Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET
Company Participants
Noel Ryan - Vallum Advisors
Mark Filanowski - CEO & Director
Gianni Del Signore - CFO & Secretary
Mads Petersen - COO
Conference Call Participants
Charles Fratt - Alliance Global Partners
Operator
Ladies and gentlemen, greetings, and welcome to the Pangaea Logistics Solutions Third Quarter 2022 Results Conference Call. [Operator Instructions].
It is now my pleasure to introduce your host, Noel Ryan from Vallum Advisors. Please go ahead.
Noel Ryan
Thank you, operator, and welcome to Pangaea Logistics Solutions Third Quarter 2022 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'd like to turn the call over to Mark.
Mark Filanowski
Thank you, Noel, and welcome to those joining us on the call today. After the market closed yesterday, we issued results for the 3 months and 9 months ended September 30, 2022. During a period of broader market volatility, our diverse portfolio of stable, long-term transportation contracts, leading positions in higher-margin ice-class trade routes and larger owned fleet culminated in a strong third quarter performance, one highlighted by significant year-over-year growth in operating cash flow and adjusted EBITDA, together with another consecutive quarter of profitability, as our realized TCE rates outperformed the market index by 41%.
As the largest owner and operator of vessels globally, we have the scale, technical capabilities and contractual relationships to support consistent above-market returns that regularly exceed those of less demanding trades.
During the third quarter, all 10 of our modern Ice Class 1A vessels were active within premium rate Arctic ice trades. While most drybulk trades experienced typical levels of seasonal softness during the summer months, demand within our core Ice Class contract routes was solid, resulting in a strong third quarter performance.
While the current geopolitical environment remains volatile, it has created new opportunities for our businesses. Our usual ice -- Baltic ice trade is export from Baltic areas. This year, we may import commodities to non-Russian ports in this area. Coal imports to European ports and other commodities worldwide are shipped from longer distances.