Pangaea Logistics Solutions (NASDAQ: PANL) reported Q1 EPS of $0.10, $0.05 better than the analyst estimate of $0.05. Revenue for the quarter came in at $78.97 million versus the consensus estimate of $87.22 million.

"During the first quarter of 2018, we continued a transition to a stronger shipping market, with cargo owners and traders shifting their sourcing and transportation requirements in response to higher shipping costs and potential impacts of tariff and sanction threats," said Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions Ltd. "This kind of disruption presents us with strong opportunities to bring meaningful growth to our business in the right places, not in simple volume movements. This market plays to our practice of responding to our customers\' needs and providing them with the most effective and efficient logistics and cargo services. We are in the process of extending and expanding important contracts, cautiously investing in new assets, adding people and capabilities in important places, and re-enforcing our presence in growing markets."

In highlighting the Company's improved performance, Mr. Coll noted, "Our high ice class Panamax fleet is an important leg of our specialized logistics business, serving customers who cannot move valuable cargo without our help. This year we saw a robust ice season for our Copenhagen office and over the past three summers we have performed extensive transportation activity from Baffin Island, Canada, shipping iron ore from Arctic regions to Europe, starting each July. We are excited to announce a recently signed ten year contract to support our Baffin Island customer's mining business, which will utilize our entire panamax ice fleet for at least 25% of available days during each year. We will also be providing non-owned, chartered-in tonnage as part of our overall logistics approach for this customer."

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