Top-News
Mittwoch,
10.05.2017 23:05
von
PR Newswire
| Aufrufe: 36
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended March 31, 2017
Zwei Frauen beim Shopping (Symbolbild).
© filadendron / E+ / Getty Images
PR Newswire
NEWPORT, R.I., May 10, 2017
NEWPORT, R.I., May 10, 2017 /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 March 31, 2017.
1st Quarter Highlights
- Net income attributable to Pangaea of $1.3 million for the quarter, even as the Company recorded a nonrecurring loss on the sale and simultaneous charterback1 of the m/v Bulk Destiny ("Bulk Destiny").
- Pangaea's TCE rates increased 12% and total shipping days increased 52% due to moderate growth in the drybulk market and an increase in drybulk market rates.
- At the end of the quarter, Pangaea had $21.7 million in unrestricted cash and cash equivalents.
Results for the three months ended March 31, 2017
For the first quarter of 2017, the Company reported net income of $1.3 million, up from net income of $1.2 million in the first quarter of 2016. Net income includes a $4.3 million loss on sale and leaseback of vessel, of which 50% was allocated to noncontrolling interest to arrive at net income attributable to the Company. There was no such loss in the comparable period of 2016. The market achieved moderate improvement in the first quarter as compared to the same period of 2016, evidenced by the increase in total revenue to $84.5 million for the three months ended March 31, 2017, compared to $43.9 million for the three months ended March 31, 2016, as an increase in demand helped push total shipping days up 52% to 4,342 in the three months ended March 31, 2017, compared to 2,863 for the same period in 2016. However, increasing bunker prices and charter-hire rates, which began to rise late in the third quarter of 2016, continued to put pressure on margins in the first quarter of 2017. Adjusted EBITDA2 was $7.9 million, compared with $7.0 million for the first quarter of 2016.
Pangaea's cargo-focused, business model is founded on a mix of short and long term backhaul cargo charters. Pangaea matches these charters with a fleet of owned and chartered-in tonnage. When the Company contracts for future cargo service, the Company uses freight forward agreements to limit exposure to intervening shifts in rates and secure margins. Use of these FFAs and bunker fuel swaps in the first quarter of 2017 resulted in a net unrealized gain on derivative instruments of $2.0 million as compared to a net unrealized loss of $0.3 million in the first quarter of 2016.
During the quarter Company acquired its joint venture partner's interest in Nordic Bulk Ventures Holding Company Ltd. ("BVH")3 in January 2017. BVH owns Bulk Destiny and m/v Bulk Endurance through wholly-owned subsidiaries. BVH is wholly-owned by the Company after the acquisition.
Edward Coll, Chairman and Chief Executive Officer of Pangaea, commented, "Our strong first quarter results illustrate the upward momentum we're beginning to see within our industry. When excluding the sale and charterback of Bulk Destiny, a non-recurring item that impacted our final results for the quarter, we reported stronger operating profit across our platform.
Our operating fleet grew by 20 ships during the quarter, and we moved from short trip charters-in to longer term employment. Total shipping days increased by 52% , and our average timecharter equivalent grew by $1,055 per day. These achievements were largely driven by the performance of our ice vessels and broader market improvements. Pangaea's owned fleet, including two ships bareboat chartered-in, grew by five ships from Q1 2016 through Q1 2017."
Mr. Coll commented about the Company's strategy and operations, "We feel we are poised for continued strengthening of the underlying market for our business. We see more opportunities to expand our involvement in key focus areas such as ice and contracted cargo, and believe this will help advance our ultimate goal of achieving strong performance which maximizes shareholder value."
Cash Flows
Cash and cash equivalents were $21.7 million as of March 31, 2017, compared with $22.3 million on December 31, 2016.
For the three months ended March 31, 2017, the Company's net cash provided by operating activities was $2.4 million, compared to $4.1 million for the three months ended March 31, 2016.
For the three months ended March 31, 2017 and 2016, net cash used in investing activities was $17.7 million and $0.3 million, respectively. Net cash provided by financing activities was $14.7 million for the three months ended March 31, 2017 and net cash used for financing activities was $8.7 million for the three months ended March 31, 2016. These changes reflect the Company's investment in and purchase of new ice-class ships, including the Bulk Destiny, which was financed under a sale and leaseback arrangement; and the m/v Bulk Endurance, which was financed under a commercial loan facility.
Conference Call Details
The Company's management team will host a conference call to discuss the Company's financial results on May 11, 2017 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# 19144375.
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 (800) 585-8367 (domestic) or (404) 537-3406 (international) and referencing ID# 19144375.
| | | |
| | | |
| 1 | Accounted for as a capital lease under US Generally Accepted Accounting Principles. | |
| 2 | Adjusted EBITDA is a non-GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessel and, when applicable, loss on impairment of vessels and certain non-recurring items. See Reconciliation of Adjusted EBITDA and Adjusted Earnings Per Share. | |
| 3 | Accounting adjustments related to the Company's purchase of its joint venture partner's interest in BVH, and for sale of Bulk Destiny to a third party and the simultaneous charterback of the vessel include: conversion of $9.3 million of joint venture debt issued by the joint venture company to its shareholders into common shares of NBVH; adjustment of the acquisition cost of Bulk Destiny, to fair market value at the time of sale of the vessel to the third party; recording of 50% of the fair market value accounting adjustment for the account of the joint venture partner; and, reflecting BVH as a wholly owned subsidiary of Pangaea. | |
| Pangaea Logistics Solutions Ltd. | |||||||
| Consolidated Statements of Income | |||||||
| | |||||||
| | Three Months Ended March 31, | ||||||
| | 2017 | | 2016 | ||||
| | | | | ||||
| Revenues: | | | | ||||
| Voyage revenue | $ | 77,688,449 | | | $ | 41,974,319 | |
| Charter revenue | 6,766,672 | | | 1,963,200 | | ||
| | 84,455,121 | | | 43,937,519 | | ||
| Expenses: | | | | ||||
| Voyage expense | 41,271,919 | | | 18,500,882 | | ||
| Charter hire expense | 23,201,155 | | | 8,503,174 | | ||
| Vessel operating expense | 8,591,243 | | | 6,889,082 | | ||
| General and administrative | 3,514,764 | | | 3,036,371 | | ||
| Depreciation and amortization | 3,941,795 | | | 3,515,456 | | ||
| Loss on sale and leaseback of vessel | 4,289,998 | | | — | | ||
| Total expenses | 84,810,874 | | | 40,444,965 | | ||
| | | | | ||||
| (Loss) income from operations | (355,753) | | | 3,492,554 | | ||
| | | | | ||||
| Other income (expense): | | | | ||||
| Interest expense, net | (1,630,988) | | | (1,369,613) | | ||
| Interest expense on related party debt | (77,979) | | | (80,490) | | ||
| Unrealized gain (loss) on derivative instruments, net | 1,966,387 | | | (335,959) | | ||
| Other income (expense) | 94,650 | | | (102,318) | | ||
| Total other income (expense), net | 352,070 | | | (1,888,380) | | ||
| | | | | ||||
| Net (loss) income | (3,683) | | | 1,604,174 | | ||
| Loss (income) attributable to non-controlling interests | 1,350,525 | | | (407,070) | | ||
| Net income attributable to Pangaea Logistics Solutions Ltd. | $ | 1,346,842 | | | $ | 1,197,104 | |
| | | | | ||||
| Earnings per common share: | | | | ||||
| Basic | $ 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 | ||||||
