Niche-market bulker operator Pangaea Logistics Solutions could not dodge losses owing to the coronavirus outbreak and higher bunker costs despite logging a 78% premium to rates indices in the first quarter.
Ed Coll-led Pangaea fell to a loss of $6.8m, or $0.16 per share, reversing gains of $3.7m, or $0.09 per share, in the corresponding quarter a year ago.
The Newport, Rhode Island-based company said it earned an average premium to market rates of 78% for the three months, but this was not enough to offset fallout of the coronavirus outbreak and higher fuel costs due to the IMO 2020 sulphur cap.
