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Pangaea Logistics Solutions Ltd. Reports Record Financial Results for the Quarter Ended September 30 , 2021 NEWPORT , RI - November 9 , 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 September 30 , 2021 . 3rd Quarter Highlights . Net income attributable to Pangaea Logistics Solutions Ltd. was $ 27.0 million for the three months ended September 30 , 2021 , as compared to $ 7.6 million for the same period of 2020 . Non - GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $ 21.7 million , as compared to non - GAAP adjusted net income of $ 8.1 million for the three months ended September 30 , 2020 . Diluted net income per share was $ 0.60 for the three months ended September 30 , 2021 , as compared to a diluted net income per share of $ 0.17 for the same period of 2020 . Pangaea's TCE rates were $ 28,770 per day for the three months ended September 30 , 2021 , as compared to $ 13,316 per day for the three months ended September 30 , 2020 . Adjusted EBITDA was $ 33.6 million for the three months ended September 30 , 2021 , as compared to $ 15.4 million for the same period of 2020 . At the end of the quarter , Pangaea had $ 49.2 million in cash and cash equivalents . On November 8 , 2021 , the Company's Board of Directors declared a quarterly cash dividend of $ 0.035 per common share , to be paid on December 15 , 2021 , to all shareholders of record as of December 1 , 2021 . Subsequent Business Update On November 5 , 2021 the Company entered into a memorandum of agreement to purchase a 2009 built Panamax vessel to add to its operating fleet for $ 19.9 million which is expected to deliver during the first quarter of 2022 . Mark Filanowski , Interim Chief Executive Officer of Pangaea Logistics Solutions , commented : " Our third quarter and year - to - date results set a record for us . The summer surge in rates worked in our favor , with our new vessels adding to our operating profits as we generated adjusted EBITDA of $ 33.6 million for the quarter and net income of $ 27 million . In addition to our three shuttle vessels moving bauxite from Jamaica to the Mississippi River , we also had eight ice classed vessels in the Arctic trade for most of the quarter . Two post Panamax vessels are still making their way over the Northern Sea Route to China . We are still able to participate in market volatility with spot ship days , which helped us to achieve average time charter equivalent earnings of $ 28,770 per day for the quarter ended September 30 , 2021. Forward freight agreements , purchased to protect long cargo positions , added $ 5.3 million of unrealized gains to net income for the quarter , which we continue to monitor as the futures markets began a sell- off in recent weeks . " " In the past nine months , we have added six vessels to our fleet , including three newbuilding 95,000 dwt ice class 1A vessels , with one more newbuilding scheduled to be delivered in late November . We are also pleased to announce today the acquisition of a 2009 built Panamax vessel to support our core contract business , expected to deliver in the first quarter of next year . Over the past two years , we have renewed our owned fleet and decreased the average age by 25 % , to less than nine years . " " We are encouraged by the steps we have taken and the fundamentals of the dry bulk market . We continue to serve our long - term customers with excellent service , as they are the backbone of our strategy . All of our people have contributed to our results , commercially and technically managing an average of over 55 or more vessels per day , taking delivery of our new vessels , and placing very competitive and creative financing . I especially thank our hard- working crews aboard our ships . We will continue to be opportunistic and are well positioned to face whatever market is around the corner . " Results for the three months ended September 30 , 2021 and 2020 Total revenue was $ 213.0 million for the three months ended September 30 , 2021 , compared with $ 103.8 million for the three months ended September 30 , 2020. The 105 % increase in revenues was mainly attributed to the increase in the average TCE rates achieved by our vessels during the third quarter of 2021 compared to the same period in 2020 . Time Charter Equivalent rate ( TCE ) was $ 28,770 per day for the three months ended September 30 , 2021 , compared to an average of $ 13,316 per day for the same period in 2020. The average supramax and panamax market index rates for the third quarter of 2021 were $ 32,033 per day . Pangaea's earned TCE rates lagged the market index in the quarter due to the impact of timing of pricing and duration of performing voyages in a rapidly rising market as well as the impact of performance of voyages on fixed freight rates from our long term contracts of affreightment that are less than spot market rates .