Pangaea Logistics Q1 Profit Rises, Revenue Falls

(RTTNews) - Pangaea Logistics Solutions Ltd. (PANL), a provider of comprehensive maritime logistics solutions, said its first-quarter attributable net income was $7.6 million, or $0.22 per common share, compared to $6.6 million, or $0.17per common share reported last year.

Total revenue fell to $95.1 million from $114.2 million generated in the same quarter in 2014.

The company attributed the higher profit to voyage revenue tied to COAs making up an increased portion of total revenue when compared to market rate charter revenues. Low charter rates and bunker costs also contributed to latest results.