Pangaea Logistics Solutions used a 29% year-over-year rates increase to notch record results for the second quarter.

The New York-listed niche-market specialist rolled to a profit of $25m, or $0.56 per share, which was about 30% better than it managed in the second quarter of 2021.

Total revenue shot up 34% to $195.5m from $145.5m, while voyage revenue jumped 48% to $173.2m