The following is a summary of the Pangaea Logistics Solutions, Ltd. (PANL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Pangaea reported an adjusted net income of $11.1 million and adjusted EBITDA of $23.9 million.

• Adjusted net income and EBITDA declined compared to the previous year, primarily due to lower market volatility affecting margins.

• The company has marked an increase in shipping days and rates with TCE rates at $16,629 per day for Q4, outperforming market averages by 38%.

Business Progress:

• Acquired remaining 50% interest in post-panamax ice class 1A vessels, strengthening position in ice class niche.

• Agreed to a merger adding 15 handysize vessels, expanding the fleet to 41 ships.

• Expanded terminal and stevedore operations at the Port of Tampa, enhancing logistics capabilities.

Opportunities:

• Strong seasonal demand in Arctic regions and constrained global dry bulk vessel supply anticipated to drive up dry bulk rates.

Risks:

• Expectations of reduced Arctic demand in Q4 due to abnormally warm and wet weather conditions.

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