Pangaea Logistics Solutions (PANL) Reports Q2 EPS of $0.01 on Revenues of $91.4M

Pangaea Logistics Solutions (NASDAQ: PANL) reported Q2 EPS of $0.01. Revenue for the quarter came in at $91.4 million.

2nd Quarter 2017 Highlights

• Increase in revenue from $57.0 million to $91.4 million (61%) from Q2 2016 to Q2 2017.
• Adjusted EBITDA1 of $7.4 million, excluding a $4.9 million loss on sale and leaseback of the m/v Bulk Beothuk2, as compared to $4.3 million for the same period of last year.
• Pangaea\'s TCE rates increased 30% and total shipping days increased 35% due to continued growth in the drybulk market and to an increase in drybulk market rates. The BDI, a measure of drybulk performance, increased to an average of 1,096 for the second quarter of 2017 versus 563 for the same period of 2016.
• At the end of the quarter, Pangaea had $29.4 million in unrestricted cash and cash equivalents after acquiring the m/v Bulk Freedom on June 14, 2017. Cash includes $8.3 million net proceeds from the issuance of common stock in a private placement transaction completed on June 26, 2017.

For earnings history and earnings-related data on Pangaea Logistics Solutions (PANL) click here.

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