One number in the fine print of Pangaea Logistics Solutions' recent first-quarter earnings speaks volumes as to how the market was different for dry bulk in the quarter of 2021.

The New York-listed owner posted a 2% premium in time charter equivalent (TCE) earnings over the Baltic Exchange indices for panamax and supramax tonnage.

A premium is a good thing, but for Pangaea, it is usually quite a bit bigger.