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Pangaea Logistics Solutions Ltd. (PANL) - Strong Quarter and 2H2021 Off to Good Start

Friday, August 13, 2021

Pangaea Logistics Solutions Ltd. (PANL)
Strong Quarter and 2H2021 Off to Good Start

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm's services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    2Q2021 Results Above Expectations and 3Q2021 Off to Good Start. 2Q2021 EBITDA of $21.4 million was above expectations by $3.4 million mainly due to lower opex and charter hire expenses which more than offset variances in TCE rates and shipping days of 4,723. It is challenging to keep up in rising rate environments so TCE rates of $21.1k/day lagged the panamax and supramax index of $24.2k/day.

    Increasing 2021 EBITDA estimate to $76.0 million based on TCE rates of $22.2k/day from $68.2 million based on TCE rates of $21.7k/day and total shipping days of 19,260.  The 2H2021 outlook remains firm and we moved our quarterly TCE rate estimates higher to $27.0k/day in 3Q2021 and $23.5k/day in 4Q2021 ...

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

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