1 unchanged sentence
Market Information
−Removed: Our common shares have been traded on The Nasdaq Capital Market under the symbol PANL since our common shares began public trading on October 3, 2014.The Company's internet address is www.pangaeals.com.
+Added: Our common shares have been traded on The Nasdaq Capital Market under the symbol PANL since our common shares began public trading on October 3, 2014.
+Added: The Company's internet address is www.pangaeals.com.
Holders of Record
9 unchanged sentences
We cannot assure you that we will be able to pay regular quarterly dividends, and our ability to pay dividends will be subject to the limitations set forth above and in the section of this Form 10-K titled “Risk Factors.” The Company has dividends payable of $1.2 million at December 31, 2024.
−Removed: On February 15, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, to be paid on March 15, 2024, to all shareholders of record as of March 1, 2024.
+Added: On February 13, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, to be paid on March 13, 2025, to all shareholders of record as of February 28, 2025.
Use of Proceeds
4 unchanged sentences
See Part III, Item 12 for information regarding securities authorized for issuance under our equity compensation plan.
−Removed: SELECTED FINANCIAL DATA
−Removed: (in thousands, except shipping days data)
−Removed: As of and for the years ended December 31,
−Removed: Selected Data from the Consolidated Statements of Income
−Removed: Voyage revenue $ 468,581 $ 640,034
−Removed: Charter revenue 23,716 59,673
−Removed: Terminal & stevedore revenue 6,971 —
−Removed: Total revenue 499,268 699,707
−Removed: Voyage expense 227,435 262,089
−Removed: Charter hire expense 111,034 222,332
−Removed: Vessel operating expenses 55,784 56,859
−Removed: Terminal Expenses 5,809 —
−Removed: Total cost of transportation and service revenue 400,061 541,280
−Removed: Vessel depreciation and amortization 29,339 29,377
−Removed: Gross Profit 69,868 129,050
−Removed: Other operating expenses 23,512 20,216
−Removed: Loss on impairment of vessels — 3,008
−Removed: Loss on sale of vessels 1,739 318
−Removed: Income from operations 44,617 105,508
−Removed: Total other expense, net (16,079) (20,000)
−Removed: Net income 28,538 85,508
−Removed: Income attributable to noncontrolling interests (2,214) (6,016)
−Removed: Net income attributable to Pangaea Logistics Solutions Ltd.
−Removed: $ 26,323 $ 79,490
−Removed: Net income from continuing operations per common share information
−Removed: Basic income per share $ 0.59 $ 1.79
−Removed: Diluted income per share $ 0.58 $ 1.76
−Removed: Weighted-average common shares Outstanding - basic 44,774 44,399
−Removed: Weighted-average common shares Outstanding - diluted 45,475 45,060
−Removed: Cash dividends declared per share $ 0.40 $ 0.30
−Removed: Adjusted EBITDA (1)
−Removed: 79,724 140,898
−Removed: Shipping Days (2)
−Removed: Voyage days 14,922 15,237
−Removed: Time charter days 1,789 2,478
−Removed: Total shipping days 16,711 17,715
−Removed: TCE Rates ($/day)
−Removed: $ 15,849 $ 24,434
−Removed: Selected Data from the Consolidated Balance Sheets
−Removed: Cash and cash equivalents $ 99,038 $ 128,385
−Removed: Total assets $ 705,180 $ 748,241
−Removed: Total secured debt, including obligations under finance leases $ 264,435 $ 299,481
−Removed: Total shareholders' equity $ 370,196 $ 368,722
−Removed: Selected Data from the Consolidated Statements of Cash Flows
−Removed: Net cash provided by operating activities $ 53,787 $ 134,801
−Removed: Net cash used in investing activities $ (15,982) $ (28,509)
−Removed: Net cash used in by financing activities $ (67,152) $ (34,117)
−Removed: Amounts in the table above have been calculated based on unrounded numbers.
−Removed: Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.
−Removed: (1) Adjusted EBITDA represents operating earnings before interest expense, interest income, income taxes, depreciation and amortization, loss on sale of vessels, share-based compensation and other non-operating income and/or expense, and other non-recurring items, if any.
−Removed: Adjusted EBITDA is included because it is used by management and certain investors to measure operating performance and is also reviewed periodically as a measure of financial performance by Pangaea's Board of Directors.
−Removed: Adjusted EBITDA is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S.
−Removed: GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S.
−Removed: Pangaea’s definition of Adjusted EBITDA used here may not be comparable to the definition of EBITDA used by other companies.
−Removed: (2) Shipping days are defined as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a voyage charter (voyage days) or time charter (time charter days).
−Removed: The reconciliation of gross profit to net transportation and service revenue and income from operations to Adjusted EBITDA is as follows:
−Removed: (in thousands) Years Ended December 31,
−Removed: Net Transportation and Service Revenue (3)
−Removed: Gross Profit (4)
−Removed: $ 69,868 $ 129,050
−Removed: Vessel Depreciation and Amortization 29,339 29,377
−Removed: Net transportation and service revenue $ 99,207 $ 158,427
−Removed: Adjusted EBITDA
−Removed: Net Income $ 28,538 $ 85,508
−Removed: Interest expense, net 13,916 21,490
−Removed: Depreciation and amortization 30,070 29,490
−Removed: EBITDA $ 72,524 $ 136,487
−Removed: Loss on sale of vessel 1,739 318
−Removed: Loss on impairment of vessels — 3,008
−Removed: Share-based compensation 2,088 1,768
−Removed: Unrealized gain on derivative instruments, net 2,925 (682)
−Removed: Other non-recurring items 448 —
−Removed: Adjusted EBITDA $ 79,724 $ 140,898
−Removed: Amounts in the table above have been calculated based on unrounded numbers.
−Removed: Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.
−Removed: (3) Net transportation and service revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses, and terminal & stevedore expenses.
−Removed: Net transportation and service revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers.
−Removed: Net transportation and service revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S.
−Removed: GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S.
−Removed: Pangaea’s definition of net transportation and service revenue used here may not be comparable to an operating measure used by other companies.
−Removed: (4) Gross profit represents total revenue less total cost of transportation and service revenue and less vessel depreciation and amortization.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.