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Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended March 31 , 2021 NEWPORT , RI - May 11 , 2021 - Pangaea Logistics Solutions Ltd. ( “ Pangaea " or the " Company " ) ( NASDAQ : PANL ) , a global provider of comprehensive maritime logistics solutions , announced today its results for the three months ended March 31 , 2021 . 1st Quarter Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $ 5.9 million for three months ended March 31 , 2021 as compared to $ 6.8 million of net loss for the same period of 2020 . Non - GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $ 3.8 million as compared to adjusted net loss of $ 4.0 million for the three months ended March 31 , 2020 . Diluted net income per share was $ 0.13 for three months ended March 31 , 2021 as compared to loss per share of $ 0.16 for the same period of 2020 . Pangaea's TCE rates were $ 16,524 for the three months ended March 31 , 2021 and $ 10,508 for the three months ended March 31 , 2020 . Adjusted EBITDA of $ 11.7 million for the three months ended March 31 , 2021 , as compared to $ 2.9 million for the same period of 2020 . At the end of the quarter , Pangaea had $ 42.0 million in cash and cash equivalents . Subsequent Business Update ⚫ On May 10 , 2021 , the Company's Board of Directors declared a quarterly cash dividend of $ 0.035 per common share , to be paid on June 15 , 2021 , to all shareholders of record as of June 1 , 2021 . On May 11 , 2021 , the Company signed a memorandum of agreement to acquire a 2013 Tsuneishi - built 58,000 dwt dry bulk vessel for $ 17.8 million . Ed Coll , Chief Executive Officer of Pangaea Logistics Solutions , commented : " The start of 2021 was a welcomed surprise , as we've seen freight rates rise to multi year highs in a quarter that is usually a weak one for the dry bulk market . Our first quarter results improved considerably year over year , as our average TCE earned of $ 16,524 increased approximately 57 % compared to the first quarter of 2020 and we generated net income of $ 5.8 million and EPS of $ 0.13 for the first quarter of 2021. " Mr. Coll added , " We continue to take steps to position the company to capitalize on a recovering dry bulk market while executing on our cargo focused chartering strategy and expanding our operating leverage . We deployed our capital to acquire modern fuel efficient vessels reducing the average age of our fleet . Within the quarter we announced the acquisition of two second hand vessels , the MV Bulk Courageous and MV Bulk Promise . Today , we are pleased to announce the acquisition of a 2013 Tsuneishi built Supramax which will bring our owned fleet to 25 vessels following the delivery and completion of our Ice class newbuildings , starting later this month . " Mr. Coll concluded , " We hope the worst of the COVID - 19 pandemic is behind us . We continue to watch for localized disruptions around the globe and thank our employees across our offices and especially our crew aboard vessels for their continued hard work and dedication . Collectively , we are encouraged by the outlook of the dry bulk market . Newbuilding orders remain low , demand is improving following the Covid - 19 lockdowns globally , and the positive momentum of the first quarter has so far continued into the second quarter . We will continue to be opportunistic in expanding our platform in ways that add value for our customers and , in turn , to enhance shareholder value . Our increased dividend distribution demonstrates our confidence in our business and our desire to return some of our profits to our shareholders . " Results for the three months ended March 31 , 2021 and 2020 Total revenue was $ 125.0 million for the three months ended March 31 , 2021 , compared with $ 95.9 million for the three months ended March 31 , 2020. The 30 % increase in revenues was mainly attributed to the increase in the average TCE rates achieved by our vessels during the first quarter of 2021 compared to the same period in 2020 . Time Charter Equivalent rate ( TCE ) was $ 16,524 per day for the three months ended March 31 , 2021 , compared to an average of $ 10,508 per day for the same period in 2020. The achieved premium over the average market TCE rate was $ 263 per day or 2 % for the three months ended March 31 , 2021 compared to 78 % in the same period in 2020. The total number of shipping days remained relatively consistent with a 2 % increase to 4,668 days in the three months ended March 31 , 2021 , compared to 4,576 for the same period in 2020 .