Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) Q2 2024 Earnings Conference Call August 9, 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 - AGP
Operator
Good morning. My name is Savannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Second Quarter 2024 Earnings Teleconference.
Today's call is being recorded and will be available for replay beginning at 11:00 a.m. Eastern. The recording can be accessed by dialing (800) 938-2378 domestic or (402) 220-1129 international. All lines are currently muted and after the prepared remarks, there will be a live question-and-answer session. [Operator Instructions].
It is now my pleasure to turn the floor over to Stefan Neely with Vallum Advisors. Please go ahead.
Stefan Neely
Thank you, operator, and welcome to the Pangaea Logistics Solutions second quarter 2024 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.
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 second quarter 2024 results. Our results for the quarter represent consistent execution of our cargo-focused business model, amid a seasonably stable period for the dry bulk market.
While the second quarter is typically one of our softer quarters in terms of demand, our fleet was well utilized on cargo contracts with key customers in Atlantic trade routes. Our strong utilization and consistent execution resulted in earned TCE rates exceeding the benchmark index by 7%.
We reported adjusted net income of $4.6 million for the second quarter and adjusted EBITDA of $15.9 million. Our adjusted EBITDA was about flat with the second quarter of last year as our achieved TCE rates improved 4% year-over-year but were offset by higher charter and vessel operating expenses.