Pangaea Logistics Solutions Ltd (NASDAQ:PANL) Q3 2023 Results Conference Call November 9, 2023 8:00 AM ET
Company Participants
Noel Ryan - IR
Mark Filanowski - CEO
Gianni Signore - CFO
Mads Petersen - COO
Conference Call Participants
Liam Burke - B. Riley
Poe Fratt - Alliance Global Partners
Operator
Good morning. My name is Britney, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Third Quarter 2023 Earnings Teleconference. Today's call is being recorded and will be available for replay beginning at 11 a.m. Eastern Standard Time. The recording can be accessed by dialing (800) 839-7414 for domestic and (402) 220-6068 for 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 third quarter 2020 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 third quarter results. The third quarter represents a seasonal peak in demand levels across our Arctic trades. Our global fleet of ice-class vessels were fully utilized in the period. Fleet utilization and our deep portfolio of COAs contributed to an earned TCE rate that exceeded the broader market index by nearly 50%.
Our TCE earned was $15,748 per day for the 3 months ended September 30, 2023, compared to an average of $24,107 per day for the same period in 2022 as the dry bulk markets absorb the release of capacity from prolonged port congestion. Volatility continues in the markets as market index fluctuations are being caused by ongoing geopolitical uncertainty.
On the plus side, the markets in which we directly participate, including construction aggregates and cementations materials were strong across major customers and regions we served in the period. To that end, as of November 7, we booked over 2,700 days for the fourth quarter at an average rate of $19,000 per day. A testament to the value and durability of our cargo focused business model.