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Pangaea Logistics Solutions Ltd. (PANL-10.19%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $536.5 million for the year, an increase from $499.3 million in 2023. This rise is attributed to a 4% increase in the average Time Charter Equivalent (TCE) rate, which was $16,485 per day.
Voyage expenses for 2024 were $237.5 million, up 4% from the previous year, primarily due to a 5% increase in voyage days.
Charter hire expenses increased by 18% to $130.8 million, driven by higher market rates for chartering in vessels and an increase in chartered-in days.
Net income attributable to Pangaea was $28.9 million, compared to $26.3 million in 2023. Diluted earnings per share were $0.63, up from $0.58.
The company reported a gross profit of $73.2 million, with adjusted EBITDA of $83.0 million, reflecting a 4% increase in TCE rates.
Pangaea's fleet expanded with the acquisition of 15 Handysize vessels, contributing to a total of 41 owned or partially owned vessels.
The company ended the year with $86.8 million in cash and cash equivalents, down from $99.0 million at the end of 2023.
Pangaea's balance sheet shows total assets of $936.5 million and total liabilities of $461.8 million, with shareholders' equity at $474.7 million.
The filing also discusses the company's strategy to focus on contracts of affreightment and the acquisition of vessels to expand its fleet.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pangaea Logistics Solutions Ltd. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.