Pangaea L q4 2023 results

Pangaea Logistics (PANL), a dry bulk shipper with “fangs” (if you see some of their owned vessels you will understand) announced q4 2023 results on 03/14/24

  • Rev of $131.9M
  • Net income of $1.1M
  • Declared div of 10c/sh
  • Slide deck indicates PANL has added a few vessels within the last few years.

A few years ago, I owned PANL shares. The company had an interesting strategy with an owned fleet of about 20 vessels and a charter-in fleet that fluctuated in size (20 - 35 vessels). The strategy appears to still be in play (a skim of the Income statement shows this in the “charter hire” line). Owned fleet has expanded to 25 vessels and a floating dock (a prior asset)