Rhode Island-based niche operator Pangaea Logistics Solutions has managed to turn a profit despite a weak first quarter for rates in the dry bulk sector.
Ed Coll-led Pangaea reports a net income of $3.7m or $0.09 per share, which was a penny ahead of analysts’ forecasts for the stock.
Lower hire rates meant New York-listed Pangaea fell marginally from the first quarter of 2018, when it reported net income of $5.5m
