Overview

* Pangaea Q3 adjusted EPS beats analyst expectations, reflecting solid financial performance

* Adjusted EBITDA for Q3 increased by 20.3%, beating analyst expectations

* Company announced sale of Bulk Freedom for $9.6 mln, continuing fleet renewal strategy

Outlook

* Company sees favorable medium-term dry bulk environment due to limited vessel supply

* Company executed 4,210 shipping days at average TCE of $17,107 early in Q4

Result Drivers

* INCREASED SHIPPING DAYS - 22% increase in shipping days due to acquisition of fifteen handy-sized vessels, boosting revenue

* TCE RATE PERFORMANCE - TCE rates exceeded market indices by 10% due to long-term contracts and specialized fleet

* COST MANAGEMENT - 13% decrease in voyage expenses per day contributed to 20.3% increase in Adjusted EBITDA

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $0.17 $0.07 (2

Adjusted Analysts

EPS )

Q3 Beat $11.20 $4.26

Adjusted mln mln (2

Net Analysts

Income )

Q3 Net $12.20

Income mln

Q3 Beat $28.90 $21.31

Adjusted mln mln (2

EBITDA Analysts

)

Q3 17.10%

Adjusted

EBITDA

Margin

Q3 $28.60

Operatin mln

g Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the marine freight & logistics peer group is "buy."

* Wall Street's median 12-month price target for Pangaea Logistics Solutions Ltd ( PANL ) is $8.00, about 37.7% above its November 5 closing price of $4.98

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)