Pangaea Logistics reports Q3 adjusted EPS 24c, consensus 27c

Reports Q3 revenue $153.1M, consensus $141.33M. “Strategically, this has been a historic year for Pangaea, one in which we’ve continued to advance our value creation strategy through a combination of targeted fleet expansion, strong operational execution, and accretive inorganic growth,” stated Mark Filanowski, CEO of Pangaea Logistics (PANL) Solutions. “In September, we entered into a definitive agreement to merge 15 dry bulk handy-size vessels into our own dry bulk fleet in an all-stock transaction with M. T. Maritime. The transaction, which is expected to close by year-end 2024, will increase the size of our owned fleet by more than 60% and will drive meaningful annual EBITDA for Pangaea. In a separate transaction, we acquired the remaining 50% interest in our post-panamax ice class 1A joint venture, further solidifying our position in this premium niche market segment. We also purchased two modern supramaxes to support our base businesses”.