Pangaea Logistics Solutions (NASDAQ: PANL) reported Q4 EPS of $0.09, $0.02 better than the analyst estimate of $0.07. Revenue for the quarter came in at $101.83 million versus the consensus estimate of $100.02 million.

• Income from operations increased 15% to $7.7 million, up from $6.7 million in the same period of 2017.
• Pangaea's TCE rates increased 15% to $14,360 per day for the three months ended December 31, 2018 compared to $12,510 for the three months ended December 31, 2017.
• Adjusted EBITDA of $12.2 million for the fourth quarter of 2018 versus $10.7 million for the same period in 2017.
• Net revenue was $16.4 million in the three months ended December 31, 2018 as compared to $14.4 million in the comparable period.

Ed Coll, Pangaea's Chief Executive Officer, commented;

"In almost every measure we had a great year. We recorded over $54 million in EBITDA, $18 million in net income, we finished the year with a cash balance of $56 million, and lower debt ratios. We also expanded our owned fleet capabilities and now own 20 vessels and continue to charter-in an additional 20-25 vessels on a daily basis. We pushed forward our logistics efforts and extended important long-term contracts with Noranda and Baffinland Iron Mines. I am very proud of our team, and I am extremely confident we are positioned well and can navigate the unexpected present downturn in the market in good shape. Our future in the shipping sector is bright as we focus on our customers\' operations and on niche areas where we know we can provide extra value for our customers."

For earnings history and earnings-related data on Pangaea Logistics Solutions (PANL) click here.