XML 81 R69.htm IDEA: XBRL DOCUMENT v3.22.4
Unaudited Quarterly Data (Details) - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Revenues $ 127,900,000 $ 184,500,000 $ 195,600,000 $ 191,700,000 $ 234,600,000 $ 213,100,000 $ 145,500,000 $ 125,000,000.0 $ 699,706,906 $ 718,104,388
Voyage expense 54,200,000 74,700,000 67,900,000 65,300,000 65,300,000 60,400,000 46,100,000 47,800,000 262,088,555 219,623,127
Charter hire expense 28,200,000 50,800,000 65,700,000 77,700,000 115,000,000.0 103,700,000 62,600,000 53,600,000 222,332,197 334,952,823
Vessel operating expenses 15,400,000 15,400,000 12,900,000 13,200,000 12,700,000 11,800,000 9,800,000 8,500,000 56,859,340 42,715,496
General and administrative 3,900,000 5,800,000 5,100,000 5,300,000 4,300,000 4,400,000 6,000,000.0 4,200,000 20,103,346 18,966,488
Depreciation and amortization 7,500,000 7,400,000 7,300,000 7,300,000 6,500,000 7,200,000 4,900,000 4,400,000 29,489,810 22,974,249
Loss on impairment of vessels 0 0 0 3,000,000.0 0 0 0 0 3,007,809 0
Loss on sales of vessels 0 0 300,000 0 0 0 0 0 318,032 0
Total operating expenses 109,200,000 154,100,000 159,200,000 171,800,000 203,800,000 187,500,000 129,400,000 118,500,000 594,199,089 639,232,183
Income from operations 18,700,000 30,400,000 36,400,000 19,900,000 30,800,000 25,600,000 16,100,000 6,500,000 105,507,817 78,872,205
Interest expense, net (3,600,000) (4,100,000) (3,600,000) (3,400,000) (3,300,000) (2,400,000) (2,600,000) (2,000,000.0) (14,772,164) (10,329,397)
Income attributable to Non-controlling interest recorded as long-term liability interest expense (800,000) (2,400,000) (1,700,000) (1,800,000) (400,000) (300,000) (200,000) (300,000) (6,717,414) (1,184,741)
Unrealized gain on derivative instruments 1,200,000 (4,500,000) (3,500,000) 7,500,000 (9,800,000) 5,300,000 6,300,000 2,000,000.0 682,323 3,886,201
Other income 300,000 300,000 100,000 100,000 300,000 600,000 (100,000) 300,000 807,142 1,129,436
Total other expense, net (2,900,000) (10,700,000) (8,700,000) 2,400,000 (13,200,000) 3,200,000 3,400,000 0 (20,000,113) (6,498,501)
Net income 15,800,000 19,700,000 27,700,000 22,300,000 17,600,000 28,800,000 19,500,000 6,500,000 85,507,704 72,373,704
Income attributable to noncontrolling interests (300,000) (1,000,000.0) (2,500,000) (2,300,000) (2,400,000) (1,700,000) (300,000) (700,000) (6,016,291) (5,146,871)
Net income attributable to Pangaea Logistics Solutions Ltd. $ 15,500,000 $ 18,700,000 $ 25,200,000 $ 20,000,000.0 $ 15,200,000 $ 27,100,000 $ 19,200,000 $ 5,800,000 $ 79,491,413 $ 67,226,833
Earnings per common share:                    
Basic (in dollars per share) $ 0.35 $ 0.42 $ 0.56 $ 0.45 $ 0.34 $ 0.61 $ 0.44 $ 0.13 $ 1.79 $ 1.53
Diluted (in dollars per share) $ 0.34 $ 0.42 $ 0.56 $ 0.45 $ 0.34 $ 0.60 $ 0.43 $ 0.13 $ 1.76 $ 1.50
Weighted average shares used to compute earnings per common share                    
Basic (in shares) 44,435,664 44,415,575 44,430,487 44,388,960 44,004,980 44,004,980 43,998,424 43,971,352 44,398,987 43,997,311
Diluted (in shares) 44,985,969 44,640,278 45,070,533 45,192,983 44,689,309 44,927,456 44,688,602 44,549,286 45,059,587 44,848,997
Voyage revenue                    
Revenues $ 117,300,000 $ 173,200,000 $ 173,200,000 $ 176,300,000 $ 202,500,000 $ 186,400,000 $ 117,400,000 $ 108,200,000 $ 640,033,668 $ 614,482,101
Charter revenue                    
Revenues $ 10,600,000 $ 11,300,000 $ 22,400,000 $ 15,400,000 $ 32,100,000 $ 26,700,000 $ 28,100,000 $ 16,700,000 $ 59,673,238 $ 103,622,287