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Wednesday, August 14, 2019
Pangaea Logistics (PANL)
Lower 2Q2019 Shipping Days, But Rebound Ahead
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.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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- Market turmoil triggered a retrenchment but consistent business model delivered solid results. 2Q2019 results were below our estimate due to lower shipping days, but 2Q2019 EBITDA of $11.3 million was higher than 1Q2019 EBITDA of $8.6 million and TCE rates of $12,933/day were above our estimate and 1Q2019 levels. The business model continues to deliver outperformance and the TCE premium to the BPI/BSI market indices was $4,268/day, close to 1Q2019 premium of $4,869/day and well above $2,801/day in 4Q2018.
- To reflect the 2Q2019 variance, we are moving our 2019 EBITDA estimate to $55.5 million in 2019 (from $60.9 million). Estimate is based on…
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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