XML 31 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

Unaudited Quarterly Data | 12 Months Ended
--- | ---
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Data | UNAUDITED QUARTERLY DATA
(Dollars in millions, except share and per share amounts. Figures may not foot due to rounding) | 2022 | 2021
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4
Revenues: |  |  |  |  |  |  |  |
Voyage revenue | $ | 176.3 |  | $ | 173.2 |  | $ | 173.2 |  | $ | 117.3 |  | $ | 108.2 |  | $ | 117.4 |  | $ | 186.4 |  | $ | 202.5 |
Charter revenue | 15.4 |  | 22.4 |  | 11.3 |  | 10.6 |  | 16.7 |  | 28.1 |  | 26.7 |  | 32.1 |
| 191.7 |  | 195.6 |  | 184.5 |  | 127.9 |  | 125.0 |  | 145.5 |  | 213.1 |  | 234.6 |
Expenses: |  |  |  |  |  |  |  |
Voyage expense | 65.3 |  | 67.9 |  | 74.7 |  | 54.2 |  | 47.8 |  | 46.1 |  | 60.4 |  | 65.3 |
Charter hire expense | 77.7 |  | 65.7 |  | 50.8 |  | 28.2 |  | 53.6 |  | 62.6 |  | 103.7 |  | 115.0 |
Vessel operating expenses | 13.2 |  | 12.9 |  | 15.4 |  | 15.4 |  | 8.5 |  | 9.8 |  | 11.8 |  | 12.7 |
General and administrative | 5.3 |  | 5.1 |  | 5.8 |  | 3.9 |  | 4.2 |  | 6.0 |  | 4.4 |  | 4.3 |
Depreciation and amortization | 7.3 |  | 7.3 |  | 7.4 |  | 7.5 |  | 4.4 |  | 4.9 |  | 7.2 |  | 6.5 |
Loss on impairment of vessels | 3.0 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Loss on sale of vessel | — |  | 0.3 |  | — |  | — |  | — |  | — |  | — |  | — |
Total expenses | 171.8 |  | 159.2 |  | 154.1 |  | 109.2 |  | 118.5 |  | 129.4 |  | 187.5 |  | 203.8 |
Income from operations | 19.9 |  | 36.4 |  | 30.4 |  | 18.7 |  | 6.5 |  | 16.1 |  | 25.6 |  | 30.8 |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense, net | (3.4) |  | (3.6) |  | (4.1) |  | (3.6) |  | (2.0) |  | (2.6) |  | (2.4) |  | (3.3) |
Income attributable to Non-controlling interest recorded as long-term liability interest expense | (1.8) |  | (1.7) |  | (2.4) |  | (0.8) |  | (0.3) |  | (0.2) |  | (0.3) |  | (0.4) |
Unrealized gain (loss) on derivative instruments | 7.5 |  | (3.5) |  | (4.5) |  | 1.2 |  | 2.0 |  | 6.3 |  | 5.3 |  | (9.8) |
Other income (expense) | 0.1 |  | 0.1 |  | 0.3 |  | 0.3 |  | 0.3 |  | (0.1) | 0.6 | 0.3 |
Total other income (expense), net | 2.4 |  | (8.7) |  | (10.7) |  | (2.9) |  | — |  | 3.4 |  | 3.2 |  | (13.2) |
Net income | 22.3 |  | 27.7 |  | 19.7 |  | 15.8 |  | 6.5 |  | 19.5 |  | 28.8 |  | 17.6 |
Income attributable to noncontrolling interests | (2.3) |  | (2.5) |  | (1.0) |  | (0.3) |  | (0.7) |  | (0.3) |  | (1.7) |  | (2.4) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ | 20.0 |  | $ | 25.2 |  | $ | 18.7 |  | $ | 15.5 |  | $ | 5.8 |  | $ | 19.2 |  | $ | 27.1 |  | $ | 15.2 |
Earnings (loss) per common share: |  |  |  |  |  |  |  |
Basic | $ | 0.45 |  | $ | 0.56 |  | $ | 0.42 |  | $ | 0.35 |  | $ | 0.13 |  | $ | 0.44 |  | $ | 0.61 |  | $ | 0.34 |
Diluted | $ | 0.45 |  | $ | 0.56 |  | $ | 0.42 |  | $ | 0.34 |  | $ | 0.13 |  | $ | 0.43 |  | $ | 0.60 |  | $ | 0.34 |
Weighted average shares used to compute earnings per common share |  |  |  |  |  |  |  |
Basic | 44,388,960 |  | 44,430,487 |  | 44,415,575 |  | 44,435,664 |  | 43,971,352 |  | 43,998,424 |  | 44,004,980 |  | 44,004,980 |
Diluted | 45,192,983 |  | 45,070,533 |  | 44,640,278 |  | 44,985,969 |  | 44,549,286 |  | 44,688,602 |  | 44,927,456 |  | 44,689,309 |

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration