NEWPORT, R.I. (AP) — NEWPORT, R.I. (AP) — Pangaea Logistics Solutions Ltd. (PANL) on Tuesday reported net income of $11.9 million in its fourth quarter.

On a per-share basis, the Newport, Rhode Island-based company said it had net income of 19 cents. Earnings, adjusted for non-recurring gains, came to 16 cents per share.

The maritime logistics company posted revenue of $183.9 million in the period.

For the year, the company reported profit of $19.4 million, or 30 cents per share. Revenue was reported as $632 million.

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