Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q4 2022 Earnings Conference Call March 16, 2023 8:30 AM ET
Company Participants
Noel Ryan - Vallum Advisors
Mark Filanowski - CEO
Gianni Del Signore - CFO & Secretary
Mads Petersen - COO
Conference Call Participants
Liam Burke - B. Riley
Poe Fratt - AGP
Operator
Good morning. My name is Shelby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Fourth Quarter and Full Year 2022 Earnings Teleconference. Today's call is being recorded and will be available for replay beginning at 11:00 o'clock a.m. Eastern Standard Time. The recording can be accessed by dialing 800-283-9429 domestic or 402-220-0871 international. [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' fourth quarter and full year '22 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 results for the three and 12 months ended December 31, 2023. Last year, we continued to develop a leading dry bulk logistics and transportation services company of scale, while providing our customers with specialized shipping, supply chain and logistics offerings in commodity and niche markets.
Our record full year profitability and operating cash flow put on display the durability of our vertically integrated premium rate shipping logistics model during a period of pronounced market volatility. TCE rates were strong in the first half of 2022, with the first six months being some of the best we've seen in years.
During this period, we capitalized on the strong demand and rate environment by fully utilizing our fleet, including our four new build Ice-Class vessels, together with five second hand vessels purchased in the prior 24 months and the purchase of one third interest in our NBHC joint venture from one of our partners in late 2020, which effectively added two more vessels to our fleet.