Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q1 2023 Earnings Conference Call May 11, 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
Charles Fratt - Alliance Global Partners
Operator
Good morning. My name is Raza, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics First Quarter 2023 Earnings Teleconference. Today's call is being recorded and will be available for replay beginning at 11:00 a.m. Eastern Standard Time. The recording can be accessed by dialing 800-723-0528 or 402-220-2654. [Operator Instructions].
It is now my pleasure to turn the floor over to Noel Ryan with Vallum Advisors.
Noel Ryan
Thank you, operator, and welcome to the Pangaea Logistics Solutions First 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 on the call and webcast today. After the market closed yesterday, we issued a release detailing our first quarter results.
During a seasonally slower period for the global dry bulk shipping market where benchmark industry rates declined nearly 60% on a year-over-year basis, Pangaea delivered an average TCE rate that was approximately 50% higher than our broader market indices, resulting in another consecutive quarter of profitability.
Our TCE earned was $14,372 per day for the 3 months ended March 31, 2023, compared to an average of $26,472 per day for the same period in 2022. Our long-term COAs, specialized fleet and cargo-focused strategy helped us to perform better than index rates in a slow market environment. Just yesterday, Vesselindex published its report on outperformance, and we again are at the top of the 5-year historical performance list of dry bulk public companies.