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In a recent shareholder meeting, Pangaea Logistics Solutions (NASDAQ:PANL) Ltd. secured approval for all proposed board director nominees. The Bermuda-based deep-sea freight transportation company, currently trading at $4.42 and showing a strong 10.5% return over the past week according to InvestingPro data, held its 2025 Annual Meeting of Shareholders on May 8, 2025, with a quorum present as over 59 million shares were represented.
Three directors were elected as Class II directors to serve until 2028. Carl Claus Boggild received 45,986,763 votes for and 7,295,778 against, with 5,742,635 broker non-votes. David D. Sgro was elected with 53,016,184 votes for, while Christina Tan received 53,033,815 votes for their respective nominations.
The shareholders also elected one Class III director, Gary Vogel, who will serve until the 2026 annual meeting. He received 53,073,952 votes for his nomination.
Additionally, the appointment of Grant Thornton LLP as the company’s independent registered public accounting firm for the fiscal year 2025 was ratified with 39,107,520 votes for and 19,891,096 against.
In an advisory vote, the compensation of named executive officers was approved, with 50,858,848 votes for and 1,871,813 against. The frequency of future advisory votes on executive compensation was recommended to be once a year, with 50,071,404 votes supporting the one-year option.
This information is based on a press release statement provided by Pangaea Logistics Solutions Ltd. and reflects the decisions made by the shareholders during the Annual Meeting.
In other recent news, Pangaea Logistics Solutions reported impressive fourth-quarter 2024 financial results, surpassing analysts’ expectations. The company achieved an adjusted earnings per share (EPS) of $0.16, well above the forecasted $0.10. Revenue also exceeded projections, reaching $147.17 million compared to the anticipated $139.51 million. Pangaea’s strategic expansion included a merger with Strategic Shipping (SSI), which enhanced its fleet capacity and market presence. The company reported a 20% year-over-year increase in adjusted EBITDA to $23.2 million, demonstrating robust operational performance despite challenging market conditions. Additionally, Pangaea maintains a strong cash position with $86.8 million on hand. The merger with SSI has been positively received, with initial outcomes aligning with expectations. Looking forward, Pangaea Logistics plans to continue expanding its port services and logistics operations, although potential tariffs and port entry fees could impact future performance.
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