NEWPORT, R.I., March 22,
2017 /PRNewswire/ -- Pangaea Logistics Solutions Ltd.
("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of
comprehensive maritime logistics solutions, announced today its
results for the three months and year ended December 31, 2016.
2016 Highlights
- Net income of $7.5 million for a
year characterized as one of the worst in drybulk shipping
history.
- Income from operations of $12.9
million, which highlights the Company's unique ability to
deliver profits during a weak market by minimizing excess vessel
capacity through short-term charter-in commitments.
- Positive cash flow from operations of $19.2 million.
- Cash and cash equivalents totaling $22.3
million at December 31,
2016.
Fourth Quarter Highlights
- Net income of $0.1 million in the
fourth quarter of 2016 as compared to a net loss of $4.8 million in the same period of 2015.
- Income from operations of $0.8
million as compared to a loss from operations of
$1.3 million in the fourth quarter of
2015.
- Total revenue increased to $66.3
million from $55.9 million in
the fourth quarter of 2015.
- Total shipping days increased 18% over the fourth quarter of
2015.
- Vessel operating expense per day decreased 14% to $5,860 per day from $6,852 in the fourth quarter of 2015.
Edward Coll, Chairman and Chief
Executive Officer of Pangaea, commented, "Our business risk
minimization strategies have kept us profitable as the industry
experienced historically strong headwinds during 2016. We are
now seeing industry trends begin to reverse as positive momentum
builds within the drybulk shipping segment, and we are
well-positioned to capitalize on what we anticipate will be a
market resurgence in 2017. Our newbuilding investments and fleet
expansion completed in perfect timing with the expected market
strengthening, and our track record of profitable operations will
help us attract new partners in all parts of our business. We are
looking forward to new opportunities and challenges in 2017."
Results for the year and the three months ended December 31, 2016.
For the year ended December 31,
2016, the Company reported net income of $7.5 million or $0.21 per common share1 compared to
net income of $11.3 million, or
$0.32 per common share for the
previous year. This decline is due to the weakness in the drybulk
market during 2016. Charter rates, as measured by the Baltic Dry
Index, fell to the lowest point on record in February 2016 and made only a modest recovery as
the year progressed. Adjusted EBITDA2 in 2016 was
$27.0 million, down from $38.6 million in 2015. Total revenue for
the year declined 17.2% to $238.0
million from $287.3 million in
2015, due to lower charter market rates weakness and fewer shipping
days, in line with the Company's business strategy.
For the fourth quarter of 2016, the Company reported net income
of $0.1 million, up from a net loss
of $4.8 million in the fourth quarter
of 2015. The market saw some improvement in the fourth quarter as
compared to the same period of 2015, evidenced by the increase in
total revenue to $66.3 million as
compared to $55.9 million, but the
increasing cost of bunkers and increasing charter hire rates
beginning late in the third quarter put pressure on margins in the
fourth quarter. Adjusted EBITDA was $4.3
million, compared with $7.4
million for the fourth quarter of 2015, after adjusting for
impairment losses in the 2015 period.
Pangaea's ability to limit the impact of market rates on its
operations to remain profitable is a function of its flexible,
cargo-focused, business model that uses an optimized mix of owned
and chartered-in tonnage. This is different from many other drybulk
companies that have large owned fleets and are often forced to
employ these fleets on market terms, even if such terms are
unprofitable. In contrast, because of its more flexible fleet
profile, Pangaea can avoid low-margin or loss-making voyages.
Markets
Mr. Coll commented about the Company's strategy and operations,
"We saw marked improvement in charter rates in the second half of
the year, as the impacts of vessel scrapping and increased demand
for commodities was felt worldwide. The way to a sustained
recovery in the drybulk business will not be straight and fast, but
we can quickly adjust our exposure to the market as the inevitable
bumps appear on the way to recovery. We have a proven ability
to outperform the market, and to attract financing to grow our
business."
Cash Flows
Cash and cash equivalents were $22.3
million as of December 31,
2016, compared with $37.5
million on December 31,
2015.
For the year ended December 31,
2016, the Company's net cash provided by operating
activities was $19.2 million,
compared to $26.0 million for the
year ended December 31, 2015.
For the years ended December 31,
2016 and 2015, net cash used in investing activities was
$10.3 million and $64.0 million, respectively. Net cash used
in financing activities was $24.2
million for the year ended December
31, 2016 and net cash provided by financing activities was
$45.7 million for the year ended
December 31, 2015. These
changes reflect the Company's investment in and purchase of new
ice-class ships in 2015, including the m/v Nordic Olympic,
the m/v Nordic Odin and the m/v Nordic Oasis. The
Company invested $9.6 million in two
newbuildings in 2016, which were delivered in January 2017.
Conference Call Details
The Company's management team will host a conference call to
discuss the Company's financial results on March 23, 2017 at 8:00
a.m., Eastern Time (ET). Following a recorded
discussion of the quarterly results, Edward
Coll, Chairman and Chief Executive Officer, and Anthony Laura, Chief Financial Officer, will be
available to answer questions from attending participants. 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# 90473986.
A supplemental slide presentation will accompany this quarter's
conference call and can be found attached to the Current Report on
Form 8-K that the Company filed concurrently with this press
release. This document will be available at
http://www.pangaeals.com/company-filings or at sec.gov.
A recording of the call will also be available for one week and
can be accessed by calling (800) 585-8367 (domestic) or (404)
537-3406 (international) and referencing ID# 90473986.
_____________________________________
1 Earnings per share represents total earnings divided by
the weighted average number of common shares outstanding.
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 Adjusted Earnings Per Share.
Pangaea Logistics
Solutions Ltd.
Consolidated
Statements of Income
|
|
|
|
Three months ended
December 31,
|
|
Years ended December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
(unaudited)
|
|
|
|
|
Voyage
revenue
|
|
$
|
60,606,537
|
|
|
$
|
50,591,815
|
|
|
$
|
222,116,152
|
|
|
$
|
266,673,105
|
|
Charter
revenue
|
|
5,726,845
|
|
|
5,334,701
|
|
|
15,900,346
|
|
|
20,660,136
|
|
Total
revenues
|
|
66,333,382
|
|
|
55,926,516
|
|
|
238,016,498
|
|
|
287,333,241
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Voyage
expense
|
|
29,212,870
|
|
|
21,788,872
|
|
|
103,647,127
|
|
|
125,634,706
|
|
Charter hire
expense
|
|
20,492,162
|
|
|
15,465,945
|
|
|
63,691,892
|
|
|
75,922,447
|
|
Vessel operating
expenses
|
|
8,626,622
|
|
|
8,195,462
|
|
|
30,904,039
|
|
|
31,559,662
|
|
General and
administrative
|
|
3,622,173
|
|
|
3,136,254
|
|
|
12,773,781
|
|
|
14,966,463
|
|
Depreciation and
amortization
|
|
3,531,599
|
|
|
3,273,603
|
|
|
14,107,822
|
|
|
12,730,872
|
|
Loss on impairment of
vessels
|
|
—
|
|
|
5,354,023
|
|
|
—
|
|
|
5,354,023
|
|
Loss on sale of
vessels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
638,638
|
|
Total
expenses
|
|
65,485,426
|
|
|
57,214,159
|
|
|
225,124,661
|
|
|
266,806,811
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
847,956
|
|
|
(1,287,643)
|
|
|
12,891,837
|
|
|
20,526,430
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(1,264,914)
|
|
|
(1,235,515)
|
|
|
(5,423,057)
|
|
|
(5,419,755)
|
|
Interest expense
related party debt
|
|
(79,713)
|
|
|
(99,072)
|
|
|
(314,925)
|
|
|
(435,565)
|
|
Unrealized gain
(loss) on derivative
instruments
|
|
951,050
|
|
|
(1,050,137)
|
|
|
2,163,484
|
|
|
(377,264)
|
|
Other
expense
|
|
(115,774)
|
|
|
(1,100,843)
|
|
|
(158,528)
|
|
|
(926,759)
|
|
Total other expense,
net
|
|
(509,351)
|
|
|
(3,485,567)
|
|
|
(3,733,026)
|
|
|
(7,159,343)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
338,605
|
|
|
(4,773,210)
|
|
|
9,158,811
|
|
|
13,367,087
|
|
Income attributable
to noncontrolling interests
|
|
(272,724)
|
|
|
(13,832)
|
|
|
(1,701,856)
|
|
|
(2,090,894)
|
|
Net income (loss)
attributable to Pangaea
Logistics Solutions Ltd.
|
|
65,881
|
|
|
$
|
(4,787,042)
|
|
|
$
|
7,456,955
|
|
|
$
|
11,276,193
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.002
|
|
|
$
|
(0.86)
|
|
|
$
|
0.21
|
|
|
$
|
0.32
|
|
Diluted
|
|
$
|
—
|
|
|
$
|
(0.86)
|
|
|
$
|
0.21
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute
(loss) earnings per common share
|
|
|
|
|
|
|
|
|
Basic
|
|
35,189,068
|
|
|
35,045,132
|
|
|
35,158,917
|
|
|
34,784,733
|
|
Diluted
|
|
35,581,897
|
|
|
35,382,734
|
|
|
35,376,950
|
|
|
34,957,542
|
|
Pangaea Logistics
Solutions Ltd.
Consolidated
Balance Sheets
|
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
22,322,949
|
|
|
$
|
37,520,240
|
|
Restricted
cash
|
6,100,000
|
|
|
2,003,341
|
|
Accounts receivable
(net of allowance of $5,067,194 at
December 31, 2015 and $4,029,669 at December 31, 2014)
|
20,476,797
|
|
|
19,617,943
|
|
Bunker
inventory
|
13,202,937
|
|
|
7,490,590
|
|
Advance hire, prepaid
expenses and other current assets
|
6,441,583
|
|
|
2,679,292
|
|
Total current
assets
|
68,544,266
|
|
|
69,311,406
|
|
|
|
|
|
Fixed assets,
net
|
275,265,672
|
|
|
255,145,807
|
|
Investment in
newbuildings in-process
|
18,383,964
|
|
|
42,505,783
|
|
Total
assets
|
$
|
362,193,902
|
|
|
$
|
366,962,996
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
23,231,179
|
|
|
22,156,202
|
|
Related party
debt
|
15,972,147
|
|
|
13,321,419
|
|
Deferred
revenue
|
6,422,982
|
|
|
4,448,795
|
|
Current portion
long-term debt
|
19,627,846
|
|
|
19,499,262
|
|
Line of
credit
|
—
|
|
|
—
|
|
Dividend
payable
|
12,624,825
|
|
|
12,724,825
|
|
Total current
liabilities
|
77,878,979
|
|
|
72,150,503
|
|
|
|
|
|
Secured long-term
debt, net
|
107,637,851
|
|
|
129,496,153
|
|
|
|
|
|
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 36,503,837 and 34,756,980 shares issued and
outstanding at December 31, 2015 and 2014, respectively
|
3,659
|
|
|
3,650
|
|
Additional paid-in
capital
|
133,677,321
|
|
|
133,075,409
|
|
Accumulated
deficit
|
(17,409,579)
|
|
|
(24,866,534)
|
|
Total Pangaea
Logistics Solutions Ltd. equity
|
116,271,401
|
|
|
108,212,525
|
|
Non-controlling
interests
|
60,405,671
|
|
|
57,103,815
|
|
Total stockholders'
equity
|
176,677,072
|
|
|
165,316,340
|
|
Total liabilities
and stockholders' equity
|
$
|
362,193,902
|
|
|
$
|
366,962,996
|
|
Pangaea Logistics
Solutions Ltd.
Consolidated
Statements of Cash Flows
|
|
|
Years ended
December 31,
|
|
2016
|
|
2015
|
Operating
activities
|
|
|
|
Net income
|
$
|
9,158,811
|
|
|
$
|
13,367,087
|
|
Adjustments to
reconcile net income to net cash provided by operations:
|
|
|
|
Depreciation and
amortization expense
|
14,107,822
|
|
|
12,730,872
|
|
Amortization of
deferred financing costs
|
662,724
|
|
|
745,522
|
|
Unrealized (gain)
loss on derivative instruments
|
(2,163,484)
|
|
|
377,264
|
|
Loss from equity
method investee
|
—
|
|
|
100,861
|
|
Provision for
doubtful accounts
|
922,414
|
|
|
974,952
|
|
Loss on sales of
vessels
|
—
|
|
|
638,638
|
|
Loss on impairment of
vessels
|
—
|
|
|
5,354,023
|
|
Drydocking
costs
|
(42,478)
|
|
|
(1,393,160)
|
|
Write off unamortized
financing costs of repaid debt
|
—
|
|
|
72,968
|
|
Recognized cost for
restricted stock issued as compensation
|
601,921
|
|
|
457,068
|
|
Change in operating
assets and liabilities:
|
|
|
|
Restricted
cash
|
1,503,341
|
|
|
(1,003,341)
|
|
Accounts
receivable
|
(1,781,268)
|
|
|
6,769,321
|
|
Bunker
inventory
|
(5,712,347)
|
|
|
8,111,069
|
|
Advance hire, prepaid
expenses and other current assets
|
(3,708,549)
|
|
|
3,852,662
|
|
Accounts payable,
accrued expenses and other current liabilities
|
3,690,569
|
|
|
(17,846,557)
|
|
Deferred
revenue
|
1,974,187
|
|
|
(7,300,131)
|
|
Net cash provided by
operating activities
|
19,213,663
|
|
|
26,009,118
|
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of
vessels
|
(319,433)
|
|
|
(44,799,563)
|
|
Proceeds from sales
of vessels
|
—
|
|
|
8,265,179
|
|
Deposits
on newbuildings in-process
|
(9,618,964)
|
|
|
(27,209,306)
|
|
Purchase of building
and equipment
|
(315,918)
|
|
|
(55,128)
|
|
Acquisition of
noncontrolling interest in consolidated subsidiary
|
—
|
|
|
(250,000)
|
|
Net cash used in
investing activities
|
(10,254,315)
|
|
|
(64,048,818)
|
|
|
|
|
|
Financing
activities
|
|
|
|
Proceeds of related
party debt
|
4,836,300
|
|
|
6,853,336
|
|
Payments on related
party debt
|
(2,500,497)
|
|
|
(1,216,250)
|
|
Proceeds from
long-term debt
|
1,375,971
|
|
|
67,500,000
|
|
Payments of financing
and issuance costs
|
(45,755)
|
|
|
(1,178,310)
|
|
Payments on long-term
debt
|
(23,722,658)
|
|
|
(22,548,460)
|
|
Payment of line of
credit
|
—
|
|
|
(3,000,000)
|
|
Common stock accrued
dividends paid
|
(100,000)
|
|
|
(100,000)
|
|
Increase in
restricted cash
|
(5,600,000)
|
|
|
—
|
|
Contributions from
noncontrolling interests
|
1,600,000
|
|
|
—
|
|
Distributions to
non-controlling interest
|
—
|
|
|
(567,883)
|
|
Net cash (used in)
provided by financing activities
|
(24,156,639)
|
|
|
45,742,433
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(15,197,291)
|
|
|
7,702,733
|
|
Cash and cash
equivalents at beginning of period
|
37,520,240
|
|
|
29,817,507
|
|
Cash and cash
equivalents at end of period
|
$
|
22,322,949
|
|
|
$
|
37,520,240
|
|
Pangaea Logistics
Solutions Ltd.
Reconciliation of
Adjusted EBITDA and Adjusted Earnings Per Share
|
|
|
|
Three months ended
December 31,
|
|
Years ended December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Adjusted EBITDA
(in millions)
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$
|
0.8
|
|
|
$
|
(1.3)
|
|
|
$
|
12.9
|
|
|
$
|
20.5
|
|
Depreciation and
amortization
|
|
3.5
|
|
|
3.3
|
|
|
14.1
|
|
|
12.7
|
|
Loss on impairment of
vessels
|
|
—
|
|
|
5.4
|
|
|
—
|
|
|
5.4
|
|
Adjusted
EBITDA
|
|
$
|
4.3
|
|
|
$
|
7.4
|
|
|
$
|
27.0
|
|
|
$
|
38.6
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Per Common Share
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Pangaea Logistics
Solutions Ltd.
|
|
$
|
0.1
|
|
|
$
|
(4.8)
|
|
|
$
|
7.5
|
|
|
$
|
11.3
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
outstanding - basic
|
|
35,189,068
|
|
|
35,045,132
|
|
|
35,158,917
|
|
|
34,784,733
|
|
Weighted average
number of common shares
outstanding - diluted
|
|
35,581,897
|
|
|
35,382,734
|
|
|
35,376,950
|
|
|
34,957,542
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share - basic
|
|
$
|
0.002
|
|
|
$
|
(0.86)
|
|
|
$
|
0.21
|
|
|
$
|
0.32
|
|
Earnings (loss) per
common share - diluted
|
|
$
|
—
|
|
|
$
|
(0.86)
|
|
|
$
|
0.21
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Pangaea Logistics
Solutions Ltd.
|
|
$
|
0.1
|
|
|
$
|
(4.8)
|
|
|
$
|
7.5
|
|
|
$
|
11.3
|
|
Non-GAAP
Adjustments:
|
|
|
|
|
|
|
|
|
Add: loss on
impairment of vessels
|
|
—
|
|
|
5.4
|
|
|
—
|
|
|
5.4
|
|
Non-GAAP adjusted net
income attributable to
Pangaea Logistics Solutions Ltd.
|
|
$
|
0.1
|
|
|
$
|
0.6
|
|
|
$
|
7.5
|
|
|
$
|
16.7
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted
average number of common
shares
|
|
35,189,068
|
|
|
35,045,132
|
|
|
35,158,917
|
|
|
34,784,733
|
|
Non-GAAP adjusted
EPS
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
0.48
|
|
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 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 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 net income divided by the weighted average number
of common shares outstanding. Adjusted earnings per share
represents non-GAAP adjusted net income divided by the weighted
average number of shares of common stock.
There are limitations related to the use of non-GAAP adjusted
net income attributable to Pangaea Logistics Solutions Ltd.,
adjusted EBITDA, and 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 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 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.
Media contact: Sean Silva, Prosek
Partners, ssilva@prosek.com, 212-279-3115
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pangaea-logistics-solutions-ltd-reports-financial-results-for-the-quarter-and-full-year-ended-december-31-2016-300428130.html
SOURCE Pangaea Logistics Solutions Ltd.