Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) Q4 2023 Earnings Call Transcript

Poe Fratt: Okay. And then you talked about the terminal business. There was a sequential drop in revenues there. Margins were still healthy, but there’s a seasonal drop in — or a sequential drop in revenue in the stevedore & terminal link. Is that seasonal and we should expect to pick up in this quarter and the rest of the year into the fourth quarter or can you just give me an idea of sort of the cadence of that business?

Mark Filanowski: It depends on demand, ships coming into our terminals. So I don’t think the decrease was that much. It could be affected by the number of ships that come into port during that quarter. Our most active port is Port Everglades and there we have, we do container ships, we load ferries, we discharge dry bulk goods, commodities that come in. So it really depends on the schedule of those ships that are visiting the ports. We do have some more active things happening in some of the other ports, So things should move up this year, Paul. The Port Everglades business is new to us from last June. And so I think in the beginning, you’ll see a little bit of ups and downs, but not significant. They’ve been fairly steady.

Poe Fratt: Okay. And then, Gianni, if you could just highlight where that million dollar transit fee, what part of the expense line did it come in? Was it in voyage expense or charter hire? I know it’s nitpicky, but I just wanted to sort of understand where that was recognized.

Gianni Del Signore: Yeah, it was recognized through voyage expenses, which obviously impacted our overall TCE. And, I think — we spoke about this in our last call regarding the situation at Panama Canal, and unfortunately we were there, and we had to bid on a slot to get through and it was a million dollar impact to voyage expenses and reduction — equivalent reduction in TCE and adjusted EBITDA. So yeah, that’s where it’s recognized.

Poe Fratt: Great. Thanks a lot. Very helpful. Have a great day.

Mark Filanowski: Thanks, Poe.

Operator: [Operator Instructions] And at this time, I show no further questions in queue. I’ll go ahead and turn the call back to Mark Filanowski for any additional or closing remarks.

Mark Filanowski: Thank you for joining us today for our call, and we’ll see you next quarter.

Operator: This does conclude today’s call. We thank you for your participation. You may disconnect at any time.