Nordic Bulk-owner Pangaea increases third quarter profit

Dry bulk company Pangaea Logistics, which owns Nordic Bulk Carriers, among other units, put a lid on the third quarter with a better bottom line than last year despite a marginally lower revenue.

Photo: Nordic Bulk Carriers

(In the first version of this article it said that Pangaea had a deficit in the third quarter of USD 6.1 million. This is not correct. The company had a net income of USD 6.1 million)

With a net income of USD 6.1 million, US-based Pangaea Logistics has emerged from the third quarter this year in better shape than in the same period last year, which came to a deficit of USD 3.0 million, according to the interim report for the company, which is known for owning Nordic Bulk Carriers, a Danish specialist in dry cargo sailing in icy waters.

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