Pangaea Logistics Solutions posted higher profit for the third quarter, partly thanks to higher charter rates.
The Rhode Island-based company reported net income of $8.3m compared to a $7.2m profit during the same period last year. Net revenue gained to $20.3m from $18.8m.
Its TCE rates increased 17% to $13,835 while the market average was approximately $11,395, giving the company an overall average premium over market rates of about 21%.
