Pangaea Logistics Solutions Ltd. reported a total revenue of $536.5 million for the fiscal year ending December 31, 2024, marking a 7% increase from $499.3 million in 2023. The company's net income attributable to shareholders rose to $28.9 million, or $0.63 per diluted share, compared to $26.3 million, or $0.58 per diluted share, in the previous year. The increase in revenue was primarily driven by a 5% rise in voyage revenue, which reached $494.1 million, and a significant 28% increase in charter revenue, totaling $30.3 million. The average Time Charter Equivalent (TCE) rate also improved, rising to $16,485 per day from $15,849 in 2023.
The company experienced notable operational changes, including the acquisition of 15 handy-size dry bulk vessels from Strategic Shipping Inc. on December 30, 2024, which expanded its fleet to 41 vessels. This acquisition was part of a merger agreement that also involved the issuance of 18,059,342 shares of common stock, representing approximately 27.6% of the company’s outstanding shares post-transaction. Additionally, Pangaea's terminal and stevedore revenue surged by 74% to $12.1 million, largely due to the full-year contribution from port operations acquired in June 2023.
Pangaea's operational metrics showed an increase in shipping days, which rose to 17,407 in 2024 from 16,711 in 2023. The company averaged 48 vessels in service daily, reflecting a strategic focus on enhancing its logistics capabilities. The total number of voyage days increased by 5% to 15,669, while time charter days decreased slightly to 1,738. The company’s ability to manage its fleet effectively and capitalize on market conditions contributed to its improved financial performance.
Looking ahead, Pangaea expressed optimism about its growth strategy, which includes expanding its fleet and increasing its contracts of affreightment (COAs). The company aims to leverage its strong relationships with industrial customers and its expertise in niche markets to secure additional COAs, thereby enhancing revenue stability. However, the company also acknowledged potential risks, including fluctuations in charter rates, geopolitical tensions, and regulatory changes that could impact its operations and financial results. Pangaea remains committed to maintaining its operational efficiency and adapting to market conditions to sustain its growth trajectory.
About Pangaea Logistics Solutions Ltd.
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