Hi, everyone, and thank you for taking the time to learn about Pangaea Logistics Solutions. My name is Gianni Del Signore. I'm the Chief Financial Officer of the company, and today, I hope to provide an overview of Pangaea with three key takeaways. One, we are uniquely positioned to capitalize on an improving dry bulk market. Second, we continue to be stewards of shareholder capital by growing the business in a sustainable and efficient way, and third, our integrated platform results in consistent profitability and higher margins. I put up our Safe Harbor statement, which I won't recite, but it is part of our presentation, so Pangaea is a NASDAQ-listed integrated dry bulk owner and operator headquartered in Newport, Rhode Island, with offices in Copenhagen, Athens, and Singapore.
We currently own 25 ships, but also charter in an additional 25 to 35 ships every day to meet the demands of our client, so our total fleet operated is closer to 50 to 60 ships. We have a worldwide presence, and we think beyond the vessels, so our core fleet is primarily Supramaxes and Panamax vessels, and we carry a variety of minor and major bulks without significant concentration to a specific commodity. However, we are focused primarily in the Atlantic Basin between the Americas and Europe, but you can see a distribution of our commodities that we transported in 2021. As I mentioned earlier, the dry bulk market has improved significantly in the past two years, rising to levels not seen in over a decade. If you follow dry bulk over the past 10 years, you know the oversupply of vessels has dragged on market rates throughout.
However, a more rational order book in the past five to six years has finally brought the supply to a more balanced position. While we expect demand growth to remain at reasonable levels, what we do have visibility to is the number of newbuilding orders over the next two to three years, which are at more sustainable levels, presenting a very strong outlook for the dry bulk market over the next two to three years. Further straining supply of vessels is the lack of newbuilding orders due to slots being taken up by container vessels. And lastly, emissions regulations starting in 2023 will also constrain supply and has caused even more hesitation in building a 25 to 30-year useful life asset. So how does Pangaea position itself to capitalize on these market fundamentals? Well, we were founded on two strategic initiatives.
The first one is to invest in the right vessel in niche markets. And two, utilize the vessels with a cargo focus and client-first approach. Our third and most recent strategic initiative has been to invest in assets and relationships that bring our activities onshore through terminal and logistics projects. Collectively, our efforts are to provide a full solution to our customers where and when possible, and one that adds value throughout the supply chain. And you can see where each element of our operating platform touches the supply chain, ultimately looking to add value to our customers at each point. And what is the outcome? Well, we use our ships to implement a cargo strategy that builds deeper customer relationships. We have demonstrated industry-leading TCE performance. And we have a long history of profitability across volatile market conditions and historically low-rated environments.
Moving on to our Ice Class niche. Really, we try to own the right asset to meet the needs of our clients. In 2014, we owned two Ice Class 1A vessels. It was our aim, driven by demand and an effort to solidify our position, to be the world's largest owner and operator of Ice Class bulkers. Today, we own 12 vessels in this space that collectively have earned approximately a 50% premium over the prevailing market index. You can see the components of our Ice Class fleet. While the cost is approximately 10% higher, the premiums and margins we earn on our Ice Class vessels have historically been around 50%.
And the other element of our Ice Class vessels is the season. Really, it is our core winter season in the Atlantic, and then in the summer season in the Northern Atlantic when ports free up of ice conditions that still require 1A vessels. So you have two premium seasons, and the vessels can still trade as conventional bulkers in the shoulder seasons. The second component of our strategy, which is really the core of our operating strategy and truly what comes first, rather than building or owning vessels and chartering them out, hoping for higher market rates, we start with cargo and develop customer relationships. Pangaea started as a pure vessel operator, not owning any vessels. However, to be a reliable freight partner to our clients, we began investing in vessels and coupling our operating model with a fleet of owned vessels.
We supplement our owned fleet with chartered in vessels on a short-term basis, which presents arbitrage opportunities as well as increases the operating leverage of the fleet. So the core cargo that we have presents the decision to invest in vessels to provide a solution to our customers. We tend to concentrate on what we would call backhaul COAs and backhaul contracts that position us into a higher margin fronthaul market. We charter in a significant portion of our fleet, which gives us the ability to flex it up or down depending on the prevailing market conditions. And you can see, assuming a 55-vessel fleet, the allocation of our cargoes and our long-term COAs, as well as the shorter-term COAs, against the fleet. So we still have significant upside and opportunistic use of our fleet, along with the arbitrage opportunities presented by chartering in vessels.
Our operating leverage has increased quite timely, given the improvement in the market. In the past 18 months, we've added a total of 10 vessels to our fleet, including our four Ice Class newbuilding vessels. We've added a total of $250 million in vessel assets and deployed over $50 million in capital. And you can see at which points in the market that we contracted for the second-hand vessels that we added in 2021. Our fleet, as of today, is 25 vessels. We have our standard bulkers in the Supramax, Panamax, and Ultramax category. And then we have our Ice Class vessels, which are a total of 12 Ultramax 1C, Panamax 1A, and Post-Panamax 1A. And looking at our balance sheet as of December 31st, following these acquisitions, you can see total assets of over $700 million, with increases in working capital and debt obligations.
As we've added vessels, we've been cautious on leverage, typically starting around 60%-65% loan- to- value at inception. However, as of December 31st, from a book value perspective, our loan- to- value is approximately 59%. And on an EBITDA perspective, the ratio is about 2.9 times debt to EBITDA. So completing an active year, we ended the year with $56 million in cash and generated $62 million of cash from operating activities after making quite timely acquisitions. So moving on to our third and most recent initiative in our operating platform is stevedoring terminals and port projects. As I said, this has been a more recent focus of the company, really to expand our operations onshore, offering a wider transportation solution to customers when and where possible. Currently, we have four operating ports, three in the United States and one in Eastern Canada.
The fifth port shown, which is in Greenland, was a temporary port we built utilizing our barge to establish a loading platform in one of the northernmost points cargo has ever been transported from. As you can see in the photo, we placed a barge there to create a temporary load facility where there otherwise wouldn't have been any infrastructure to carry the commodity. And then coupling that with our Ice Class fleet, we were able to transport the commodity out of Greenland back to Canada utilizing a full solution for our customer. So this is really an example of how we try to add value as much as possible in the supply chain. Also, as you'll see, each one of these ports is operated with a joint venture partner.
So we're expanding our platform, but we're also doing it in a way that minimizes risk and adding expertise that we present along with our JV partners to really offer something that other traditional public shipping companies wouldn't be able to provide. So how does our strategy react to what has historically been a very volatile market? Well, in the chart, you'll see in a rising market, we have owned ships which benefit directly by a rise in the prevailing market rates. However, we also have cargoes that are priced that may be out of the money or lose some value if we're not covered by a specific ship. And third, our low-cost chartered in fleet will benefit in a rising market. In a falling market, our owned ships still present profitable opportunities for us, but our future cargo bookings also rise in profitability.
In a falling market, the chartered in fleet, which is short-term in nature, may present some losses. However, we're able to redeliver vessels, renew our fleet, and lower our cost. So putting it all together, our model predicts the downside, but also gives us a way to participate as the market increases. We have the 25 owned ships. We have long-term profitable cargo in various markets. We have a short-term chartered in fleet that can react to prevailing market conditions. And to put it in perspective, a $1,000 a day increase in market rates across our 25 owned ships results in a $9 million increase in EBITDA. And you can see our consistent performance. We're able to execute our strategy as the market has been volatile. The orange line shown across the chart is the Baltic Dry Index.
The bars blue are TCE revenues, the orange EBITDA, and the black is net income. You can see from 2015 to 2021, regardless of the prevailing market, the company has remained profitable, has generated increases in EBITDA and increases in TCE revenue, and an even higher magnitude has been 2021, where we saw significant increases in the dry bulk market. The numbers at the top of the chart represent acquisitions we made, so the company has been very opportunistic about increasing our platform through vessel acquisitions, but we do it in a way that is more, we think, efficient. It's dependent on client demands, client needs, and where we see opportunities to add a vessel backed by a contract or a cargo or a specific need.
Or in the Ice Class space, it's a vessel that didn't exist, so we would build it and acquire it to add to our fleet. So we've always been active. We've bought and sold ships, but we've slowly increased our owned vessels to 25, which is a high point for the business. And we're not the only ones that are saying Pangaea consistently outperforms the market. VesselIndex issues a report yearly, and they compare the publics, both owners and operators, on their TCE performance. For Pangaea, we were in 2020, the report that was released in early 2021, three years in a row, we were at the top of the list. So we've demonstrated those higher margins and premiums over the market. So Q4 for us, like many in the dry bulk industry, was a record quarter to end a record year. We were fortunate to add vessels timely.
Our EBITDA for 2021 was $104 million and net income of $67 million, or $1.42 per share. Briefly on our share performance, we still believe the company is undervalued due to overall hesitation from investors to consider dry bulk companies as nothing more than a volatility play. However, we've shown consistent performance throughout the market volatility while still being able to increase our earnings as the market increases. The other factor, up to last year, we were a very closely held company with under 20% of shares in the public markets or publicly floating. However, as of today, the number is closer to 50%, giving investors the liquidity to trade. You can see around April of 2021, there's a significant increase in the average daily volume following the sale of shares by one of our private equity holders during 2021.
Of course, increasing fundamentals in the dry bulk market that we discussed. Our average daily volume prior to April was roughly 20,000-50,000 shares a day. In the past and more recent, within 2021 and into 2022, we're trading closer to 500,000 shares per day. More opportunities to invest in the company and more opportunities to have the liquidity to buy and sell. Since we're through the end of the first quarter, we show our TCE performance. The orange line is our TCE performance, and the blue is the market index. You can see we've historically outperformed the market as the orange line has been above. As the market increased in 2021, inevitably, a rising market, you're repricing and trying to stay ahead. Finally, in Q4, we did exceed the average of the Panamax and Supramax indexes.
So to wrap it up, we believe we're a unique company in the dry bulk sector. We're well positioned to capitalize on the market. But we still have a sustainable operating model if the market declines to preserve shareholder capital and to remain profitable. With that, I'll turn it over to the floor if there's any questions. And again, thank you, everyone, for listening to the story of Pangaea. All right. Yep. Just a question on the Ice Class market share ratio. Sure. You showed 14 vessels now. Can you help me get a sense of what sort of market share happened with the overall Ice Class? Yep. So there's 12 Ice Class vessels we have. There's 10 Ice Class 1A, and then there's the two Ice Class 1C.
But in Panamax and larger, I believe there's 14 ships, 13 ships in the market, and we have 10 of them. So we have a pretty large share of the market in that space. And we've expanded that platform first by having the relationships and the cargoes and the clients that need the Ice Class 1A feature to move their cargo. We've built up that from a cargo perspective and then slowly increased the fleet. Because without the vessels, you simply can't do it. And we do have one specific customer in Eastern Canada that is expanding their output. And in order to do that, requires more Ice Class 1A ships. And that was really the catalyst that drove us to build the four Post-Panamax vessels. It was really on the back of demand we saw from a client. So we were comfortable, and we expanded it. Yep.
Are you building new ships? So it's like a replacement of those and adapting for that type of ocean or that type of navigation?
Yeah. So for Ice Class ships, we would consider building because they just don't exist. But traditionally, our strategy has always been to acquire second-hand vessels. Back to the slide about the market and sort of supply issues that the dry bulk market has faced in 2008, 2009, there's no reason for us to build a standard bulker. There's plenty in the market, or there historically has been plenty in the market, so we'll always acquire or look to acquire a second-hand vessel. Looking ahead, there is real fundamental sort of constraint in supply of vessels. And the ability to build ships really doesn't exist because the yards are currently occupied with container vessel and other higher margin vessels to build.
So we believe that there will be a supply sort of crunch, especially with emissions regulations coming, a supply crunch in the next two to three years. But really, it doesn't change from our perspective, our strategy. If we were considered an Ice Class ship, we would look to build a newbuilding. But if it's a traditional standard bulker, we're happy to buy a second-hand vessel. So yep. Sure. How do you acquire new clients? New clients? How do you go out and market? Yeah. Like I said in the beginning, we started as we didn't own any vessels. We started as a pure operator. And that's the part of the business where it's labor-intensive and it's relationship-driven. It's being there and ensuring that you have the assets and you're reliable to your customers. You provide more than just a ship.
You provide added value that otherwise the ship itself won't be able to do. So part of it is the sort of just developing relationships, cultivating those, and finding opportunities that otherwise wouldn't exist. One example is one of our clients in Eastern Canada. They're dependent for a part of their season on Ice Class ships. So we went out and built additional ships to sort of meet their capacity or demand. But that's really the driver of the business is finding opportunities that are either organically grown through our existing relationships or just coupled against other cargoes we have. Okay. I'm getting a call that we're one minute. So I appreciate everyone's time and listening to our presentation, and thank you.