Pangaea Logistics Solutions reported an improvement in quarterly profit even as a sale-and-leaseback transaction took a bite out of the bottom line.
The Edward Coll-led bulker operator reported a fourth-quarter profit of $1.3m for the quarter, an uptick from the $1.2m earned a year earlier, with losses from non-controlling interests are factored out.
But the company delivered adjusted first-quarter profit of $5.6m,
