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Unaudited Quarterly Data

12 Months Ended

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