Friday, March 22, 2019

Pangaea Logistics (PANL)

Amidst an uncertain industry, Pangaea stands out as unique and different.

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.

Refer to full report for price target, fundamental analysis and rating.

• Model of consistency.
  Another solid quarter. The unique business model continues to deliver strong
  results. 4Q2018 EBITDA of $12.2 million was ahead of expectations of $10.2
  million due to wider than expected outperformance and higher charter in days.
  While down sequentially from $16.6 million in 3Q2018, 4Q2018 EBITDA was almost
  20% above 4Q2017 EBITDA of $10.7 million. TCE rates of $14,360/day improved
  from $13,835/day in 3Q2018 and were ~15% above $12,505/day in 4Q2017.
• Adjusting 2019
  EBITDA estimate. Our EBITDA estimate moves to $62.7 million in 2019
  (from $63.1 million). Our estimates are based on shipping days of 18,083 in
  2019 (down from 18,803), up from 16,316 in 2018, and EBITDA per shipping day of
  $3,349 in 2019 (down from $3,356), up from $3,343 in 2018. The recently
  ac…
  

  
  
  
  
  

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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
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