NEWPORT, R.I., Aug. 12, 2020 /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
June 30, 2020.
2nd Quarter Highlights
- Net income attributable to Pangaea Logistics Solutions Ltd. was
$3.0 million for three months ended
June 30, 2020 as compared to
$4.0 million of net income for the
same period of 2019.
-
- Non-GAAP adjusted net income attributable to Pangaea Logistics
Solutions Ltd. of $3.7 million as
compared to $3.8 million for the
three months ended June 30,
2019.
- Net income per share was $0.07
for three months ended June 30, 2020
as compared to earnings per share of $0.09 for the same period of 2019.
- Pangaea's TCE rates were $10,733
for the three months ended June 30,
2020 and $12,933 for the three
months ended June 30, 2019. The
market average for the second quarter of 2020 was approximately
$5,548, giving the Company an overall
average premium over market rates of approximately $5,185 or 93%.
- Adjusted EBITDA of $10.7 million
for the three months ended June 30,
2020.
- Total revenue decreased to $70.4
million for the three months ended June 30, 2020, from $83.3
million for the three months ended June 30, 2019 due to a decrease in market hire
and freight rates.
- At the end of the quarter, Pangaea had $49.5 million in cash, restricted cash and cash
equivalents.
Ed Coll, Chief Executive Officer
of Pangaea Logistics Solutions, commented:
"Our strong second quarter results outperformed in a challenging
dry bulk market that tested historic lows in April and May.
Adhering to our strategy in turbulent markets, we limited our
exposure by adjusting our fleet composition, redelivering chartered
vessels back to their owners over the last several months and
replacing them when needed at lower cost. Second quarter 2020
operating income of $6.1 million,
before non-cash impairment charges, is a remarkable turnaround from
our first quarter of 2020 operating loss of $2.3 million. Our achieved TCE rate of
$10,733 per day represented an
outperformance of $5,548, or 93%
premium over the average market rates.
Mr. Coll added, "Looking forward we move into our seasonally
strong summer ice season in a strong position. Although the market
has recovered somewhat since June, we are watching global economic
output and the disruptions caused by COVID-19, from changes to our
working environment to rotating crews aboard our vessels. We
sincerely empathize with the hardships our people and their
familiars are facing, ashore and aboard our vessels. Our results
are encouraging, but we expect, and will prepare for, continued
uncertainty and turbulence in our markets over the next few
quarters."
Results for the three months ended June 30, 2020 and
2019
Total revenue was $70.4 million
for the three months ended June 30,
2020, compared with $83.3
million for the three months ended June 30, 2019. The 15% decrease in revenues was
mainly attributed to the decrease in the average time charter rates
achieved by our vessels during the second quarter of 2020 compared
to the same period in 2019.
Time Charter Equivalent rate (TCE) was $10,733 per day for the three months ended
June 30, 2020, compared to an average
of $12,933 per day for the same
period in 2019. However, the achieved premium over the average
market increased by $5,185 per day or
93% for the three months ended June 30,
2020. The total number of shipping days remained relatively
consistent with a 1% increase to 3,600 days in the three
months ended June 30, 2020, compared
to 3,562 for the same period in 2019, predominantly due to the
increase in voyage days.
Liquidity and Cash Flows
Cash, restricted cash and cash equivalents were $49.5 million as of June 30, 2020, compared
with $53.1 million on
December 31, 2019.
At June 30, 2020 and December 31, 2019, the Company
had working capital of $37.3 million
and $37.1 million, respectively.
Operating cash flows during the six months
ended June 30, 2020 was a net inflow of $6.9 million
as compared to a net inflow of $19.6 million during the same period of
2019.
Investing cash flows during the six months ended June 30,
2020 was a net inflow of $5.8 million
as compared to a net outflow of $33.5
million during the same period of 2019. Financing cash
flows during the six months ended June 30, 2020 was a net
outflow of $16.2 million as compared
to net inflow of $1.5 million during
the same period of 2019. The Company sold two vessels and paid off
a lease obligation during the six months ended June 30, 2020.
Subsequent Event
On June 29, 2020, the Company
entered into a memorandum of agreement to sell the Bulk Beothuk, a
2002-built Supramax vessel, to a third party for $4.6 million less a broker commission
payable to a third party. The vessel was delivered to its new owner
on August 4, 2020.
Conference Call Details
The Company's management team will host a conference call to
discuss the Company's financial results on August 13, 2020 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#8947025.
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 (855) 859-2056 (domestic) or (404)
537-3406 (international) and referencing ID#8947025.
Pangaea Logistics
Solutions Ltd.
|
Consolidated
Statements of Operations
|
(unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
Voyage
revenue
|
$
|
66,857,166
|
|
|
$
|
77,430,067
|
|
|
$
|
153,381,057
|
|
|
$
|
143,281,414
|
|
Charter
revenue
|
3,539,004
|
|
|
5,860,548
|
|
|
12,895,050
|
|
|
19,553,386
|
|
|
70,396,170
|
|
|
83,290,615
|
|
|
166,276,107
|
|
|
162,834,800
|
|
Expenses:
|
|
|
|
|
|
|
|
Voyage
expense
|
31,757,910
|
|
|
37,224,412
|
|
|
79,553,822
|
|
|
69,398,519
|
|
Charter hire
expense
|
15,203,731
|
|
|
18,317,345
|
|
|
47,529,178
|
|
|
43,264,714
|
|
Vessel operating
expense
|
9,325,060
|
|
|
11,074,547
|
|
|
19,258,922
|
|
|
20,828,922
|
|
General and
administrative
|
3,872,388
|
|
|
5,358,991
|
|
|
7,865,631
|
|
|
9,392,671
|
|
Depreciation and
amortization
|
4,345,707
|
|
|
4,491,327
|
|
|
8,587,958
|
|
|
8,868,515
|
|
Loss on impairment of
vessels
|
1,801,039
|
|
|
—
|
|
|
1,801,039
|
|
|
—
|
|
Loss on sale of
vessels
|
297,475
|
|
|
—
|
|
|
219,485
|
|
|
—
|
|
Total
expenses
|
66,603,310
|
|
|
76,466,622
|
|
|
164,816,035
|
|
|
151,753,341
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
3,792,860
|
|
|
6,823,993
|
|
|
1,460,072
|
|
|
11,081,459
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,000,550)
|
|
|
(2,101,052)
|
|
|
(4,116,870)
|
|
|
(4,308,220)
|
|
Interest expense on
related party debt
|
—
|
|
|
(11,138)
|
|
|
—
|
|
|
(38,036)
|
|
Unrealized gain (loss)
on derivative instruments, net
|
1,404,317
|
|
|
215,171
|
|
|
(1,512,777)
|
|
|
2,504,957
|
|
Other
income
|
98,635
|
|
|
232,092
|
|
|
695,191
|
|
|
399,912
|
|
Total other
(expense), net
|
(497,598)
|
|
|
(1,664,927)
|
|
|
(4,934,456)
|
|
|
(1,441,387)
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
3,295,262
|
|
|
5,159,066
|
|
|
(3,474,384)
|
|
|
9,640,072
|
|
Income attributable
to non-controlling interests
|
(290,086)
|
|
|
(1,126,565)
|
|
|
(315,815)
|
|
|
(1,905,017)
|
|
Net income (loss)
attributable to Pangaea Logistics Solutions Ltd.
|
$
|
3,005,176
|
|
|
$
|
4,032,501
|
|
|
$
|
(3,790,199)
|
|
|
$
|
7,735,055
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
(0.09)
|
|
|
$
|
0.18
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
(0.09)
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute earnings per common share:
|
|
|
|
|
|
|
|
Basic
|
43,445,789
|
|
|
42,767,785
|
|
|
43,442,773
|
|
|
42,684,966
|
|
Diluted
|
43,445,789
|
|
|
43,293,022
|
|
|
43,442,773
|
|
|
43,202,187
|
|
Pangaea Logistics
Solutions Ltd.
|
Consolidated
Balance Sheets
|
|
|
June 30,
2020
|
|
December 31,
2019
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
46,993,067
|
|
|
$
|
50,555,091
|
|
Restricted
cash
|
1,000,000
|
|
|
1,000,000
|
|
Accounts receivable
(net of allowance of $1,723,510 and $1,908,841 at June 30, 2020 and
December 31, 2019, respectively)
|
18,197,943
|
|
|
28,309,402
|
|
Bunker
inventory
|
11,648,319
|
|
|
21,001,010
|
|
Advance hire, prepaid
expenses and other current assets
|
15,575,442
|
|
|
18,770,825
|
|
Vessel held for
sale
|
4,563,000
|
|
|
8,319,152
|
|
Total current
assets
|
97,977,771
|
|
|
127,955,480
|
|
|
|
|
|
Restricted
cash
|
1,500,000
|
|
|
1,500,000
|
|
Fixed assets,
net
|
278,383,059
|
|
|
281,474,857
|
|
Investment in
newbuildings in-process
|
15,390,634
|
|
|
15,357,189
|
|
Finance lease right
of use assets, net
|
46,259,982
|
|
|
53,615,305
|
|
Total
assets
|
$
|
439,511,446
|
|
|
$
|
479,902,831
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
26,528,278
|
|
|
$
|
39,973,635
|
|
Related party
debt
|
242,852
|
|
|
332,987
|
|
Deferred
revenue
|
5,343,392
|
|
|
14,376,394
|
|
Current portion of
secured long-term debt
|
21,490,674
|
|
|
22,990,674
|
|
Current portion of
finance lease liabilities
|
6,927,362
|
|
|
12,549,208
|
|
Dividend
payable
|
95,500
|
|
|
631,961
|
|
Total current
liabilities
|
60,628,058
|
|
|
90,854,859
|
|
|
|
|
|
Secured long-term
debt, net
|
78,779,452
|
|
|
83,649,717
|
|
Finance lease
liabilities, net
|
54,028,493
|
|
|
57,498,217
|
|
Long-term liabilities
- other
|
5,108,793
|
|
|
4,828,364
|
|
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; 45,065,662 shares issued
and outstanding at June 30, 2020; 44,886,122 shares issued and
outstanding at December 31, 2019
|
4,507
|
|
|
4,489
|
|
Additional paid-in
capital
|
158,874,237
|
|
|
157,504,895
|
|
Retained
earnings
|
8,946,381
|
|
|
12,736,580
|
|
Total Pangaea
Logistics Solutions Ltd. equity
|
167,825,125
|
|
|
170,245,964
|
|
Non-controlling
interests
|
73,141,525
|
|
|
72,825,710
|
|
Total stockholders'
equity
|
240,966,650
|
|
|
243,071,674
|
|
Total liabilities
and stockholders' equity
|
$
|
439,511,446
|
|
|
$
|
479,902,831
|
|
Pangaea Logistics
Solutions Ltd.
|
Consolidated
Statements of Cash Flows
|
(unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2020
|
|
2019
|
Operating
activities
|
|
|
|
Net (loss)
income
|
$
|
(3,474,384)
|
|
$
|
9,640,072
|
Adjustments to
reconcile net income to net cash (used in) provided by
operations:
|
|
|
|
Depreciation and
amortization expense
|
8,587,958
|
|
8,868,515
|
Amortization of
deferred financing costs
|
346,985
|
|
365,564
|
Amortization of
prepaid rent
|
61,136
|
|
59,299
|
Unrealized loss (gain)
on derivative instruments
|
1,512,777
|
|
(2,504,957)
|
Gain from equity
method investee
|
(795,988)
|
|
(247,312)
|
Earnings attributable
to non-controlling interest recorded as interest expense
|
28,166
|
|
—
|
(Recovery) provision
for doubtful accounts
|
(185,331)
|
|
320,491
|
Loss on impairment of
vessels
|
1,801,039
|
|
—
|
Loss on sale of
vessel
|
219,485
|
|
—
|
Drydocking
costs
|
(2,882,109)
|
|
(1,545,094)
|
Share-based
compensation
|
1,523,486
|
|
1,045,507
|
Change in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
10,296,790
|
|
7,984,657
|
Bunker
inventory
|
9,352,691
|
|
1,775,598
|
Advance hire, prepaid
expenses and other current assets
|
3,991,371
|
|
(1,821,751)
|
Accounts payable,
accrued expenses and other current liabilities
|
(14,444,003)
|
|
1,546,305
|
Deferred
revenue
|
(9,033,002)
|
|
(5,902,610)
|
Net cash provided by
operating activities
|
6,907,067
|
|
19,584,284
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of vessels
and vessel improvements
|
(1,652,366)
|
|
(25,557,060)
|
Investment in
newbuildings in-process
|
(33,445)
|
|
(7,657,000)
|
Purchase of fixed
assets and equipment
|
(7,801)
|
|
(281,011)
|
Proceeds from sale of
vessels
|
8,099,667
|
|
—
|
Purchase of
derivative instrument
|
(628,000)
|
|
—
|
Net cash provided by
(used in) investing activities
|
5,778,055
|
|
(33,495,071)
|
|
|
|
|
Financing
activities
|
|
|
|
Proceeds from
long-term debt
|
—
|
|
14,000,000
|
Payments of related
party debt
|
—
|
|
(1,691,964)
|
Payments of financing
fees and issuance costs
|
(149,118)
|
|
(277,577)
|
Payments of long-term
debt
|
(6,568,134)
|
|
(12,242,949)
|
Proceeds from finance
leases
|
—
|
|
13,000,000
|
Dividends paid to
non-controlling interests
|
—
|
|
(4,666,665)
|
Payments of finance
lease obligations
|
(9,091,570)
|
|
(2,908,693)
|
Accrued common stock
dividends paid
|
(536,461)
|
|
(3,754,985)
|
Cash paid for
incentive compensation shares relinquished
|
(154,126)
|
|
—
|
Contributions from
non-controlling interest recorded as long-term liability
|
322,750
|
|
—
|
Payments to
non-controlling interest recorded as long-term liability
|
(70,487)
|
|
—
|
Net cash (used in)
provided by financing activities
|
(16,247,146)
|
|
1,457,167
|
|
|
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
(3,562,024)
|
|
(12,453,620)
|
Cash, cash
equivalents and restricted cash at beginning of period
|
53,055,091
|
|
56,114,735
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
49,493,067
|
|
$
|
43,661,115
|
Supplemental cash
flow information
|
|
|
|
Cash and cash
equivalents
|
$
|
46,993,067
|
|
$
|
41,161,115
|
Restricted
cash
|
2,500,000
|
|
2,500,000
|
|
$
|
49,493,067
|
|
$
|
43,661,115
|
Pangaea Logistics
Solutions Ltd.
|
Reconciliation of
Non-GAAP Measures
|
(unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net Transportation
and Service Revenue
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
9,781,061
|
|
|
12,218,543
|
|
|
11,409,632
|
|
|
20,545,840
|
|
Add:
|
|
|
|
|
|
|
|
|
Vessel Depreciation
and Amortization
|
|
4,328,408
|
|
|
4,455,768
|
|
|
8,524,553
|
|
|
8,796,805
|
|
Net transportation
and service revenue
|
|
$
|
14,109,469
|
|
|
$
|
16,674,311
|
|
|
$
|
19,934,185
|
|
|
$
|
29,342,645
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
|
3,792,860
|
|
|
$
|
6,823,993
|
|
|
$
|
1,460,072
|
|
|
$
|
11,081,459
|
|
Depreciation and
amortization
|
|
4,345,707
|
|
|
4,491,327
|
|
|
8,587,958
|
|
|
8,868,515
|
|
Loss on impairment of
vessels
|
|
1,801,039
|
|
|
—
|
|
|
1,801,039
|
|
|
—
|
|
Loss on sale of
vessel
|
|
297,475
|
|
|
—
|
|
|
219,485
|
|
|
—
|
|
Share-based
compensation
|
|
420,717
|
|
|
370,908
|
|
|
1,523,486
|
|
|
1,045,507
|
|
Adjusted
EBITDA
|
|
$
|
10,657,798
|
|
|
$
|
11,686,228
|
|
|
$
|
13,592,040
|
|
|
$
|
20,995,481
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Common Share
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Pangaea Logistics Solutions Ltd.
|
|
$
|
3,005,176
|
|
|
$
|
4,032,501
|
|
|
$
|
(3,790,199)
|
|
|
$
|
7,735,055
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding - basic
|
|
43,445,789
|
|
|
42,767,785
|
|
|
43,442,773
|
|
|
42,684,966
|
|
Weighted average
number of common shares outstanding - diluted
|
|
43,445,789
|
|
|
43,293,022
|
|
|
43,442,773
|
|
|
43,202,187
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
(0.09)
|
|
|
$
|
0.18
|
|
Earnings per common
share - diluted
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
(0.09)
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS
|
|
|
|
|
|
|
|
|
Net Income
attributable to Pangaea Logistics Solutions Ltd.
|
|
$
|
3,005,176
|
|
|
$
|
4,032,501
|
|
|
$
|
(3,790,199)
|
|
|
$
|
7,735,055
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Add: loss on sale of
vessels
|
|
297,475
|
|
|
—
|
|
|
219,485
|
|
|
—
|
|
Loss on impairment of
vessels
|
|
1,801,039
|
|
|
—
|
|
|
1,801,039
|
|
|
—
|
|
Unrealized (gain) loss
on derivative instruments
|
|
(1,404,317)
|
|
|
(215,171)
|
|
|
1,512,777
|
|
|
(2,504,957)
|
|
Non-GAAP adjusted net
income (loss) attributable to Pangaea Logistics Solutions
Ltd.
|
|
$
|
3,699,373
|
|
|
$
|
3,817,330
|
|
|
$
|
(256,898)
|
|
|
$
|
5,230,098
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
|
43,445,789
|
|
|
42,767,785
|
|
|
43,442,773
|
|
|
42,684,966
|
|
Weighted average
number of common shares - diluted
|
|
43,445,789
|
|
|
43,293,022
|
|
|
43,442,773
|
|
|
43,202,187
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS -
basic
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
(0.01)
|
|
|
$
|
0.12
|
|
Adjusted EPS -
diluted
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
(0.01)
|
|
|
$
|
0.12
|
|
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 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 income or loss from operations before depreciation,
amortization and, when applicable, loss on sale and leaseback of
vessel, loss on impairment of vessels, stock-based compensation 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 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
|
|
Tiya
Gulanikar
|
Chief Financial
Officer
|
|
Prosek
Partners
|
401-846-7790
|
|
646-818-9288
|
Investors@pangaeals.com
|
|
tgulanikar@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.