Pangaea Logistics Solutions, Ltd. Company profile
About Pangaea Logistics Solutions Ltd
Pangaea Logistics Solutions, Ltd. provides seaborn dry bulk logistics and transportation services through its subsidiaries. The Company provides logistics and transportation services to clients utilizing an ocean-going fleet of motor vessels in the Handymax, Supramax, Ultramax and Panamax segments. It utilizes its logistics capabilities to service a base of industrial customers who require the transportation of a range of dry bulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking services and activities, including cargo loading, cargo discharge, vessel chartering, voyage planning and vessel technical management. It operates over 17 vessels, which were wholly owned or partially owned through joint ventures and uses this fleet to transport approximately 26 million tons of cargo annually to nearly over 300 ports worldwide.
Financial summary
BRIEF: For the fiscal year ended 31 December 2021, Pangaea Logistics Solutions Ltd revenues increased 88% to $718.1M. Net income increased from $11.4M to $67.2M. Revenues reflect Voyage revenue increase of 76% to $614.5M, Charter revenue increase from $33.2M to $103.6M. Net income benefited from Unrealized loss on derivative instrumen increase from $156K (expense) to $3.9M (income), Loss on impairment of vessels decrease from $1.8M (expense) to $0K.
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