Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) Q1 2024 Earnings Conference Call May 10, 2024 8:00 AM ET
Company Participants
Stefan Neely - IR, Vallum Advisors
Mark Filanowski - CEO
Gianni Del 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 First Quarter 2024 Earnings Teleconference. Today's call is being recorded and will be available for replay beginning at 11:00 a.m. EST. The recording can be accessed by dialing (877) 856-8964 for domestic and or (402) 220-1608 for international. All lines are currently muted and after the prepared remarks, there will be a question-and-answer session. [Operator Instructions]
It is now my pleasure to turn the floor over to Stefan Neely with Vallum Associates.
Stefan Neely
Thank you, operator, and welcome to the Pangaea Logistics Solutions first quarter 2024 results conference call. Leading the call with me today is CEO, Mark Filanowski; Chief Financial Officer; Gianni Del Signore, and COO, Mads Peterson.
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.
With that, I would like to turn the call over to Mark.
Mark Filanowski
Thank you, Stefan, and welcome to those joining us on the call today. After the market closed yesterday, we issued a release detailing our first quarter 2024 results. Our flexible cargo focused business model continued to deliver premium TCE rates over the prevailing market. During the first quarter, it also allowed us to drive improved operating leverage compared to the prior year, which resulted in higher adjusted EBITDA and improved margins year-over-year.
While the first quarter is normally a seasonally soft period for global dry bulk demand, we benefited from elevated long haul voyage demand across our ice class fleet together with a solid base of premium long term COAs. As market rates began to rise later in the quarter, we added to our cargo commitments to increase utilization of our owned fleet and chartered in more vessels, which positioned us to optimize our TCE returns.