UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 15, 2015
PANGAEA LOGISTICS SOLUTIONS LTD.
(Exact Name of Registrant as Specified in
Charter)
Bermuda |
001-36139 |
N/A |
(State or Other Jurisdiction |
(Commission |
(IRS Employer |
of Incorporation) |
File Number) |
Identification No.) |
109 Long Wharf, Newport, Rhode Island
02840
(Address of Principal Executive Offices)
(Zip Code)
(401) 846-7790
(Registrant’s Telephone Number, Including
Area Code)
(Former Name or Former Address, if Changed
Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
| Item 2.01 | Results
of Operations and Financial Condition. |
On May 15, 2015, Registrant issued a press release announcing
financial results for the three months ended March 31, 2015. The full text of this press release is included as Exhibit 99.1 to
this Current Report on Form 8-K.
The information in this Current Report, including the exhibit
attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report shall not
be incorporated by reference into any registration statement pursuant to the Securities Act of 1933.
| Item 9.01 | Financial
Statements, Pro Forma Financial Information and Exhibits. |
| 99.1 | Press Release of Pangaea Logistics Solutions Ltd. dated
May 14, 2015 announcing financial results for the three months ended March 31, 2015. |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: May 15, 2015
|
PANGAEA LOGISTICS SOLUTIONS LTD. |
|
|
|
By: |
/s/ Anthony Laura |
|
|
Name: Anthony Laura
Title: Chief Financial Officer |
Exhibit 99.1
Pangaea Logistics Solutions Ltd. Reports
Financial Results for the Three Months Ended March 31, 2015
Company Reports Profitable
First Quarter and Strong Demand for Services
NEWPORT, RI – May 14, 2015 – Pangaea Logistics Solutions
Ltd. (“Pangaea” or the “Company”) (NASDAQ: PANL), a global provider of comprehensive maritime logistics
solutions, announced today its results for the quarter ended March 31, 2015.
First Quarter Highlights
| · | Net
Income attributable to Pangaea Logistics Solutions Ltd. was $7.6 million in the first quarter of 2015, or $0.22 per common share,
compared with $6.6 million, or $0.19 per share on a pro forma basis1,
in the first quarter of 2014, representing 15% growth
|
| · | Total revenue of $95.1 million for the first quarter of 2015, a 17% decrease compared to $114.2 million
of total revenue reported in the first quarter of 2014
|
| · | Adjusted
EBITDA2 was $12.9 million in the first quarter of 2015,
compared with $12.6 million in the first quarter of 2014, representing 3% growth
|
| · | Cash flow from operations was $11.2 million in the first quarter of 2015, compared with $10.4 million
in the first quarter of 2014, representing 7% growth
|
| · | Continued strong demand for voyage business with a 19% increase in number of voyage days in the first quarter of 2015 compared
with the first quarter of 2014 |
| · | Average time charter equivalent rates of $12,251 per
day for the first quarter of 2015
|
| · | At the end of the quarter, Pangaea had $42.6 million in cash and cash equivalents
|
| · | Delivery of two new ice-class 1A panamax dry bulk carriers during the quarter, the m/v Nordic Olympic
and m/v Nordic Odin in February 2015
|
Edward Coll, Chairman and Chief Executive
Officer of Pangaea Logistics Solutions, stated, “The first quarter of 2015 was an especially strong start to the year as
we executed on our disciplined approach to generating revenues in a challenging rate environment. Pangaea’s strategy of hiring
vessels for short periods and only against known cargo contracts, together with declining bunker and charter-in costs, served us
well during the quarter. Our differentiated and conservative approach to delivering dry bulk logistics services for our customers
produced results markedly different from the broader dry bulk industry and in spite of extremely challenging weather and operating
conditions in Eastern Canada this winter, and a milder than expected winter in North Europe, which limited demand for the Company’s
ice-class tonnage.”
_________________________
1 Earnings per share represents total earnings allocated
to common stock divided by the weighted average number of common shares outstanding. Pro forma adjusted earnings per share represents
adjusted total earnings allocated to common stock divided by the weighted average number of shares giving effect to the mergers
as if they had been consummated as of January 1, 2014. See Reconciliation of Adjusted EBITDA and Pro Forma Adjusted Earnings Per
Share.
2 Adjusted EBITDA is a non-GAAP measure and represents
operating earnings before interest expense, income taxes, depreciation and amortization, and other non-operating income and/or
expense, if any. See Reconciliation of Adjusted EBITDA and Pro Forma Adjusted Earnings Per Share.
Results for the Quarter Ended March 31, 2015
The Company reported net income of $7.6
million, or $0.22 per common share, for the first quarter of 2015, a 15% increase over the first quarter of 2014 when the Company
reported net income of $6.6 million, or $0.19 per common share on a pro forma basis. This increase was primarily attributable to
voyage revenue tied to COAs making up an increased portion of total revenue when compared to market rate charter revenues. Low
charter rates and bunker costs also contributed to this quarter’s results.
Total revenue of $95.1 million for the
quarter ended March 31, 2015 decreased 17% from the $114.2 million generated in the same quarter in 2014 and comprised $90.6 million
in voyage revenue and $4.5 million in charter revenue, year-over-year decreases of 1% and 80%, respectively. The decline in total
revenue was primarily attributable to a 7% decrease in the Company’s total shipping days from 4,357 days in the first quarter
of 2014 to 4,065 days in the first quarter of 2015. Total shipping days are the sum of voyage days, which are tied to COAs and
increased 19% year-over-year, and charter days, which are subject to market rates and decreased 67% year-over-year. This reflects
the Company’s strategy of limiting its exposure to decreasing rates by chartering in vessels only to meet the demands of
specific COAs and voyage contracts in order to maximize profitability. Coll noted, “This quarter’s particularly strong
results demonstrate the utility of this disciplined strategy in mitigating the impact of low market rates to the extent possible.”
“Because our owned fleet is matched
to our portfolio of long-term COAs, we employ our vessels in shipping markets at lower risk,” Coll said. “In a challenging
dry bulk market we can mitigate the challenge of low rates by limiting commitments on chartered-in tonnage to very short requirements,
which reduces market risk and minimizes idle time.” Coll continued, “This agility allows us to focus on those sectors
and routes that present profitable opportunities for voyage and charter business while conserving cash, enabling us to take advantage
of attractive opportunities as they present themselves.”
Coll continued, “We will continue
to control costs and strategically focus on specific trades where our unique expertise provides us with a competitive advantage,
including ice-class and backhaul, to best position the Company for continued growth. Despite this risk-sensitive, flexible approach
we are not immune to the historically low rates currently facing the industry and the continued volatility in bunker prices, which
may be headwinds for us.”
Cash Flows
Cash and cash equivalents were $42.6 million
as of March 31, 2015, compared with $29.8 million on December 31, 2014.
For the quarter ended March 31, 2015, the
Company’s net cash provided by operating activities was $11.2 million, compared to $10.4 million for the quarter ended March
31, 2014.
For the quarters ended March 31, 2015 and
2014, net cash used in investing activities was $40.3 million and $14.9 million, respectively. Net cash provided by financing activities
was $41.9 million and $8.9 million for the quarters ended March 31, 2015 and 2014, respectively. These increases reflect our purchase
of new ice-class ships, including the m/v Nordic Olympic and m/v Nordic Odin, partially offset by the sale of the
m/v Bulk Cajun.
Conference Call Details
The Company’s management team will host a conference call
to discuss our financial results tomorrow, Friday, May 15, 2015 at 8:00 a.m., Eastern Time (ET). To access the conference call,
please dial (888) 895-3561 (domestic) or (904) 685-6494 (international) approximately ten minutes before the scheduled start time
and reference ID# 42194922.
Pangaea Logistics Solutions Ltd.
Consolidated Statements of Income
| |
Three months ended March 31, | |
| |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | |
Revenues: | |
| | | |
| | |
Voyage revenue | |
$ | 90,578,942 | | |
$ | 91,559,529 | |
Charter revenue | |
| 4,536,846 | | |
| 22,653,349 | |
| |
| 95,115,788 | | |
| 114,212,878 | |
Expenses: | |
| | | |
| | |
Voyage expense | |
| 45,324,119 | | |
| 48,134,606 | |
Charter hire expense | |
| 24,659,395 | | |
| 43,971,061 | |
Vessel operating expenses | |
| 7,785,328 | | |
| 6,919,497 | |
General and administrative | |
| 4,318,692 | | |
| 2,576,285 | |
Depreciation and amortization | |
| 2,990,594 | | |
| 2,551,625 | |
Loss on sale of vessels | |
| 88,868 | | |
| - | |
Total expenses | |
| 85,166,996 | | |
| 104,153,074 | |
| |
| | | |
| | |
Income from operations | |
| 9,948,792 | | |
| 10,059,804 | |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense, net | |
| (1,410,771 | ) | |
| (1,515,879 | ) |
Interest expense related party debt | |
| (114,966 | ) | |
| (42,128 | ) |
Imputed interest on related party long-term debt | |
| - | | |
| (322,947 | ) |
Unrealized gain (loss) gain on derivative instruments | |
| 823,455 | | |
| (371,558 | ) |
Other income (expense) | |
| 83,149 | | |
| (150,000 | ) |
Total other expense, net | |
| (619,133 | ) | |
| (2,402,512 | ) |
| |
| | | |
| | |
Net income | |
| 9,329,659 | | |
| 7,657,292 | |
Income attributable to noncontrolling interests | |
| (1,729,730 | ) | |
| (1,064,007 | ) |
Net income attributable to Pangaea Logistics Solutions Ltd. | |
$ | 7,599,929 | | |
$ | 6,593,285 | |
| |
| | | |
| | |
Earnings per common share: | |
| | | |
| | |
Basic | |
$ | 0.22 | | |
$ | 0.17 | |
Diluted | |
$ | 0.22 | | |
$ | 0.17 | |
| |
| | | |
| | |
Weighted average shares used to compute earnings | |
| | | |
| | |
per common share (Note 8) | |
| | | |
| | |
Basic and diluted | |
| 34,756,980 | | |
| 13,421,955 | |
Pangaea Logistics Solutions Ltd.
Consolidated Balance Sheets
| |
March
31, | | |
December 31, , | |
| |
2015 | | |
2014 | |
Assets | |
(unaudited)
| | |
| |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 42,598,816 | | |
$ | 29,817,507 | |
Restricted cash | |
| 1,000,000 | | |
| 1,000,000 | |
Accounts receivable (net of allowance of $4,349,650 at | |
| | | |
| | |
March 31, 2015 and $4,029,669 at December 31, 2014) | |
| 19,565,184 | | |
| 27,362,216 | |
Bunker inventory | |
| 13,792,771 | | |
| 15,601,659 | |
Advance hire, prepaid expenses and other current assets | |
| 3,051,757 | | |
| 6,568,234 | |
Vessels held for sale, net | |
| 3,741,375 | | |
| 4,523,804 | |
Total current assets | |
| 83,749,903 | | |
| 84,873,420 | |
| |
| | | |
| | |
Fixed assets, net | |
| 268,963,912 | | |
| 207,667,613 | |
Investment in newbuildings in-process | |
| 15,296,477 | | |
| 38,471,430 | |
Other noncurrent assets | |
| 1,310,216 | | |
| 1,450,802 | |
Total assets | |
$ | 369,320,508 | | |
$ | 332,463,265 | |
| |
| | | |
| | |
Liabilities and stockholders' equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable, accrued expenses and other current liabilities | |
$ | 28,656,068 | | |
$ | 40,201,794 | |
Related party debt | |
| 61,723,711 | | |
| 59,102,077 | |
Deferred revenue | |
| 8,284,176 | | |
| 11,748,926 | |
Current portion long-term debt | |
| 22,359,868 | | |
| 17,807,674 | |
Line of credit | |
| 3,000,000 | | |
| 3,000,000 | |
Dividend payable | |
| 12,724,825 | | |
| 12,824,825 | |
Total current liabilities | |
| 136,748,648 | | |
| 144,685,296 | |
| |
| | | |
| | |
Secured long-term debt, net | |
| 122,728,090 | | |
| 87,430,416 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders' equity: | |
| | | |
| | |
Preferred stock, $0.0001 par value, 1,000,000 shares | |
| - | | |
| - | |
authorized and no shares issued or outstanding | |
| | | |
| | |
Common stock, $0.0001 par value, 100,000,000 shares authorized | |
| | | |
| | |
34,756,980 shares issued and outstanding at March 31, 2015 | |
| | | |
| | |
and December 31, 2014 | |
| 3,476 | | |
| 3,476 | |
Additional paid-in capital | |
| 134,122,003 | | |
| 133,955,445 | |
Accumulated deficit | |
| (28,542,798 | ) | |
| (36,142,727 | ) |
Total Pangaea Logistics Solutions Ltd. equity | |
| 105,582,681 | | |
| 97,816,194 | |
Non-controlling interests | |
| 4,261,089 | | |
| 2,531,359 | |
Total stockholders' equity | |
| 109,843,770 | | |
| 100,347,553 | |
Total liabilities and stockholders' equity | |
$ | 369,320,508 | | |
$ | 332,463,265 | |
| |
| | | |
| | |
Pangaea Logistics Solutions Ltd.
Consolidated Statements of Cash Flows
| |
Three months ended March 31, | |
| |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | |
Operating activities | |
| | | |
| | |
Net income | |
$ | 9,329,659 | | |
$ | 7,657,292 | |
Adjustments to reconcile net income to net cash | |
| | | |
| | |
provided by operations: | |
| | | |
| | |
Depreciation and amortization expense | |
| 2,990,594 | | |
| 2,551,625 | |
Amortization of deferred financing costs | |
| 225,182 | | |
| 284,743 | |
Unrealized (gain) loss on derivative instruments | |
| (823,455 | ) | |
| 371,558 | |
Loss from equity method investee | |
| (53,201 | ) | |
| - | |
Provision for doubtful accounts | |
| 319,981 | | |
| 73,543 | |
Loss on sales of vessels | |
| 88,868 | | |
| - | |
Write off unamortized financing costs of repaid debt | |
| 25,557 | | |
| - | |
Amortization of discount on related party long-term debt | |
| - | | |
| 322,947 | |
Share-based compensation | |
| 166,558 | | |
| - | |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 7,477,051 | | |
| 20,364,070 | |
Bunker inventory | |
| 1,808,888 | | |
| 879,826 | |
Advance hire, prepaid expenses and other current assets | |
| 3,863,659 | | |
| 2,577,048 | |
Account payable, accrued expenses and other current liabilities | |
| (10,771,168 | ) | |
| (14,936,544 | ) |
Deferred revenue | |
| (3,464,750 | ) | |
| (9,708,056 | ) |
Net cash provided by operating activities | |
| 11,183,423 | | |
| 10,438,052 | |
| |
| | | |
| | |
Investing activities | |
| | | |
| | |
Purchase of vessels | |
| (44,824,665 | ) | |
| (14,382,779 | ) |
Proceeds from sales of vessels | |
| 4,523,804 | | |
| - | |
Deposits on newbuildings in-process | |
| - | | |
| (63,953 | ) |
Drydocking costs | |
| - | | |
| (409,000 | ) |
Purchase of building and equipment | |
| (5,399 | ) | |
| (3,612 | ) |
Net cash used in investing activities | |
| (40,306,260 | ) | |
| (14,859,344 | ) |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Proceeds of related party debt | |
| 2,506,667 | | |
| - | |
Payments on related party debt | |
| - | | |
| (162,928 | ) |
Proceeds from long-term debt | |
| 45,000,000 | | |
| 13,000,000 | |
Payments of financing and issuance costs | |
| (664,722 | ) | |
| (41,079 | ) |
Payments on long-term debt | |
| (4,837,799 | ) | |
| (3,837,264 | ) |
Common stock dividends paid | |
| (100,000 | ) | |
| (100,000 | ) |
Net cash provided by financing activities | |
| 41,904,146 | | |
| 8,858,729 | |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| 12,781,309 | | |
| 4,437,437 | |
Cash and cash equivalents at beginning of period | |
| 29,817,507 | | |
| 18,927,927 | |
Cash and cash equivalents at end of period | |
$ | 42,598,816 | | |
$ | 23,365,364 | |
| |
| | | |
| | |
Disclosure of noncash items | |
| | | |
| | |
Dividends declared, not paid | |
$ | - | | |
$ | 2,101,207 | |
Imputed interest on related party long-term debt | |
$ | - | | |
$ | 200,802 | |
Cash paid for interest | |
$ | 1,185,589 | | |
$ | 1,439,827 | |
| |
| | | |
| | |
Pangaea Logistics Solutions Ltd.
Reconciliation of Adjusted EBITDA and Pro Forma Adjusted Earnings Per Share
| |
Three months ended March 31, | |
| |
2015 | | |
2014 | |
Adjusted EBITDA | |
(unaudited) | | |
(unaudited) | |
| |
| | |
| |
Income from operations | |
$ | 9,949 | | |
$ | 10,060 | |
Depreciation and amortization | |
| 2,991 | | |
| 2,552 | |
Adjusted EBITDA | |
$ | 12,940 | | |
$ | 12,612 | |
| |
| | | |
| | |
Earnings Per Common Share | |
| | | |
| | |
Net Income attributable to Pangaea Logistics Solutions Ltd. | |
| 7,560 | | |
| - | |
Net Income attributable to Bulk Partners (Bermuda) Ltd. | |
| - | | |
| 6,593 | |
less adjustments related to pre-merger capital structure | |
| - | | |
| (4,317 | ) |
Total earnings allocated to common stock | |
$ | 7,560 | | |
$ | 2,276 | |
Weighted average number of common shares outstanding | |
| 34,756,980 | | |
| 13,421,955 | |
Earnings per common share | |
$ | 0.22 | | |
$ | 0.17 | |
| |
| | | |
| | |
Pro Forma Adjusted EPS | |
| | | |
| | |
Total Income allocated to common stock | |
$ | 7,560 | | |
$ | 2,276 | |
Non-GAAP | |
| | | |
| | |
plus adjustments related to pre-merger capital structure | |
| - | | |
| 4,317 | |
Non-GAAP Pro forma adjusted total earnings allocated to common stock | |
$ | 7,560 | | |
$ | 6,593 | |
Non-GAAP Pro forma weighted average number of common shares outstanding | |
| 34,756,980 | | |
| 34,696,997 | |
Non-GAAP Pro forma Adjusted EPS | |
$ | 0.22 | | |
$ | 0.19 | |
INFORMATION ABOUT NON-GAAP FINANCIAL
MEASURES. As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America.
To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses
non-GAAP financial measures, including (1) non-GAAP adjusted EBITDA and (2) non-GAAP pro forma adjusted earnings per share (“EPS”).
These are considered non-GAAP financial measures as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange
Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance,
financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most
directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information
is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented
in accordance with GAAP.
We use these non-GAAP financial measures
for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the
performance and results of operations of our core business. Our management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding the performance of our core business by excluding non-cash losses on impairment of
vessels and non-recurring charges that may not be indicative of our recurring core business operating results. These non-GAAP financial
measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe
these non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used
by management in its financial and operational decision making and are used by our institutional investors and the analyst community
to help them analyze the performance and operational results of our core business.
Non-GAAP adjusted net income attributable
to Pangaea Logistics Solutions Ltd., Adjusted EBITDA, and pro forma adjusted EPS. Adjusted net income attributable to Pangaea
Logistics Solutions Ltd. represents net income attributable to Pangaea Logistics Solutions Ltd. calculated in accordance with GAAP,
plus non-cash losses on impairment of vessels and non-recurring charges. Adjusted EBITDA represents operating earnings before interest
expense, income taxes, depreciation, amortization and loss on impairment of vessels. Earnings per share represents total earnings
allocated to common stock divided by the weighted average number of common shares outstanding. Pro forma adjusted earnings per
share represents adjusted total earnings allocated to common stock divided by the weighted average number of shares giving effect
to the mergers as if they had been consummated as of January 1, 2014.
There are limitations related to the use
of non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd., adjusted EBITDA, and pro forma adjusted EPS versus
net income, income from operations, and EPS calculated in accordance with GAAP. In particular, Pangaea’s definition of adjusted
net income attributable to Pangaea Logistics Solutions Ltd., adjusted EBITDA, and pro forma adjusted EPS used here is not comparable
to net income, EBITDA, and EPS. Management provides specific information in order to reconcile the GAAP or non-GAAP measure to
adjusted net income attributable to Pangaea Logistics Solutions Ltd., adjusted EBITDA, and pro forma adjusted EPS.
The table set forth above provides a reconciliation
of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP.
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. (NASDAQ:
PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry
bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company
addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading,
cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.
Forward-Looking Statements
Certain statements in this press release
are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These forward-looking
statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that
could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any
obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except
as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity,
changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability
of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing
arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes
due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that
have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.
Pangaea Logistics Soluti... (NASDAQ:PANL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pangaea Logistics Soluti... (NASDAQ:PANL)
Historical Stock Chart
From Apr 2023 to Apr 2024