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Pangaea Logistics Solutions: Disappointing Quarter And Uncertain Outlook - Hold (Rating Downgrade)
Pangaea Logistics Solutions reported disappointing fourth-quarter results, with profitability falling well short of expectations. Results were impacted by a negative contribution from the company's chartered-in fleet and one-time expenses related to the transfer of technical vessel management contracts to a fully owned subsidiary. While Q1 will be a seasonally weaker quarter, results should benefit from a positive contribution from the chartered-in fleet.
