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Unaudited Quarterly Data | 12 Months Ended
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Dec. 31, 2023
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) | 2023 | 2022
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4
Revenues: |  |  |  |  |  |  |  |
Voyage revenue | $ | 108.0 |  | $ | 110.5 |  | $ | 127.9 |  | $ | 122.3 |  | $ | 176.3 |  | $ | 173.2 |  | $ | 173.2 |  | $ | 117.3 |
Charter revenue | 5.7 |  | 7.1 |  | 3.8 |  | 7.1 |  | 15.4 |  | 22.4 |  | 11.3 |  | 10.6 |
Terminal & stevedore revenue | — |  | 0.5 |  | 3.9 |  | 2.5 |  | — |  | — |  | — |  | — |
| 113.7 |  | 118.1 |  | 135.6 |  | 131.9 |  | 191.7 |  | 195.6 |  | 184.5 |  | 127.9 |
Expenses: |  |  |  |  |  |  |  |
Voyage expense | 56.8 |  | 54.5 |  | 59.1 |  | 57.1 |  | 65.3 |  | 67.9 |  | 74.7 |  | 54.2 |
Charter hire expense | 22.6 |  | 29.1 |  | 25.5 |  | 33.9 |  | 77.7 |  | 65.7 |  | 50.8 |  | 28.2 |
Vessel operating expenses | 13.6 |  | 13.2 |  | 14.3 |  | 14.7 |  | 13.2 |  | 12.9 |  | 15.4 |  | 15.4 |
Terminal & Stevedore Expenses | — |  | 0.4 |  | 3.5 |  | 1.9 |  | — |  | — |  | — |  | — |
General and administrative | 5.7 |  | 5.9 |  | 5.5 |  | 5.7 |  | 5.3 |  | 5.1 |  | 5.8 |  | 3.9 |
Depreciation and amortization | 7.3 |  | 7.1 |  | 8.1 |  | 7.5 |  | 7.3 |  | 7.3 |  | 7.4 |  | 7.5 |
Loss on impairment of vessels | — |  | — |  | — |  | — |  | 3.0 |  | — |  | — |  | — |
Loss on sale of vessel | 1.2 |  | — |  | — |  | 0.6 |  | — |  | 0.3 |  | — |  | — |
Total expenses | 107.2 |  | 110.2 |  | 115.9 |  | 121.3 |  | 171.8 |  | 159.2 |  | 154.1 |  | 109.2 |
Income from operations | 6.5 |  | 7.9 |  | 19.7 |  | 10.6 |  | 19.9 |  | 36.4 |  | 30.4 |  | 18.7 |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense | (4.3) |  | (4.1) |  | (4.3) |  | (4.3) |  | (3.4) |  | (3.7) |  | (4.4) |  | (4.3) |
Interest income | 1.0 |  | 1.0 |  | 0.8 |  | 0.7 |  | — |  | — |  | 0.3 |  | 0.6 |
Income attributable to Non-controlling interest recorded as long-term liability interest expense | 0.1 |  | (0.9) |  | (0.3) |  | 0.6 |  | (1.8) |  | (1.7) |  | (2.4) |  | (0.8) |
Unrealized gain (loss) on derivative instruments | (0.4) |  | (1.3) |  | 4.5 |  | (5.7) |  | 7.5 |  | (3.5) |  | (4.5) |  | 1.2 |
Other (expense) income | 0.4 |  | 0.2 |  | (0.2) |  | 0.3 |  | 0.1 |  | 0.1 | 0.3 | 0.3 |
Total other income (expense), net | (3.1) |  | (5.1) |  | 0.5 |  | (8.4) |  | 2.4 |  | (8.7) |  | (10.7) |  | (2.9) |
Net income | 3.4 |  | 2.8 |  | 20.2 |  | 2.2 |  | 22.3 |  | 27.7 |  | 19.6 |  | 15.8 |
Income attributable to noncontrolling interests | 0.1 |  | 0.1 |  | (1.3) |  | (1.0) |  | (2.3) |  | (2.5) |  | (1.0) |  | (0.3) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ | 3.5 |  | $ | 2.8 |  | $ | 18.9 |  | $ | 1.1 |  | $ | 20.0 |  | $ | 25.2 |  | $ | 18.7 |  | $ | 15.5 |
Earnings (loss) per common share: |  |  |  |  |  |  |  |
Basic | $ | 0.08 |  | $ | 0.06 |  | $ | 0.42 |  | $ | 0.03 |  | $ | 0.45 |  | $ | 0.56 |  | $ | 0.42 |  | $ | 0.35 |
Diluted | $ | 0.08 |  | $ | 0.06 |  | $ | 0.42 |  | $ | 0.03 |  | $ | 0.45 |  | $ | 0.56 |  | $ | 0.42 |  | $ | 0.34 |
Weighted average shares used to compute earnings per common share |  |  |  |  |  |  |  |
Basic | 44,712,290 |  | 44,775,438 |  | 44,775,438 |  | 44,815,282 |  | 44,388,960 |  | 44,430,487 |  | 44,415,575 |  | 44,435,664 |
Diluted | 45,116,719 |  | 45,127,972 |  | 45,081,668 |  | 45,392,225 |  | 45,192,983 |  | 45,070,533 |  | 44,640,278 |  | 44,985,969 |

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