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 from $117.4m.

Rates premiums continue

“Our strong second-quarter results demonstrate continued execution on our long-term strategy, one that emphasises profitable growth within niche, higher-margin dry bulk shipping and logistics markets,” said chief executive Mark Filanowski.