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Pangaea Logistics reports Q1 adjusted EPS (9c) vs. 3c a year ago » 16:0805/1305/13/20
Reports Q1 revenue $95.9M…
Reports Q1 revenue $95.9M vs. $79.5M a year ago. CEO Ed Coll commented: "Q1 was a challenging one for the industry on many levels. The dry bulk shipping market was weak as is usually expected in Q1 and the move to more expensive IMO 2020 compliant fuel increased bunker expenses during the first part of the quarter. The disruptions caused by the coronavirus global pandemic added to these challenges. Our practice remains steadfast in the face of these disruptions; we limit downside risks, avoid speculation, and serve our customers. This adherence delivered a premium of 78% over reported market indexes for the quarter, resulting in an adjusted net loss of $3.9M in the face of a pandemic. We especially want to note that the unprecedented volatility of oil markets created a $2.9M unrealized mark-to-market loss for the quarter on fuel hedges purchased against long term cargo commitments. Because we generally lock in margins on long term contracts of affreightment rather than hold bunker swaps, we report mark-to-market losses over the short term in order to protect our future operating margins as we perform for our customers under our COAs."
Pangaea Logistics expands order for post-panamax vessels at Guangzhou Shipyard » 16:1010/0110/01/19
Pangaea Logistics Solutions announced it has expanded its order for high ice class post-panamax dry bulk 95,000 dwt. vessels at Guangzhou Shipyard International, or GSI, from two to four vessels. The four ships, two for delivery in April and May 2021 and two for delivery in November 2021, will be used to service Pangaea's Arctic customer base. The two added ships, also designed with Ice Class 1A specifications, will cost $37.7M each. The Company also announced a series of committed transactions to finance the ships through a $129.2M bareboat charter structure. On delivery, each of the ships will be sold to subsidiaries of CSSC Shipping Company Limited, a leading ship leasing company listed on the Hong Kong Exchange. The ships will be bareboat chartered for 15 years to entities that are controlled by a new joint venture company formed between Pangaea and Hudson Structured Capital Management, a Stamford, Connecticut based asset manager focused on alternative investments. Pangaea's Nordic Bulk Carriers has signed a ten year contract with a major customer to utilize its ice-class fleet, including the four post-panamaxes, in the Arctic shipping season and will operate the new ships alongside its existing ice class fleet of ten ships.