Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter and Full Year Ended December 31, 2016

For the fourth quarter of 2016, the Company reported net income of $0.1 million, up from a net loss of $4.8 million in the fourth quarter of 2015. The market saw some improvement in the fourth quarter as compared to the same period of 2015, evidenced by the increase in total revenue to $66.3 million as compared to $55.9 million, but the increasing cost of bunkers and increasing charter hire rates beginning late in the third quarter put pressure on margins in the fourth quarter. Adjusted EBITDA was $4.3 million, compared with $7.4 million for the fourth quarter of 2015, after adjusting for impairment losses in the 2015 period.

Pangaea's ability to limit the impact of market rates on its operations to remain profitable is a function of its flexible, cargo-focused, business model that uses an optimized mix of owned and chartered-in tonnage. This is different from many other drybulk companies that have large owned fleets and are often forced to employ these fleets on market terms, even if such terms are unprofitable. In contrast, because of its more flexible fleet profile, Pangaea can avoid low-margin or loss-making voyages.

Markets

Mr. Coll commented about the Company's strategy and operations, "We saw marked improvement in charter rates in the second half of the year, as the impacts of vessel scrapping and increased demand for commodities was felt worldwide.  The way to a sustained recovery in the drybulk business will not be straight and fast, but we can quickly adjust our exposure to the market as the inevitable bumps appear on the way to recovery.  We have a proven ability to outperform the market, and to attract financing to grow our business."

Cash Flows

Cash and cash equivalents were $22.3 million as of December 31, 2016, compared with $37.5 million on December 31, 2015.

For the year ended December 31, 2016, the Company's net cash provided by operating activities was $19.2 million, compared to $26.0 million for the year ended December 31, 2015.

For the years ended December 31, 2016 and 2015, net cash used in investing activities was $10.3 million and $64.0 million, respectively.  Net cash used in financing activities was $24.2 million for the year ended December 31, 2016 and net cash provided by financing activities was $45.7 million for the year ended December 31, 2015.  These changes reflect the Company's investment in and purchase of new ice-class ships in 2015, including the m/v Nordic Olympic, the m/v Nordic Odin and the m/v Nordic Oasis. The Company invested $9.6 million in two newbuildings in 2016, which were delivered in January 2017.

Conference Call Details

The Company's management team will host a conference call to discuss the Company's financial results on March 23, 2017 at 8:00 a.m., Eastern Time (ET).  Following a recorded discussion of the quarterly results, Edward Coll, Chairman and Chief Executive Officer, and Anthony Laura, Chief Financial Officer, will be available to answer questions from attending participants.  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# 90473986.

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 one week and can be accessed by calling (800) 585-8367 (domestic) or (404) 537-3406 (international) and referencing ID# 90473986.

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^{1 Earnings per share represents total earnings divided by the weighted average number of common shares outstanding.}

^{2 Adjusted EBITDA is a non-GAAP measure and represents operating earnings before interest expense, income taxes, depreciation and amortization, and other non-operating income and/or expense, if any.  See Reconciliation of Adjusted EBITDA and Adjusted Earnings Per Share.}

Pangaea Logistics Solutions Ltd. Consolidated Statements of Income
		Three months ended December 31,								Years ended December 31,
		2016				2015				2016				2015
Revenues:		(unaudited)
Voyage revenue		$	60,606,537			$	50,591,815			$	222,116,152			$	266,673,105
Charter revenue		5,726,845				5,334,701				15,900,346				20,660,136
Total revenues		66,333,382				55,926,516				238,016,498				287,333,241
Expenses:
Voyage expense		29,212,870				21,788,872				103,647,127				125,634,706
Charter hire expense		20,492,162				15,465,945				63,691,892				75,922,447
Vessel operating expenses		8,626,622				8,195,462				30,904,039				31,559,662
General and administrative		3,622,173				3,136,254				12,773,781				14,966,463
Depreciation and amortization		3,531,599				3,273,603				14,107,822				12,730,872
Loss on impairment of vessels		—				5,354,023				—				5,354,023
Loss on sale of vessels		—				—				—				638,638
Total expenses		65,485,426				57,214,159				225,124,661				266,806,811
Income (loss) from operations		847,956				(1,287,643)				12,891,837 Werbung Mehr Nachrichten zur Pangaea Logistics Solutions Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:30 - PR Newswire KR1 Plc - Investment: Mode Network 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59