Pangaea Logistics trims quarterly loss
US bulker operator ends year on positive note, with an annual profit as operating margins improved.
Pangaea Logistics Solutions shrank its quarterly loss and flipped to an annual profit as its operating margins improved.
The New York-listed bulker operator reported a loss of $4.79m in the fourth quarter, down from $17m in the same period of 2014.
The result amounted to adjusted earnings per share of $0.02.
The improved quarterly result helped the Rhode Island-based company deliver an annual profit of $11.3m, reversing a $12.1m loss in the prior year.
"Our profitable results in 2015 demonstrate the viability and success of our unique, agile business model and its focus on generating sustainable revenues by using a strategic mix of owned and chartered-in tonnage to solve our clients most complex logistical challenges," said chief executive Edward Coll.
Pangaea, which primarily operates chartered-in tonnage, reported quarterly revenue of $55.9m, down from $103m a year earlier.
Earnings snapshot | ||
Q4 2015 | Q4 2014 | |
| Revenue | $55.9m | $103m |
| Expenses | $57.2m | $117m |
| Loss from operations | $1.29m | $14m |
| Net loss attributable to shareholders | $4.79m | $17m |
But it saw a significant improvement in expenses, which fell to $57.2m from $117m in the fourth quarter of 2014.
Looking forward, Coll said commodities market movements and other signs point to a potential positive swing in demand.
"We are beginning to see market discipline take hold," he said. "Newbuilding orders are nearly nonexistent while deliveries are being cancelled or delayed, increasingly younger vessels are being scrapped, and talked about layups are actually happening."
