Pangaea Logistics Solutions Reports Record Q3 Results and Announces $145 Million Refinancing
Pangaea Logistics Solutions (PANL) reported its strongest third quarter in company history, achieving record levels for both adjusted EBITDA and adjusted net income. The company's performance was bolstered by strong operational metrics, including a Time Charter Equivalent (TCE) of $21,423 per day across 5,040 booked shipping days for the fourth quarter. In addition to its financial performance, Pangaea successfully completed a $145 million refinancing initiative. This capital restructuring, combined with robust quarterly earnings, positions the company with improved liquidity and strong momentum heading into the final quarter of the year.
