Pangaea Logistics Solutions Ltd
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
PANL$8.54+5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
Pangaea Logistics Solutions Ltd.
| Years ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenues: | ||
| Voyage revenue | $468,580,914 | $640,033,668 |
| Charter revenue | 23,715,895 | 59,673,238 |
| Terminal & stevedore revenue | 6,971,025 | — |
| Total revenue | 499,267,834 | 699,706,906 |
| Operating expenses: | ||
| Voyage expense | 227,434,670 | 262,088,555 |
| Charter hire expense | 111,033,537 | 222,332,197 |
| Terminal & stevedore expenses | 5,809,025 | — |
| Vessel operating expenses | 55,783,562 | 56,859,340 |
| General and administrative | 22,780,937 | 20,103,346 |
| Depreciation and amortization | 30,070,395 | 29,489,810 |
| Loss on impairment of vessels | — | 3,007,809 |
| Loss on sale of vessels | 1,738,511 | 318,032 |
| Total operating expenses | 454,650,637 | 594,199,089 |
| Income from operations | 44,617,197 | 105,507,817 |
| Other (expense) income: | ||
| Interest expense | (17,025,547) | (15,704,233) |
| Interest income | 3,572,134 | 932,069 |
| Income attributable to Non-controlling interest recorded as long-term liability interest expense | (462,150) | (6,717,414) |
| Unrealized (loss) gain on derivative instruments | (2,925,347) | 682,323 |
| Other income | 761,485 | 807,142 |
| Total other expense, net | (16,079,425) | (20,000,113) |
| Net income | 28,537,772 | 85,507,704 |
| Income attributable to noncontrolling interests | (2,214,472) | (6,016,291) |
| Net income attributable to Pangaea Logistics Solutions Ltd. | $26,323,300 | $79,491,413 |
| Earnings per common share: | ||
| Basic | $0.59 | $1.79 |
| Diluted | $0.58 | $1.76 |
| Weighted average shares used to compute earnings per common share | ||
| Basic | 44,773,899 | 44,398,987 |
| Diluted | 45,475,453 | 45,059,587 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.