those Noel, a us our welcome quarter detailing press to we After joining closed you, Thank call. release today on issued results. second the market and the yesterday,
another global dry higher than industry our During a of a quarter that approximately business strength plan. XX% shipping delivered profitability, rate consecutive was of in continued of proving softness the declined an markets, broader where Pangaea period indices, benchmark nearly basis, bulk in once rates year-over-year our on XX% average again, resulting TCE market
same compared to per of the ended $XX,XXX for XX, X day period XXXX, earned XXXX. $XX,XXX was TCE Our average in months per for the day an June
in including outperform market trade easing viewed port in strategy to Though terminal seasonal significantly and markets market, supply construction favorable. the materials, speeds and a second where period.
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such, favorable to growth to As bulk positioning have in over market expected fall, volumes the $X,XXX per $XX,XXX rates to second focused day years.
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the DNV with received us trades, pristine in During commodity minimal silent to first like bulk ever strategy the XXXX a ice-class our dry class Arctic ships environments helping outperform us quarter. our X, days, market designation, indices. allowed dry X period.
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key above-market us. While have delivering focused shareholders, returns capital a been also remain allocations on our for priority for we
business we as capabilities as June, and pursuing cargo-centric focus financials with with in on network purchased strategic of Florida Over adjusted our years. alignment the bulk to dividend sheet, and are million a more of current to of and our within commitment, we operations business focus conversion to providing adding the last annually, customers. months, fleet We're cash equipped and include through delivery our which break XX XX,XXX regardless existing the our share, within vessels now out EBITDA, we strategy, our which closed coming We've per quarterly shareholders XX% commerce of terminal opportunities we requirements to The operating believe operating $XX efficient deadweight Also growth for Southeastern on centers. expands derisk took balance consistent owning to American well to acquisition and ample of to all an on-demand support new increase actively prudence, invest growing XX expansion our marine in acquisition growing growth North on leverage transactions. is Mid-Atlantic for cash our United conditions.
In newer, operations with in represents we over basis. a payout our States, own cash $X.XX already critical client return our terminal This our grown dividend. represents has beginning we total and this June, In continued port transparency flow to acquisition dry a been for this market footprint cash. capital to a bulk the on port fleet cash terminal sustainable distribution of congruent representing in and Maryland
us sheet Pangaea generate commercial year, continue flow derisk as focus will strong cash the this same Strategically, our Looking ahead, to to ever. reward expansion. we shareholders positioning and to our our in continue anticipate invest is our balance
our with compelling believe deepening plan, opportunity our in confident it up for to Gianni come to positioning optimally that results. value most our fleet differentiated shareholders relationships long-term And a for market bulk business support our that, the are values discussion asset our the of in to economics. will financial We customers higher tailwinds maximize a setting are from over sticking to and dry second we I'll quarter rate environment.
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