Pangaea Logistics Solutions Ltd. reported a total revenue of $122.8 million for the first quarter of 2025, marking a 17% increase from $104.7 million in the same period of 2024. This growth was primarily driven by a 41% rise in total shipping days, which reached 5,210 days compared to 3,685 days a year earlier. However, the company experienced a net loss of approximately $2.0 million, or $(0.03) per share, contrasting sharply with a net income of $11.7 million, or $0.26 per share, in the first quarter of 2024. The decline in profitability was attributed to increased voyage expenses and lower charter revenues, which fell by 34% to $10.0 million due to decreased market rates.
The company's voyage revenue increased by 26% to $109.7 million, driven by a 48% increase in voyage days, which was facilitated by the acquisition of 15 vessels in December 2024. Despite this, the average market rates for freight and time charters declined significantly, impacting overall revenue. Terminal and stevedore revenues also saw a 30% increase, reaching $3.1 million, attributed to the timing of significant customer contracts that did not contribute to revenues in the first quarter of 2024.
Operationally, Pangaea's total expenses rose to $119.9 million, up from $93.7 million in the previous year, largely due to a 62% increase in voyage expenses driven by higher bunker and port costs associated with the increased shipping days. The company’s vessel operating expenses also surged by 75% to $22.2 million, reflecting the expanded fleet size. The total number of vessels owned by Pangaea now includes three Panamax, two Ultramax Ice Class 1C, two Ultramax, nine Supramax, and four Post-Panamax Ice Class 1A drybulk vessels, alongside a fleet of 15 Handysize vessels acquired through a merger.
Looking ahead, Pangaea remains cautious about the market conditions, particularly given the volatility in freight rates and the cyclical nature of the shipping industry. The company has indicated that it will continue to adapt its chartering strategy to meet cargo commitments while managing costs effectively. As of March 31, 2025, Pangaea held $63.9 million in cash and cash equivalents, which it believes will be sufficient to fund operations for at least the next twelve months, provided that drybulk shipping rates do not decline significantly from current levels.
About Pangaea Logistics Solutions Ltd.
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