Pangaea Logistics reported a $10 million year-over-year increase in adjusted EBITDA, driven by higher shipping activity and premium rates.
Pangaea Logistics Solutions (NASDAQ:PANL) reported adjusted EBITDA of $25.2 million for Q1, up $10 million from the prior year. The gain was fueled by a 34% rise in time charter equivalent earnings and rates averaging 20% above market levels.
GAAP net income reached $13.3 million, or $0.21 per diluted share. The company expanded its chartered-in fleet by 54% to capitalize on favorable conditions, while terminal operations contributed record EBITDA for a second consecutive quarter.
Management highlighted solid dry bulk activity and margins, expecting continued strength through the year. The company remains focused on secondhand vessel acquisitions to support growth.