Pangaea Logistics Solutions Ltd. (NASDAQ:PANL), a $356 million market cap shipping company with a notable 7.39% dividend yield, announced the appointment of two new directors and a new executive officer on Monday, according to a recent SEC filing. According to InvestingPro, the company maintains a FAIR financial health score with strong liquidity metrics. Christina Tan joins the Board as a Class II Director, while Gary Vogel has been appointed as a Class III Director and will serve on the Compensation Committee.
In addition to the director appointments, Daniel Schildt has been named Chief Strategic Officer of the company. These leadership changes come as Pangaea Logistics continues to navigate the deep sea foreign transportation of freight industry.
In other recent news, Pangaea Logistics Solutions Ltd. has reported mixed financial results for the third quarter of 2024. The company's adjusted net income stood at $11.1 million and adjusted EBITDA was reported at $23.9 million, showing a decrease of $4 million from the previous year. Despite a decline in EBITDA, Pangaea Logistics announced significant expansion plans. These include a merger with M.T. Maritime and the acquisition of additional vessels, hinting at a focus on organic growth through strategic investments in terminal operations.
The company's merger with M.T. Maritime is expected to close by year-end, subject to shareholder approval. This merger will bring 15 handysize vessels from M.T. Maritime into Pangaea's fleet, expanding the total fleet to 41 ships. Additionally, Pangaea Logistics acquired the remaining 50% interest in post-panamax ice class vessels, with two new ships delivered.
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