NEWPORT, R.I., Nov. 8,
2018 /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 September 30, 2018.
3rd Quarter 2018 Highlights
- $16.6 million Adjusted
EBITDA(1)
- Net income attributable to Pangaea Logistics Solutions Ltd. of
$8.3 million as compared to
$7.2 million for the three months
ended September 30, 2017.
- Pangaea's TCE rates increased 17% to $13,835 from $11,822 in the third quarter of 2017 while the
market average for the third quarter was approximately $11,395, giving the Company an overall average
premium over market rates of approximately $2,440 or 21%.
- At the end of the quarter, Pangaea had $53.3 million in cash, restricted cash and cash
equivalents.
Ed Coll, Chief Executive Officer
of Pangaea Logistics Solutions, commented:
"Our strong third quarter results were driven by a productive
summer ice season when almost all ten ships in our own ice class
fleet, and some chartered-in ships, were busy in Arctic waters,
where we hold an unparalleled competitive advantage. The summer
season is now ending, with two of our ships completing voyages
along the Northern Sea Route, bringing 150,000 tons of high grade
iron ore from Baffin Island to receivers in Japan and Taiwan. Winter ice season in
lower latitudes starts soon.
As the general market continues to improve, so too have our
financial results. We recorded a strong increase in net
income, on both a 3-month and 9-month basis, and our total shipping
days remained steady from the previous quarter while overall
average TCE returns for our fleet were well above market index
levels.
Further, our prudent capital deployment strategy enabled us to
remain active and drive growth. This led to our taking
delivery of the m/v Bulk PODS, which was financed through a sale
leaseback transaction for 100 percent of the purchase price of
$14.25 million, completed in
August. We also announced the completion of a $13 million memorandum of agreement to
purchase a 2009 Japanese-built supramax vessel, which will be
renamed Bulk Spirit.
Collectively these initiatives are central to our growth
strategy and directly correlated to the strength we have seen in
our business and our industry. We look forward to our
continued progress as we enhance our business and delivery value to
our clients, business partners, and shareholders."
Results for the three months ended September 30, 2018
and 2017
The drybulk market fundamentals improved in the third quarter as
compared to the same period of 2017, which meant an increase in net
revenue(2) to $20.3
million for the three months ended September 30, 2018, compared with $18.8 million for the three months ended
September 30, 2017. Charter hire and
voyage expenses were lower, as a percentage of revenue, than in the
comparable quarter.
The average TCE rate of $13,835
per day for the three months ended September
30, 2018, was up from $11,822
per day for the same period in 2017. Total revenue for the three
months ended September 30, 2018 was
$95.3 million, compared to
$107.0 million for the same period in
2017. The total number of shipping days decreased 20% to 4,240 in
the three months ended September 30,
2018, compared to 5,305 for the same period in 2017, largely
due to the completion of the Charleston project. The decrease in
total shipping days was offset by the large increase in TCE
rates.
(1) Adjusted EBITDA is a non-GAAP measure and
represents income or loss from operations before depreciation and
amortization, loss on sale and leaseback of vessel and, when
applicable, loss on impairment of vessels and certain non-recurring
items. See Reconciliation of Income from
Operations to Adjusted EBITDA.
(2) Net revenue represents total revenue less the
total direct costs of transportation and services, which includes
charter hire, voyage and vessel operating expenses.
Liquidity and Cash Flows
Cash, restricted cash and cash equivalents were $53.3 million as of September 30, 2018,
compared with $38.5 million on
December 31, 2017.
At September 30, 2018 and December 31, 2017, the
Company had working capital of $39.5
million and $13.0 million,
respectively. For the nine months ended September 30, 2018, the Company's net cash
provided by operating activities was $27.2
million, compared to $13.7
million for the nine months ended September 30, 2017.
For the nine months ended September 30,
2018 and 2017, net cash used in investing activities was
$15.0 million and $48.2 million, respectively. Net cash used
in financing activities was $2.5
million for the nine months ended September 30, 2018 while net cash provided by
financing activities was $39.3
million for the nine months ended September 30, 2017. These changes reflect the
Company's investment in and purchase of new vessels in 2017,
including the m/v Bulk Destiny, which was financed under a
sale and leaseback arrangement; and the m/v Bulk Endurance which
was financed under a commercial loan facility. The current period
includes only the sale and leaseback of the m/v Bulk Trident and
the acquisition, followed by the sale and leaseback of the Bulk
PODS.
Conference Call Details
The Company's management team will host a conference call to
discuss the Company's financial results on November 9, 2018 at
8:00 a.m., Eastern Time (ET).
To access the conference call, please dial (888) 895-3561
(domestic) or (904) 685-6494 (international) approximately ten
minutes before the scheduled start time and reference
ID#3187345.
A supplemental slide presentation will accompany this quarter's
conference call and can be found attached to the Current Report on
Form 8-K that the Company filed concurrently with this press
release. This document will be available at
http://www.pangaeals.com/company-filings or at sec.gov.
A recording of the call will also be available for two weeks and
can be accessed by calling (800) 585-8367 (domestic) or (404)
537-3406 (international) and referencing ID#3187345 .
Pangaea Logistics
Solutions Ltd. Consolidated Statements of
Income
|
|
|
Three Months Ended
September
30,
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Voyage
revenue
|
$
|
81,812,543
|
|
|
$
|
93,688,834
|
|
|
$
|
233,979,386
|
|
|
$
|
251,608,298
|
|
Charter
revenue
|
13,532,296
|
|
|
13,334,202
|
|
|
37,161,948
|
|
|
31,293,637
|
|
|
95,344,839
|
|
|
107,023,036
|
|
|
271,141,334
|
|
|
282,901,935
|
|
Expenses:
|
|
|
|
|
|
|
|
Voyage
expense
|
36,684,994
|
|
|
44,305,446
|
|
|
104,880,511
|
|
|
124,174,513
|
|
Charter hire
expense
|
28,532,774
|
|
|
34,764,942
|
|
|
81,912,601
|
|
|
91,140,160
|
|
Vessel operating
expense
|
9,863,944
|
|
|
9,144,472
|
|
|
29,759,818
|
|
|
26,810,071
|
|
General and
administrative
|
3,704,360
|
|
|
4,762,860
|
|
|
12,211,329
|
|
|
11,418,900
|
|
Depreciation and
amortization
|
4,410,977
|
|
|
3,950,661
|
|
|
13,140,234
|
|
|
11,604,168
|
|
Loss on sale and
leaseback of vessels
|
—
|
|
|
70,000
|
|
|
860,426
|
|
|
9,275,042
|
|
Total
expenses
|
83,197,049
|
|
|
96,998,381
|
|
|
242,764,919
|
|
|
274,422,854
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
12,147,790
|
|
|
10,024,655
|
|
|
28,376,415
|
|
|
8,479,081
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,231,589)
|
|
|
(2,106,139)
|
|
|
(6,384,314)
|
|
|
(5,981,237)
|
|
Interest expense on
related party debt
|
(43,961)
|
|
|
(79,713)
|
|
|
(161,334)
|
|
|
(236,538)
|
|
Unrealized gain
(loss) on derivative
instruments, net
|
486,412
|
|
|
(59,138)
|
|
|
477,508
|
|
|
430,869
|
|
Other
income
|
38,481
|
|
|
977,795
|
|
|
496,813
|
|
|
1,885,801
|
|
Total other expense,
net
|
(1,750,657)
|
|
|
(1,267,195)
|
|
|
(5,571,327)
|
|
|
(3,901,105)
|
|
|
|
|
|
|
|
|
|
Net income
|
10,397,133
|
|
|
8,757,460
|
|
|
22,805,088
|
|
|
4,577,976
|
|
Income attributable
to non-controlling
interests
|
(2,120,182)
|
|
|
(1,576,209)
|
|
|
(4,430,120)
|
|
|
(787,063)
|
|
Net income
attributable to Pangaea
Logistics Solutions Ltd.
|
$
|
8,276,951
|
|
|
$
|
7,181,251
|
|
|
$
|
18,374,968
|
|
|
$
|
3,790,913
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
0.44
|
|
|
$
|
0.10
|
|
Diluted
|
$
|
0.19
|
|
|
$
|
0.17
|
|
|
$
|
0.43
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute
earnings per common share:
|
|
|
|
|
|
|
|
Basic
|
42,348,175
|
|
|
40,796,867
|
|
|
42,208,038
|
|
|
37,225,825
|
|
Diluted
|
42,878,449
|
|
|
41,074,592
|
|
|
42,727,481
|
|
|
37,647,123
|
|
Pangaea Logistics
Solutions Ltd. Consolidated Balance Sheets
|
|
|
September 30,
2018
|
|
December 31,
2017
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
50,765,165
|
|
|
$
|
34,531,812
|
|
Accounts receivable
(net of allowance of $1,974,989 at
September 30, 2018 and $2,135,877 December 31, 2017)
|
26,826,310
|
|
|
21,089,425
|
|
Bunker
inventory
|
20,863,555
|
|
|
15,356,712
|
|
Advance hire, prepaid
expenses and other current assets
|
14,101,854
|
|
|
12,032,272
|
|
Total current
assets
|
112,556,884
|
|
|
83,010,221
|
|
|
|
|
|
Restricted
cash
|
2,500,000
|
|
|
4,000,000
|
|
Fixed assets,
net
|
282,643,142
|
|
|
306,292,655
|
|
Vessels under capital
lease
|
56,146,928
|
|
|
29,994,212
|
|
Total
assets
|
$
|
453,846,954
|
|
|
$
|
423,297,088
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
30,058,749
|
|
|
$
|
29,181,276
|
|
Related party
debt
|
3,701,332
|
|
|
7,009,597
|
|
Deferred
revenue
|
11,013,013
|
|
|
5,815,924
|
|
Current portion of
secured long-term debt
|
17,785,860
|
|
|
18,979,335
|
|
Current portion of
capital lease obligations
|
5,336,417
|
|
|
1,785,620
|
|
Dividend
payable
|
5,198,598
|
|
|
7,238,401
|
|
Total current
liabilities
|
73,093,969
|
|
|
70,010,153
|
|
|
|
|
|
Secured long-term
debt, net
|
101,765,760
|
|
|
117,615,634
|
|
Obligations under
capital lease
|
47,036,903
|
|
|
25,015,659
|
|
|
|
|
|
Commitments and
contingencies (Note 7)
|
|
|
|
|
|
|
|
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; 44,048,541 shares issued
and outstanding at September 30, 2018; 43,794,526 shares issued and
outstanding at December 31, 2017
|
4,405
|
|
|
4,379
|
|
Additional paid-in
capital
|
155,856,330
|
|
|
154,943,728
|
|
Accumulated
deficit
|
6,355,147
|
|
|
(9,596,785)
|
|
Total Pangaea
Logistics Solutions Ltd. equity
|
162,215,882
|
|
|
145,351,322
|
|
Non-controlling
interests
|
69,734,440
|
|
|
65,304,320
|
|
Total stockholders'
equity
|
231,950,322
|
|
|
210,655,642
|
|
Total liabilities
and stockholders' equity
|
$
|
453,846,954
|
|
|
$
|
423,297,088
|
|
On January 1, 2018, the
Company adopted ASU No. 2014-09, Revenue from
Contracts with Customers (ASC 606) using the modified
retrospective transition method applied to voyage contracts that
were not substantially complete at the end of 2017. The
Company recorded a $2.4 million
adjustment to decrease retained earnings at the beginning of 2018,
which reflects the cumulative impact of adopting this standard.
Comparative financial statements have not been restated and are
reported under the accounting standards in effect for those
periods.
Pangaea Logistics
Solutions Ltd. Consolidated Statements of Cash
Flows
|
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
Operating
activities
|
|
|
|
Net income
|
$
|
22,805,088
|
|
|
$
|
4,577,976
|
|
Adjustments to
reconcile net income to net cash provided by operations:
|
|
|
|
Depreciation and
amortization expense
|
13,140,234
|
|
|
11,604,168
|
|
Amortization of
deferred financing costs
|
517,085
|
|
|
527,348
|
|
Amortization of
prepaid rent
|
91,453
|
|
|
91,453
|
|
Unrealized loss
(gain) on derivative instruments
|
(477,508)
|
|
|
(430,869)
|
|
Gain from equity
method investee
|
(90,000)
|
|
|
(282,362)
|
|
Provision for
doubtful accounts
|
(104,288)
|
|
|
(10,356)
|
|
Loss on sale of
vessel
|
860,426
|
|
|
9,134,908
|
|
Drydocking
costs
|
(1,497,979)
|
|
|
(1,043,164)
|
|
Recognized cost for
restricted stock issued as compensation
|
1,064,520
|
|
|
878,759
|
|
Change in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(5,632,597)
|
|
|
(10,428,305)
|
|
Bunker
inventory
|
(5,506,843)
|
|
|
(3,267,454)
|
|
Advance hire, prepaid
expenses and other current assets
|
713,646
|
|
|
(7,118,526)
|
|
Accounts payable,
accrued expenses and other current liabilities
|
873,337
|
|
|
8,021,053
|
|
Deferred
revenue
|
468,333
|
|
|
1,490,536
|
|
Net cash provided by
operating activities
|
27,224,907
|
|
|
13,745,165
|
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of vessels
and vessel improvements
|
(14,695,391)
|
|
|
(47,328,517)
|
|
Purchase of building
and equipment
|
(341,439)
|
|
|
—
|
|
Proceeds from sale of
equipment
|
31,594
|
|
|
—
|
|
Purchase of
non-controlling interest in consolidated subsidiary
|
—
|
|
|
(832,572)
|
|
Net cash used in
investing activities
|
(15,005,236)
|
|
|
(48,161,089)
|
|
|
|
|
|
Financing
activities
|
|
|
|
Payments of related
party debt
|
(3,308,265)
|
|
|
—
|
|
Proceeds from
long-term debt
|
—
|
|
|
25,000,000
|
|
Payments of financing
fees and issuance costs
|
(702,666)
|
|
|
(896,175)
|
|
Payments of long-term
debt
|
(16,855,738)
|
|
|
(20,635,670)
|
|
Proceeds from sale
and leaseback of vessel
|
27,750,000
|
|
|
28,000,000
|
|
Payments of capital
lease obligations
|
(2,177,959)
|
|
|
(768,599)
|
|
Dividends paid to
non-controlling interests
|
(904,803)
|
|
|
—
|
|
Cash paid for
incentive compensation shares relinquished
|
(101,075)
|
|
|
—
|
|
Proceeds from private
placement of common stock, net of issuance costs
|
(50,812)
|
|
|
9,631,530
|
|
Accrued common stock
dividends paid
|
(1,135,000)
|
|
|
(1,001,424)
|
|
Net cash provided by
financing activities
|
2,513,682
|
|
|
39,329,662
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
14,733,353
|
|
|
4,913,738
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
38,531,812
|
|
|
28,422,949
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
53,265,165
|
|
|
$
|
33,336,687
|
|
|
|
|
|
Supplemental cash
flow information and disclosure of noncash items
|
|
|
|
Cash paid for
interest
|
$
|
5,959,189
|
|
|
$
|
5,052,102
|
|
Conversion of
dividend to common stock
|
$
|
—
|
|
|
$
|
4,385,000
|
|
Conversion of related
party debt to noncontrolling interest
|
$
|
—
|
|
|
$
|
9,278,800
|
|
Pangaea Logistics
Solutions Ltd. Reconciliation of Income from Operations
to Net Revenue and Adjusted EBITDA and EPS to Adjusted
EPS
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
|
12,147,790
|
|
|
$
|
10,024,655
|
|
|
$
|
28,376,415
|
|
|
$
|
8,479,081
|
|
General and
administrative
|
|
3,704,360
|
|
|
4,762,860
|
|
|
12,211,329
|
|
|
11,418,900
|
|
Depreciation and
amortization
|
|
4,410,977
|
|
|
3,950,661
|
|
|
13,140,234
|
|
|
11,604,168
|
|
Loss on sale and
leaseback of vessels
|
|
—
|
|
|
70,000
|
|
|
860,426
|
|
|
9,275,042
|
|
Net
Revenue
|
|
$
|
20,263,127
|
|
|
$
|
18,808,176
|
|
|
$
|
54,588,404
|
|
|
$
|
40,777,191
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
|
12,147,790
|
|
|
$
|
10,024,655
|
|
|
$
|
28,376,415
|
|
|
$
|
8,479,081
|
|
Depreciation and
amortization
|
|
4,410,977
|
|
|
3,950,661
|
|
|
13,140,234
|
|
|
11,604,168
|
|
Loss on sale and
leaseback of vessel
|
|
—
|
|
|
70,000
|
|
|
860,426
|
|
|
9,275,042
|
|
Adjusted
EBITDA
|
|
$
|
16,558,767
|
|
|
$
|
14,045,316
|
|
|
$
|
42,377,075
|
|
|
$
|
29,358,291
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Common Share - basic
|
|
|
|
|
|
|
|
|
Net income
attributable to Pangaea Logistics Solutions Ltd.
|
|
$
|
8,276,951
|
|
|
$
|
7,181,251
|
|
|
$
|
18,374,968
|
|
|
$
|
3,790,913
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding - basic
|
|
42,348,175
|
|
|
40,796,867
|
|
|
42,208,038
|
|
|
37,225,825
|
|
Weighted average
number of common shares outstanding -
diluted
|
|
42,878,449
|
|
|
41,074,592
|
|
|
42,727,481
|
|
|
37,647,123
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
0.44
|
|
|
$
|
0.10
|
|
Earnings per common
share - diluted
|
|
$
|
0.19
|
|
|
$
|
0.17
|
|
|
$
|
0.43
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS
|
|
|
|
|
|
|
|
|
Net Income
attributable to Pangaea Logistics Solutions Ltd.
|
|
$
|
8,276,951
|
|
|
$
|
7,181,251
|
|
|
$
|
18,374,968
|
|
|
$
|
3,790,913
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Add: loss on sale and
leaseback of vessels
|
|
—
|
|
|
70,000
|
|
|
860,426
|
|
|
9,275,042
|
|
less: loss on sale
and leaseback of vessels attributable to
noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,157,633)
|
|
Non-GAAP adjusted net
income attributable to Pangaea
Logistics Solutions Ltd.
|
|
$
|
8,276,951
|
|
|
$
|
7,251,251
|
|
|
$
|
19,235,394
|
|
|
$
|
10,908,322
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
|
42,348,175
|
|
|
40,796,867
|
|
|
42,208,038
|
|
|
37,225,825
|
|
Weighted average
number of common shares - diluted
|
|
42,878,449
|
|
|
41,074,592
|
|
|
42,727,481
|
|
|
37,647,123
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS -
basic
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
0.46
|
|
|
$
|
0.29
|
|
Adjusted EPS -
diluted
|
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
0.45
|
|
|
$
|
0.29
|
|
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.
Net revenue. Net revenue represents total revenue less
the total direct costs of transportation and services, which
includes charter hire, voyage and vessel operating expenses. Net
revenue is included because it is used by management and certain
investors to measure performance by comparison to other logistic
service providers. Net 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
revenue used here may not be comparable to an operating measure
used by other companies.
Adjusted EBITDA and adjusted EPS. Adjusted EBITDA
represents income or loss from operations before depreciation,
amortization and, when applicable, loss on sale and leaseback of
vessel, loss on impairment of vessels and certain non-recurring
charges. 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 and
leaseback of vessel, loss on impairment of vessel 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 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
Sean Silva
Prosek Partners
646 493 9632
ssilva@prosek.com
Kathleen Bentley
Prosek Partners
646 503 5179
kbentley@prosek.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.