Pangaea Logistics Solutions (NASDAQ: PANL) reported Q3 EPS of $0.19, versus $0.00 reported last year. Revenue for the quarter came in at $95.34 million versus the consensus estimate of $120.5 million.

Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions, commented:

"Our strong third quarter results were driven by a productive summer ice season when almost all ten ships in our own ice class fleet, and some chartered-in ships, were busy in Arctic waters, where we hold an unparalleled competitive advantage. The summer season is now ending, with two of our ships completing voyages along the Northern Sea Route, bringing 150,000 tons of high grade iron ore from Baffin Island to receivers in Japan and Taiwan. Winter ice season in lower latitudes starts soon.

As the general market continues to improve, so too have our financial results. We recorded a strong increase in net income, on both a 3-month and 9-month basis, and our total shipping days remained steady from the previous quarter while overall average TCE returns for our fleet were well above market index levels.

Further, our prudent capital deployment strategy enabled us to remain active and drive growth. This led to our taking delivery of the m/v Bulk PODS, which was financed through a sale leaseback transaction for 100 percent of the purchase price of $14.25 million, completed in August. We also announced the completion of a $13 million memorandum of agreement to purchase a 2009 Japanese-built supramax vessel, which will be renamed Bulk Spirit.

Collectively these initiatives are central to our growth strategy and directly correlated to the strength we have seen in our business and our industry. We look forward to our continued progress as we enhance our business and delivery value to our clients, business partners, and shareholders."

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