New York-listed Pangaea Logistics Solutions once again has proved its resiliency in a falling dry bulk market as it managed to turn a profit and notch a 41% rates premium in a fourth-quarter 2022 that was significantly weaker year-over-year.

The Mark Filanowski-led niche-cargo specialist managed adjusted net income of $14.3m, or $0.32 per share, on total revenue of $128m. This was well down on adjusted income of $24.9m, or $0.56 per share, recorded a year earlier.

Revenue fell from $235m a year ago as time charter equivalent rates plunged 38% in the weakening market and vessel days were trimmed by 29.2%