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Pangaea Logistics Swings to Q1 Profit on Higher Revenue; Agrees to Acquire Vessel for $17.8 Million

05/11/2021 12:51

04:35 PM EDT, 05/11/2021 (MT Newswires) -- Pangaea Logistics Solutions (PANL) posted a Q1 net profit of $0.13 a share, compared with a net loss of $0.16 a share for the same period in 2020.

Revenue for the quarter ended March 31 was $125 million, up from $95.9 million the previous year.

A poll of analysts by Capital IQ estimated the shipping logistics company would report a net profit of $0.07 a share, on revenue of $103.5 million.

Pangaea also said that it has also signed a memorandum of agreement to acquire a 2013 Tsuneishi-built 58,000 dwt dry bulk vessel for $17.8 million.

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