Pangaea Logistics Solutions has sold one of its nine supramax bulkers, bringing its owned fleet count down to 20 vessels.
The US-based, Ed Coll-led owner has entered into a memorandum of agreement to sell Bulk Beothuk (built 2002) to an undisclosed third party for $4.6m.
The vessel was delivered to its new owner on 4 August. Pangaea charters-in another 45 ships.
Pangaea announced the 29 June sale on Thursday within its second-quarter earnings report.
The New York-listed company posted a $3m profit for the quarter, down from $4m a year earlier.
Earnings per share came in at $0.07 versus $0.09 a year ago.
Revenue hurt by lower rates
Revenue was $70.4m for the three months ended 30 June 30, compared with $83.3m for the same three months in 2019.
The 15% decrease in revenue was mainly due to lower average time charter rates, which fell to $10,733 per day from $12,933 per day a year earlier.
"Our strong second-quarter results outperformed in a challenging dry bulk market that tested historic lows in April and May," chief executive Coll said in a statement.
"Adhering to our strategy in turbulent markets, we limited our exposure by adjusting our fleet composition, redelivering chartered vessels back to their owners over the last several months and replacing them when needed at lower cost."
He said he expects a strong "summer ice season" but is closely watching how Covid-19 may affect shipping and the global economy.
"We sincerely empathize with the hardships our people and their familiars are facing, ashore and aboard our vessels. Our results are encouraging, but we expect, and will prepare for, continued uncertainty and turbulence in our markets over the next few quarters," he said.
