Bulker operator Pangaea Logistics Solutions earned a 48% premium to Baltic Exchange indices in the first quarter and it was good enough to keep the black ink flowing for the Rhode Island-based company.
New York-listed Pangaea generated adjusted net income of $5.1m, or $0.11 per diluted share, on total revenue of $113.7m
As was true of other dry bulk shipowners reporting to date, all the key numbers were down from figures from a year ago on weaker charter rates.
