)
|
Dividends paid to
non-controlling interests
|
(5,000,000)
|
|
(5,000,000)
|
Accrued common stock
dividends paid
|
(4,647,788)
|
|
(2,292,620)
|
Cash paid for incentive
compensation shares relinquished
|
(127,283)
|
|
(287,630)
|
Net cash used in
financing activities
|
(19,601,075)
|
|
(102,054)
|
|
|
|
|
Net increase in cash
and cash equivalents
|
765,067
|
|
13,712,586
|
Cash and cash
equivalents at beginning of period
|
128,384,606
|
|
56,208,902
|
Cash and cash
equivalents at end of period
|
$
129,149,673
|
|
$
69,921,488
|
Pangaea Logistics
Solutions Ltd. Reconciliation of Non-GAAP
Measures (unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
Net Transportation
and Service Revenue
|
|
|
|
|
Gross Profit
|
|
$
13,387,407
|
|
$
28,329,468
|
Add:
|
|
|
|
|
Vessel Depreciation and
Amortization
|
|
7,299,382
|
|
7,283,028
|
Net transportation and
service revenue
|
|
$
20,686,789
|
|
$
35,612,496
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
Net Income
|
|
3,402,912
|
|
22,447,895
|
Interest expense,
net
|
|
3,200,668
|
|
3,371,173
|
(Loss) income
attributable to Non-controlling interest recorded as long-term
liability
interest expense
|
|
(144,736)
|
|
1,840,333
|
Depreciation and
amortization
|
|
7,326,860
|
|
7,301,419
|
EBITDA
|
|
13,785,704
|
|
34,960,820
|
Non-GAAP
Adjustments:
|
|
|
|
|
Loss on impairment of
vessels
|
|
—
|
|
3,007,809
|
Loss on sale of
vessels
|
|
1,172,196
|
|
—
|
Share-based
compensation
|
|
856,434
|
|
827,806
|
Unrealized loss (gain)
on derivative instruments, net
|
|
423,569
|
|
(7,500,314)
|
Adjusted
EBITDA
|
|
$
16,237,903
|
|
$
31,296,121
|
|
|
|
|
|
Earnings Per
Common Share
|
|
|
|
|
Net income attributable
to Pangaea Logistics Solutions Ltd.
|
|
$
3,474,267
|
|
$
20,167,965
|
|
|
|
|
|
Weighted average number
of common shares outstanding - basic
|
|
44,712,290
|
|
44,388,960
|
Weighted average number
of common shares outstanding - diluted
|
|
45,116,719
|
|
45,192,983
|
|
|
|
|
|
Earnings per common
share - basic
|
|
$
0.08
|
|
$
0.45
|
Earnings per common
share - diluted
|
|
$
0.08
|
|
$
0.45
|
|
|
|
|
|
Adjusted
EPS
|
|
|
|
|
Net Income attributable
to Pangaea Logistics Solutions Ltd.
|
|
$
3,474,267
|
|
$
20,167,965
|
Non-GAAP
|
|
|
|
|
Add: loss on
impairment of vessels
|
|
—
|
|
3,007,809
|
Loss on sale of vessels
|
|
1,172,196
|
|
—
|
Unrealized loss (gain) on derivative
instruments
|
|
423,569
|
|
(7,500,314)
|
Non-GAAP adjusted net
income attributable to Pangaea Logistics Solutions Ltd.
|
|
$
5,070,032
|
|
$
15,675,460
|
|
|
|
|
|
Weighted average number
of common shares - basic
|
|
44,712,290
|
|
44,388,960
|
Weighted average number
of common shares - diluted
|
|
45,116,719
|
|
45,192,983
|
|
|
|
|
|
Adjusted EPS -
basic
|
|
$
0.11
|
|
$
0.35
|
Adjusted EPS -
diluted
|
|
$
0.11
|
|
$
0.35
|
INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used
herein, "GAAP" refers to accounting principles generally accepted
in the United States of America.
To supplement our consolidated financial statements prepared and
presented in accordance with GAAP, this earnings release discusses
non-GAAP financial measures, including non-GAAP net revenue and
non-GAAP adjusted EBITDA. This is considered a non-GAAP financial
measure as defined in Rule 101 of Regulation G promulgated by the
Securities and Exchange Commission. Generally, a non-GAAP financial
measure is a numerical measure of a company's historical or future
performance, financial position, or cash flows that either excludes
or includes amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in
accordance with GAAP. The presentation of this non-GAAP financial
information is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
We use non-GAAP financial measures for internal financial and
operational decision making purposes and as a means to evaluate
period-to-period comparisons of the performance and results of
operations of our core business. Our management believes that
non-GAAP financial measures provide meaningful supplemental
information regarding the performance of our core business by
excluding charges that are not incurred in the normal course of
business. Non-GAAP financial measures also facilitate management's
internal planning and comparisons to our historical performance and
liquidity. We believe certain non-GAAP financial measures are
useful to investors as they allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision making and are used by our institutional
investors and the analyst community to help them analyze the
performance and operational results of our core business.
Gross Profit. Gross profit represents total revenue
less net transportation and service revenue and less vessel
depreciation and amortization.
Net transportation and service revenue. Net
transportation and service revenue represents total revenue less
the total direct costs of transportation and services, which
includes charter hire, voyage and vessel operating expenses. Net
transportation and service revenue is included because it is used
by management and certain investors to measure performance by
comparison to other logistic service providers. Net transportation
and service revenue is not an item recognized by the generally
accepted accounting principles in the
United States of America, or U.S. GAAP, and should not be
considered as an alternative to net income, operating income, or
any other indicator of a company's operating performance required
by U.S. GAAP. Pangaea's definition of net transportation and
service revenue used here may not be comparable to an operating
measure used by other companies.
Adjusted EBITDA and adjusted EPS. Adjusted EBITDA
represents net income (or loss), determined in accordance with U.S.
GAAP, excluding interest expense, interest income, income taxes,
depreciation and amortization, loss on impairment, loss on sale and
leaseback of vessels, share-based compensation and other
non-operating income and/or expense, if any. Earnings per share
represents net income divided by the weighted average number of
common shares outstanding. Adjusted earnings per share represents
net income attributable to Pangaea Logistics Solutions Ltd. plus,
when applicable, loss on sale of vessel, loss on sale and leaseback
of vessel, loss on impairment of vessel, unrealized gains and
losses on derivative instruments, and certain non-recurring
charges, divided by the weighted average number of shares of common
stock.
There are limitations related to the use of net revenue versus
income from operations, adjusted EBITDA versus income from
operations, and adjusted EPS versus EPS calculated in accordance
with GAAP. In particular, Pangaea's definition of adjusted EBITDA
used here are not comparable to EBITDA.
The table set forth above provides a reconciliation of the
non-GAAP financial measures presented during the period to the most
directly comparable financial measures prepared in accordance with
GAAP.
About Pangaea Logistics Solutions Ltd.
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.
Investor Relations Contacts
Gianni Del
Signore
|
|
Stefan C.
Neely
|
Chief Financial
Officer
|
|
Vallum
Advisors
|
401-846-7790
|
|
|
Investors@pangaeals.com
|
|
PANL@val-adv.com
|
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on our
current expectations and beliefs and are subject to a number of
risk factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. The Company disclaims any obligation to publicly update
or revise these statements whether as a result of new information,
future events or otherwise, except as required by law. Such risks
and uncertainties include, without limitation, the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand for dry bulk shipping capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs,
the market for our vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors, as well as other risks that have been
included in filings with the Securities and Exchange Commission,
all of which are available at www.sec.gov.
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SOURCE Pangaea Logistics Solutions Ltd.