Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Quarter Ended March 31, 2022

NEWPORT, R.I., May 10, 2022

 1st Quarter Highlights

• Net income attributable to Pangaea Logistics Solutions Ltd. was $20.2 million for the three months ended March 31, 2022, as compared to $5.9 million for the same period of 2021.
• Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $15.7 million, as compared to non-GAAP adjusted net income of $3.8 million for the three months ended March 31, 2021.
• Adjusted Earnings per share of $0.35, as compared to $0.09 for the same period of 2021.
• Diluted net income per share was $0.45 for the three months ended March 31, 2022, as compared to diluted net income per share of $0.13 for the same period of 2021.
• Pangaea's TCE rates were $26,472 per day for the three months ended March 31, 2022, as compared to $16,524 per day for the three months ended March 31, 2021.
• Adjusted EBITDA was $31.3 million for the three months ended March 31, 2022, as compared to $12.1 million for the same period of 2021.
• At the end of the quarter, Pangaea had $69.9 million in cash and cash equivalents.
• The Company's Board of Directors declared a quarterly cash dividend of $0.075 per common share, to be paid on June 15, 2022, to all shareholders of record as of June 1, 2022.

Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions, commented:

"Improving dry bulk market fundamentals resulted in another strong quarter to start 2022 for Pangaea. We were well positioned entering the year after the timely expansion of our fleet in 2021, and an early winter ice season seeing greater demand. We aim to extract as much value out of this market as possible and we remain opportunistic in our approach. With the larger owned fleet, and values of older tonnage continuing to appreciate, we announced the sale of the 1999-built Bulk Pangaea for $8.8 million, with the sale expected to close in June. For the first quarter, we generated adjusted EBITDA of $31.3 million and net income of $20.2 million. We achieved TCE rates of $26,472 per day which was a 17% premium over the prevailing market for the quarter.

In response to sanctions against Russia, we have replaced the technical ship managers on our ice class fleet, and we refocused some commercial efforts from the Baltic Sea to the Pacific and North Atlantic basins as new trade routes developed in response. What geopolitical events and macro-economic factors have in store for future shipping markets is up for debate, but we remain ready to adjust our business model to capitalize on new opportunities from these disruptions, as always. With parts of our owned fleet dedicated to long term industrial contract business, our ships well balanced around the globe and our chartered-in fleet on short term commitments, we feel we have never been in a stronger position as we turn our attention to our summer Arctic shipping ice season.

We are also focused, more and more, on our ports and terminals businesses, especially in areas of tremendous growth. In Sabine, Texas, we are attracting new breakbulk business in green energy systems, and in Brayton Point, Massachusetts we are focusing on wind energy projects and contracts. We are moving infrastructure commodities to US Gulf ports and terminals, and we are working on projects related to infrastructure commodities with partners in the Northeast United States. The complementary services we offer are gaining appreciation of new and established customers. We have created a separate team within Pangaea to operate this part of our business, and we are pleased to have attracted a seasoned veteran in this part of our industry, Brent Mahana, to help spearhead our efforts with cargo and customers."