Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q2 2023 Earnings Conference Call August 10, 2023 8:00 AM ET
Company Participants
Noel Ryan - Vallum Advisors
Mark Filanowski - CEO & Director
Gianni Del Signore - CFO & Secretary
Mads Petersen - COO
Conference Call Participants
Liam Burke - B. Riley Securities
Poe Fratt - Alliance Global Partners
Operator
Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Second Quarter 2023 Earnings Teleconference. Today's call is being recorded and will be available for replay beginning at 11:00 a.m. Eastern. The recording can be accessed by dialing 800-934-5153 domestic or 402-220-1182 international. [Operator Instructions].
It is now my pleasure to turn the floor over to Noel Ryan with Vallum Advisors. Sir.
Noel Ryan
Thank you, operator, and welcome to the Pangaea Logistics Solutions second quarter 2023 results conference call. Leading the call with me today is CEO, Mark Filanowski; Chief Financial Officer, Gianni Del Signore; and COO, Mads Petersen.
Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions.
And with that, I would like to turn the call over to Mark.
Mark Filanowski
Thank you, Noel. And welcome to those joining us today on the call. After the market closed yesterday, we issued a release detailing our second quarter results. During a period of continued softness in global dry bulk shipping markets, where benchmark industry rates declined nearly 60% on a year-over-year basis. Pangaea delivered an average TCE rate that was approximately 50% higher in our broader market indices, resulting in another consecutive quarter of profitability, once again proving the strength of our business plan.
Our TCE earned was $15,558 per day for the three months ended June 30 2023, compared to an average of $27,139 per day for the same period in 2022. Our long-term COAs, specialized fleet and cargo focused strategy helped us to significantly outperform index rate in a declining market environment. In the second quarter, excess dry bulk capacity created by easing port congestion and high voyage operating speeds muted to normal seasonal hub recovery that occurs in this period.