US Market News
2月前
Pangaea Logistics Solutions Ltd. Reports Financial Results for the First Quarter Ended March 31, 2026May 11, 2026 5:00 PM
PR Newswire (US) NEWPORT, R.I., May 11, 2026 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended March 31, 2026. FIRST QUARTER 2026 RESULTSGAAP net income attributable to Pangaea of $13.3 million, or $0.21 per shareAdjusted net income attributable to Pangaea of $7.0 million, or $0.11 per share Adjusted EBITDA of $25.2 millionOperating cash flow of 4.5 million Time Charter Equivalent ("TCE") rates earned by Pangaea of $15,252 per dayPangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 20%Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.4xDeclared quarterly cash dividend of $0.05 per common shareFor the three months ended March 31, 2026, Pangaea reported non-GAAP adjusted net income of $7.0 million, or $0.11 net income per share, on total revenue of $170.6 million. First quarter TCE rates increased 34% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 14% to 5,947 days. The increase in shipping days compared to the prior-year period was primarily driven by strong demand in the shipping market.The TCE earned was $15,252 per day for the three months ended March 31, 2026, compared to an average of $11,390 per day for the same period in 2025. During the first quarter ended March 31, 2026, the Company's average TCE rate exceeded the benchmark average Baltic Panamax, Supramax, and Handysize indices by 20%, supported by Pangaea's long-term contracts of affreightment ("COAs"), specialized fleet, and cargo-focused strategy.Total Adjusted EBITDA increased by 70.0% to $25.2 million in the first quarter of 2026, compared to the prior-year period. Total Adjusted EBITDA margin was 14.8% during the first quarter of 2026, compared to 12.1% during the prior year period.As of March 31, 2026, the Company had $89.7 million in unrestricted cash and cash equivalents. Total debt, including finance lease obligations was $363.2 million. During the three months ending March 31, 2026, the Company made payments of $4.2 million on long-term debt, $7.1 million on financing obligations, and $1.3 million on finance lease liabilities. The Company also paid $3.9 million in dividends.The Company's Board of Directors also declared a quarterly cash dividend of $0.05 per common share, payable on June 15, 2026, to all shareholders of record as of June 1, 2026.MANAGEMENT COMMENTARY "Our first quarter results represent a solid start to 2026, reflecting continued strong operating execution, and supportive market conditions" said Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions. "Market strength, relative to the prior-year period, contributed to a 15% year-over-year increase in total shipping days as we expanded our operating leverage in a firmer rate environment with a 54% increase in our chartered-in fleet. Together with our specialized fleet of dry bulk vessels, cargo and customer focused strategy, and long-term contracts we generated first quarter TCE earnings at a 20% premium to the prevailing market. Our results also benefitted from the continued growth of our port and terminal operations, including the addition of two new port operating locations during the quarter.""Dry bulk fundamentals have remained constructive through the early part of the year," Petersen noted. "Market sentiment has been supported by increased Chinese iron ore imports and a recent improvement in Indonesian coal exports, both of which have contributed to a firmer-than-typical first quarter market. We have seen this momentum continue into the second quarter, and through today we have executed 4,051 shipping days at an average TCE of approximately $18,808 per day, reflecting disciplined fleet deployment, a continued focus on premium cargo opportunities, and prudent risk management as the industry navigates the global impacts arising from the situation in the Middle East.""Our financial position remains solid, with sufficient liquidity to support a balanced and returns-focused capital allocation approach," continued Petersen. "We continue to prioritize sustainable returns of capital, selective organic growth investments and ongoing fleet renewal, all with the objective of enhancing long-term shareholder value. During the quarter, we advanced our port expansion strategy with the start-up of operations at Lake Charles, Louisiana and Aransas, Texas. Additionally, we remain on track to commence operations at Port Tampa Bay, Florida in the coming month.""Looking ahead, we are focused on maintaining commercial discipline, efficient execution across our platform and continuing to grow our ocean freight and shore side capabilities," concluded Petersen. "With a differentiated operating model, a strong liquidity position and a clear capital allocation strategy, we believe Pangaea is well positioned to navigate changing market conditions while continuing to create value for shareholders."STRATEGIC UPDATEPangaea remains committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets that drive premium returns measured in time charter equivalent per day.Growing our combined shipping and logistics model. Pangaea continues to grow its integrated shipping and logistics model to deliver increased value across the dry bulk supply chain. In addition to operating a specialized fleet of dry bulk vessels, the Company provides stevedoring services and maintains port and terminal operations capabilities that complement its core shipping platform. During the first quarter of 2026, the Company continued to advance its organic growth strategy by scaling its port and terminal operations, including the start-up of new operations at Lake Charles, Louisiana and Port Aransas, Texas. Pangaea also remains on track to commence operations at Port Tampa Bay, Florida in the coming month. These investments are designed to expand the Company's logistics activities, strengthen customer relationships and support long-term growth through a broader service offering.Continue to drive strong fleet utilization. Pangaea delivered strong fleet utilization during the first quarter, supported by robust demand. The Company's owned fleet of 39 vessels operated at high efficiency, supplemented by an average of 30 chartered-in vessels to fulfill cargo and COA commitments. Following the successful integration of the recently acquired handy-size fleet, Pangaea remains focused on optimizing utilization across its expanded platform and enhancing flexibility to meet the evolving needs of its customers.Continue to upgrade fleet, while divesting older, non-core assets. Pangaea continues to execute its disciplined fleet renewal strategy, selectively investing in modern assets to support TCE performance, comply with evolving regulatory standards and meet customer cargo requirements. In February 2026, the Company entered into an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million, with delivery to the buyer expected during the second quarter of 2026. Together, these actions reflect Pangaea's continued commitment to maintaining a modern, efficient fleet and divesting older, non-core assets.FIRST QUARTER 2026 CONFERENCE CALL The Company's management team will host a conference call to discuss the Company's financial results on Tuesday, May 12, 2026 at 8:00 a.m., Eastern Time (ET). Accompanying presentation materials will be available in the Investor Relations section of the Company's website at https://www.pangaeals.com/investors/.To participate in the live teleconference:Domestic Live: 1-833-316-1983
International Live: 1-785-838-9310
Conference ID: PANLQ126 To listen to a replay of the teleconference, which will be available through May 19, 2026:Domestic Replay: 1-800-938-2241
International Replay: 1-402-220-1121 Pangaea Logistics Solutions Ltd.Unaudited Interim Condensed Consolidated Statements of Operations(U.S. Dollars in thousands, except for share and per share data)
Three Months Ended March 31,
2026
2025Revenues:
Voyage revenue$ 152,000
$ 109,660Charter revenue12,442
9,993Port terminal & stevedore revenue6,139
3,149Total revenues, net170,580
122,802Expenses:
Voyage expense73,739
60,307Charter hire expense39,177
17,641Vessel operating expense20,562
22,178 Terminal & Stevedore Expenses4,375
2,551General and administrative10,027
7,274Depreciation and amortization11,876
9,923Loss on vessel held for sale358
—Total expenses160,114
119,875
Income from operations10,466
2,926
Other income (expense):
Interest expense(5,944)
(6,146)Interest income2,053
444Unrealized gain on derivative instruments, net6,606
184Other income484
393Total other income (expense), net3,199
(5,125)
Net income (loss)13,665
(2,199)(Income) loss attributable to non-controlling interests(371)
218Net income (loss) attributable to Pangaea Logistics Solutions Ltd.$ 13,294
$ (1,981)
Net income (loss) per common share
Basic$ 0.21
$ (0.03)Diluted$ 0.21
$ (0.03)
Weighted average shares used to compute earnings per common share:
Basic64,193,205
63,851,090Diluted64,775,563
63,851,090
Amounts presented in the accompanying consolidated financial statements are expressed in thousands of U.S. dollars unless otherwise indicated. Certain amounts may not sum due to rounding. Pangaea Logistics Solutions Ltd. Unaudited Interim Condensed Consolidated Balance Sheets(U.S. Dollars in thousands, except for share and per share data)
March 31, 2026
December 31, 2025Assets
Current assets
Cash and cash equivalents$ 89,744
$ 103,054Accounts receivable (net of allowance of $6,642 and $6,017 at March 31, 2026 and
December 31, 2025, respectively)61,280
55,854Inventories40,262
28,389Advance hire, prepaid expenses and other current assets50,120
28,478Vessel held for sale9,384
—Total current assets250,790
215,776
Restricted cash270
270Fixed assets, at cost, net of accumulated depreciation of $191,074 and $179,988 at
March 31, 2026 and December 31, 2025, respectively674,958
677,518Finance lease right of use assets, at cost, net of accumulated depreciation of $7,465 and
$12,678 at March 31, 2026 and December 31, 2025, respectively16,580
26,866Goodwill3,105
3,105Other non-current Assets4,991
4,561Total assets$ 950,695
$ 928,096
Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities$ 72,684
$ 54,257Affiliated companies payable1,867
806Deferred revenue28,708
24,891Current portion of secured long-term debt16,985
16,910Current portion of financing obligations31,764
27,896Current portion of finance lease liabilities1,000
2,076Dividend payable577
1,198Total current liabilities153,586
128,034
Non current liabilities
Secured long-term debt, net93,156
97,157Financing obligations, net208,969
219,774Long-term liabilities - other8,153
8,395Total non current liabilities310,278
325,326
Stockholders' equity:
Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,414,923 shares
issued and outstanding at March 31, 2026; 64,973,988 shares issued and outstanding at
December 31, 20257
7Additional paid-in capital258,771
257,072Retained earnings182,280
172,255Total Pangaea Logistics Solutions Ltd. equity441,058
429,333Non-controlling interests45,773
45,403Total stockholders' equity486,831
474,736Total liabilities and stockholders' equity$ 950,695
$ 928,096 Pangaea Logistics Solutions, Ltd.Unaudited Interim Condensed Consolidated Statements of Cash Flows (U.S. dollars in thousands, except per share data)
Three Months Ended March 31,
2026
2025Operating activities
Net income (loss)$ 13,665
$ (2,199)Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense11,876
9,923Amortization of deferred financing costs265
312Amortization of prepaid rent30
30Unrealized (gain) loss on derivative instruments(6,606)
(184)Income from equity method investee(484)
(393)Provision for doubtful accounts790
1,159Loss on vessel held for sale358
—Drydocking costs(6,793)
(6,449)Share-based compensation1,700
1,532Change in operating assets and liabilities:
Accounts receivable(6,216)
(6,703)Inventories(11,872)
(3,184)Advance hire, prepaid expenses and other current assets(16,809)
1,214Accounts payable, accrued expenses and other current liabilities 20,775
(3,258)Deferred revenue3,817
3,844Net cash provided by (used in) operating activities4,494
(4,356)
Investing activities
Purchase of vessels, vessel improvements and equipment(1,811)
(58)Purchase of fixed assets and equipment—
(402)Dividends received from equity method investments500
—Net cash used in investing activities(1,311)
(460)
Financing activities
Payments of long-term debt(4,218)
(4,129)Payments of financing obligations(7,059)
(6,193)Payments of finance leases(1,326)
(711)Cash dividends paid(3,891)
(6,732)Payments to non-controlling interest—
(275)Net cash used in financing activities(16,493)
(18,041)
Net change in cash, cash equivalents and restricted cash(13,310)
(22,857)Cash and cash equivalents at beginning of period103,324
86,805Cash, cash equivalents, and restricted cash at end of period$ 90,014
$ 63,949
Supplemental cash flow information
Cash and cash equivalents$ 89,744
$ 63,949Restricted cash270
—Total cash, cash equivalents and restricted cash at end of period$ 90,014
$ 63,949Capital expenditures included in accounts payable and accrued expenses$ 5,300
$ 1,030 Pangaea Logistics Solutions Ltd.Reconciliation of Non-GAAP Measures(unaudited)
Three Months Ended March 31,
2026
2025Net Transportation and Service Revenue
Gross Profit
$ 20,888
$ 10,228Add:
Vessel Depreciation and Amortization
11,840
9,896Net transportation and service revenue
$ 32,727
$ 20,124
Adjusted EBITDA
Net income (loss)
13,665
(2,199)Interest expense, net
3,892
5,702Depreciation and amortization
11,876
9,923Income tax provision (included in Other income / expense)
315
53EBITDA
$ 29,747
$ 13,479Non-GAAP Adjustments:
Loss on impairment of vessels
358
—Share-based compensation
1,700
1,532Unrealized gain on derivative instruments, net
(6,606)
(184)Adjusted EBITDA
$ 25,199
$ 14,827
Net income (loss) per common share
Net income (loss) attributable to Pangaea Logistics Solutions Ltd.
$ 13,294
$ (1,981)
Weighted average number of common shares outstanding - basic
64,193,205
63,851,090Weighted average number of common shares outstanding - diluted
64,775,563
63,851,090
Basic net income (loss) per share
$ 0.21
$ (0.03)Diluted net income (loss) per share
$ 0.21
$ (0.03)
Adjusted EPS
Net income (loss) attributable to Pangaea Logistics Solutions Ltd.
$ 13,294
$ (1,981)Non-GAAP
Add:
Loss on impairment of vessels
358
—Unrealized gain on derivative instruments
(6,606)
(184)Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd.
$ 7,046
$ (2,164)
Weighted average number of common shares - basic
64,193,205
63,851,090Weighted average number of common shares - diluted
64,775,563
63,851,090
Adjusted EPS - basic
$ 0.11
$ (0.03)Adjusted EPS - diluted
$ 0.11
$ (0.03)
Amounts presented in the accompanying consolidated financial statements are expressed in thousands of U.S. dollars unless otherwise indicated. Certain amounts may not sum due to rounding.INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.Adjusted gross profit. Adjusted gross profit is defined as GAAP gross profit excluding transportation and service depreciation and amortization. Management believes this measure provides investors with additional insight into the operating performance of the Company's shipping operations by excluding non-cash depreciation expenses associated with the Company's vessels. Adjusted gross profit is not a measure recognized under U.S. GAAP and should not be considered as an alternative to gross profit, operating income or net income. The Company's definition of adjusted gross profit may not be comparable to similarly titled measures used by other companies.Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents net income (loss), determined in accordance with U.S. GAAP, adjusted for interest expense, net, income taxes, depreciation and amortization and, when applicable, certain items that management does not consider indicative of core operating performance, including vessel impairment charges, share-based compensation, unrealized gains and losses on derivative instruments, gains or losses on vessel sale or sale and leaseback transactions, and other non-operating or non-recurring items.Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd., adjusted when applicable for items such as vessel impairment charges, unrealized gains and losses on derivative instruments, gains or losses on vessel sale or sale and leaseback transactions, and certain non-recurring items, divided by the weighted average number of shares of common stock.The table above provides a reconciliation of the non-GAAP financial measures presented herein to the most directly comparable financial measures prepared in accordance with GAAP.About Pangaea Logistics Solutions Ltd.Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) and its subsidiaries (collectively, "Pangaea" or the "Company") provides seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management. Learn more at www.pangaeals.com.Investor Relations ContactsGianni Del Signore
Stefan C. NeelyChief Financial Officer
Vallum Advisors 401-846-7790
Investors@pangaeals.com
PANL@val-adv.comForward-Looking StatementsCertain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. View original content to download multimedia:https://www.prnewswire.com/news-releases/pangaea-logistics-solutions-ltd-reports-financial-results-for-the-first-quarter-ended-march-31-2026-302768687.htmlSOURCE Pangaea Logistics Solutions LTD Original: Pangaea Logistics Solutions Ltd. Reports Financial Results for the First Quarter Ended March 31, 2026
US Market News
4月前
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Fourth Quarter Ended December 31, 2025March 10, 2026 5:38 PM
PR Newswire (US)
NEWPORT, R.I., March 10, 2026 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended December 31, 2025.
FOURTH QUARTER 2025 RESULTSGAAP net income attributable to Pangaea of $11.9 million, or $0.19 per shareAdjusted net income attributable to Pangaea of $10.1 million, or $0.16 per share Adjusted EBITDA of $28.7 millionOperating cash flow of $15.1 million Time Charter Equivalent ("TCE") rates earned by Pangaea of $17,773 per dayPangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 19%Declared quarterly cash dividend of $0.05 per common shareEntered into a memorandum of agreement in February 2026 to sell the 2006-built Bulk Xaymaca for $9.6 million.For the three months ended December 31, 2025, Pangaea reported non-GAAP adjusted net income of $10.1 million, or $0.16 per share, on total revenue of $183.9 million. Fourth quarter TCE rates increased 11% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 26% to 6,025 days. The increase in shipping days relative to the year-ago period was primarily due to the acquisition of fifteen handy-size vessels completed at the end of the fourth quarter of 2024.The TCE earned was $17,773 per day for the three months ended December 31, 2025, compared to an average of $15,942 per day for the same period in 2024. The Company's average TCE exceeded the benchmark Baltic Panamax, Supramax, and Handysize indices by 19%, supported by its long-term COAs, specialized fleet, and cargo-focused strategy.Total Adjusted EBITDA increased by 23% to $28.7 million in the fourth quarter of 2025, compared to the prior-year quarter. Total Adjusted EBITDA margin was 16% during the fourth quarter of 2025 and 2024.As of December 31, 2025, the Company had $103.1 million in unrestricted cash and cash equivalents. Total debt, including finance lease obligations was $375.6 million. During the three months ending December 31, 2025, the Company repaid $7.6 million in finance leases and $4.2 million in long term debt, and received $0.7 million from installment sale contract in connection with purchase Caterpillar equipment. In addition the Company paid $3.2 million in dividends, and repurchased $1.0 million of its common stock.On February 17, 2026 the Company's Board of Directors declared a quarterly cash dividend of $0.05 per common share, payable on March 13, 2026, to all shareholders of record as of February 27, 2026.MANAGEMENT COMMENTARY "We delivered strong fourth quarter results, supported by solid Arctic trade activity, robust utilization across our niche ice class fleet, and the stability of our long term COAs," said Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions. "As we entered 2026 and completed a smooth leadership transition, I want to thank Mark Filanowski for his many years of leadership and support during the transition. Our results reflect the strength and continuity of Pangaea's differentiated operating model and expanded fleet, driving TCE rates 19% above the market and meaningfully improving year over year profitability for the quarter""Dry bulk fundamentals remain healthy as we enter the seasonally softer first quarter, supported by a constructive market backdrop. We are positioning our fleet to maximize TCE premiums, and thus far in the first quarter of 2026 have executed 5,920 shipping days at an average TCE of $14,917 per day, reflecting a stronger than expected first quarter" Petersen added. "Looking ahead, we continue to see a favorable medium-term environment, underpinned by constrained vessel supply and positive market sentiment.""We remain committed to disciplined, returns-focused capital allocation, including sustainable return of capital, organic growth investment and ongoing fleet renewal," continued Petersen. "Most recently, we entered an agreement to sell the Bulk Xaymaca for $9.6 million, with delivery expected in the second quarter of 2026. We also commenced operations in Lake Charles under a multi-year contract and are advancing strategic investments across our terminal network, with new activities underway at Port Everglades and Tampa operations set to launch in second half of 2026.""As we move into 2026, our strategic direction remains unchanged, and we will continue executing the proven operating model that differentiates Pangaea," concluded Petersen. "With over $100 million in cash at year-end, we maintain strong liquidity to support balance sheet flexibility, capital returns, and disciplined investment. We remain committed to delivering consistent shareholder returns."STRATEGIC UPDATEPangaea remains committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets that drive premium returns measured in time charter equivalent per day.Leverage integrated shipping and logistics model. Pangaea continues to leverage its integrated shipping and logistics model to deliver value across the supply chain. In addition to operating the world's largest high ice-class dry bulk fleet of Panamax and post-Panamax vessels, the Company provides stevedoring services and maintains robust port and terminal operations capabilities. The Company is advancing organic growth initiatives to scale its terminal operations business. Key projects include the expansion at the Port of Tampa and the launch of new operations at the Ports of Aransas, Texas; Lake Charles, Louisiana; and Pascagoula, Mississippi. As of the end of the fourth quarter of 2025, operations have commenced at Pascagoula, Lake Charles and Aransas, while Tampa operations are on track to begin early in the second half of 2026. These investments position Pangaea to capture growing demand for integrated logistics services and reinforce our commitment to long-term growth.Continue to drive strong fleet utilization. Pangaea delivered strong fleet utilization during the fourth quarter, supported by robust demand across key Arctic trade routes. The Company's owned fleet of 39 vessels operated at high efficiency, supplemented by an average of 2,439 chartered-in vessels to fulfill cargo and COA commitments. Following the successful integration of the recently acquired handy-size fleet, Pangaea remains focused on optimizing utilization across its expanded platform and enhancing flexibility to meet the evolving needs of its customers.Continue to upgrade fleet, while divesting older, non-core assets. Pangaea continues to execute its disciplined fleet renewal strategy, selectively investing in modern assets to maximize TCE performance, comply with evolving regulatory standards, and meet customer cargo requirements on demand. During the fourth quarter, the Company completed the sale of the Bulk Freedom for $9.6 million. In February 2026, Pangaea entered into an agreement to sell the Bulk Xaymaca for $9.6 million. Built in 2006, the sale of the Bulk Xaymaca underscores our commitment to maintaining a modern, efficient platform. Delivery to the buyer is expected in the second quarter of 2026.FOURTH QUARTER 2025 CONFERENCE CALL The Company's management team will host a conference call to discuss the Company's financial results on Wednesday, March 11, 2026 at 8:00 a.m., Eastern Time (ET). Accompanying presentation materials will be available in the Investor Relations section of the Company's website at https://www.pangaeals.com/investors/.To participate in the live teleconference:Domestic Live: 1-833-316-1983
International Live: 1-785-838-9310
Conference ID: PANLQ425 To listen to a replay of the teleconference, which will be available through March 18, 2026:Domestic Replay: 1-800-839-5492
International Replay: 1-402-220-2251Pangaea Logistics Solutions Ltd.Unaudited Consolidated Statements of Operations(U.S. dollars in thousands, except per share data)
For the Three Months Ended December 31,
For the Years Ended December 31,
2025
2024
2025
2024Revenues:
Voyage revenue$ 166,348
$ 137,601
$ 577,547
$ 494,107Charter revenue13,117
6,588
39,258
30,326Port terminal & stevedore revenue4,415
2,986
15,236
12,103Total revenues, net183,880
147,175
632,041
536,536Operating expenses:
Voyage expense72,382
67,674
283,679
237,479Charter hire expense46,788
34,425
129,735
130,764Vessel operating expense27,658
14,254
94,948
55,544 Terminal & Stevedore Expenses3,818
1,974
12,189
9,299General and administrative6,743
6,277
31,071
24,626Depreciation and amortization11,740
7,766
42,475
30,376Gain on sale of vessel and equipment(2,692)
—
(3,000)
—Total expenses166,438
132,370
591,097
488,088
Income from operations17,442
14,805
40,944
48,449
Other income (expense):
Interest expense(5,920)
(4,708)
(24,006)
(17,073)Interest income539
588
1,632
3,023Income attributable to non-controlling interest recorded as
long-term liability interest expense—
(2,682)
—
(3,103)Unrealized (loss) gain on derivative instruments(903)
851
(1,355)
(953)Other income1,121
198
2,952
1,428Total other expense, net(5,164)
(5,752)
(20,777)
(16,679)
Net income12,278
9,053
20,167
31,769Income attributable to non-controlling interests(394)
(618)
(798)
(2,866)Net income attributable to Pangaea Logistics Solutions Ltd.$ 11,884
$ 8,435
$ 19,369
$ 28,903
Earnings per common share:
Basic$ 0.19
$ 0.18
$ 0.30
$ 0.64Diluted$ 0.19
$ 0.18
$ 0.30
$ 0.63
Weighted average shares used to compute earnings per
common share:
Basic63,510,714
45,792,112
63,802,958
45,391,855Diluted64,176,117
46,527,775
64,703,473
46,046,044Amounts presented in the accompanying consolidated financial statements are expressed in thousands of U.S. dollars unless otherwise indicated. Certain amounts may not sum due to rounding. Pangaea Logistics Solutions Ltd.Unaudited Consolidated Balance Sheets As of December 31, 2025 and 2024(U.S. dollars in thousands, except per share data)
December 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents$ 103,054
$ 86,805Accounts receivable (net of allowance of $6,017 and $5,493 at December 31, 2025 and 2024,
respectively)55,854
42,371Inventories28,389
32,848Advance hire, prepaid expenses and other current assets28,478
29,969Total current assets215,776
191,994
Restricted cash270
—Fixed assets, net677,518
707,826Right of use assets, net26,866
28,772Goodwill3,105
3,105Other non-current Assets4,561
4,761Total assets$ 928,096
$ 936,457
Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities$ 54,257
$ 46,582Related party payable806
1,181Deferred revenue24,891
15,447Current portion of secured long-term debt16,910
16,576Current portion of financing obligations27,896
25,267Current portion of finance lease liabilities2,076
2,844Dividend payable1,198
1,211Total current liabilities128,034
109,108
Non current liabilities
Secured long-term debt, net97,157
112,721Financing obligations, net219,774
229,530Finance lease liabilities, net8,395
10,434Total non current liabilities325,326
352,685
Stockholders' equity:
Common stock, $0.0001 par value, 100,000,000 shares authorized, 64,971,288 and 64,961,433
shares issued and outstanding at December 31, 2025 and 2024, respectively7
6Additional paid-in capital257,072
258,660Retained earnings172,255
169,155Total Pangaea Logistics Solutions Ltd. equity429,333
427,822Non-controlling interests45,403
46,843Total stockholders' equity474,736
474,664Total liabilities and stockholders' equity$ 928,096
$ 936,457 Pangaea Logistics Solutions, Ltd.Unaudited Consolidated Statements of Cash Flows(U.S. dollars in thousands, except per share data)
Years Ended December 31,
2025
2024Operating activities
Net income$ 20,167
$ 31,769Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense42,475
30,376Amortization of deferred financing costs1,152
1,034Amortization of prepaid rent118
122Unrealized loss on derivative instruments1,355
953Income from equity method investee(2,952)
(1,710)Earnings attributable to non-controlling interest recorded as interest expense—
3,103Provision for doubtful accounts1,540
1,835Gain on sale of vessel and equipment(3,000)
—Drydocking costs(17,395)
(6,202)Share-based compensation4,111
2,788Change in operating assets and liabilities:
Accounts receivable(15,024)
3,686Inventories4,459
(11,030)Advance hire, prepaid expenses and other current assets(194)
(2,689)Accounts payable, accrued expenses, other current liabilities, and related party payable7,471
11,839Deferred revenue9,444
(182)Net cash provided by operating activities53,726
65,691
Investing activities
Purchase of vessels and vessel improvements(2,188)
(69,265)Net proceeds from sale of vessels17,196
—Acquisition of non-controlling interest(2,700)
—Purchase of equipment and internal use software(4,299)
(167)Contribution to non-consolidated subsidiaries and other investments(733)
(172)Dividends received from equity method investments4,135
1,910Net cash provided by (used in) investing activities11,411
(67,694)
Financing activities
Proceeds from long-term debt705
64,150Payments of financing fees and issuance costs(45)
(2,044)Payments of long-term debt(16,590)
(33,082)Proceeds from financing obligation18,000
25,000Payments of financing obligations(26,052)
(19,181)Payments of finance leases(2,844)
(2,990)Dividends paid to non-controlling interests(2,490)
(2,333)Cash dividends paid(16,303)
(18,710)Payments to repurchase ordinary shares(2,999)
—Payments to non-controlling interest—
(21,040)Net cash (used in) provided by financing activities(48,619)
(10,230)
Net change in cash, cash equivalents and restricted cash16,519
(12,232)Cash and cash equivalents at beginning of period$ 86,805
$ 99,038Cash, cash equivalents, and restricted cash at end of period$ 103,324
$ 86,805Supplemental cash flow information
Cash paid for interest24,315
$ 17,983Acquisition of Strategic Shipping Inc. through issuance of 18,059,342 shares of common stock, with a
value of $91,019 as non-cash consideration.$ —
$ 91,019Fair value of loans and lease liabilities (ASC 842) assumed$ —
100,049 Pangaea Logistics Solutions, Ltd.Reconciliation of Non-GAAP Measures(unaudited)
(In thousands of U.S. dollars, except as indicated)
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2025
2024
2025
2024Adjusted Gross Profit
Gross Profit
$ 21,529
$ 21,157
$ 69,154
$ 73,185Add:
Vessel Depreciation and Amortization
11,704
7,692
42,336
30,266Adjusted Gross Profit (Non-GAAP) (1)
$ 33,233
$ 28,848
$ 111,490
$ 103,451
Adjusted EBITDA
Net income
12,278
9,053
20,167
31,769Interest expense, net
5,382
4,119
22,375
14,051Income attributable to non-controlling interest recorded as
long-term liability interest expense
—
2,682
—
3,103Depreciation and amortization
11,740
7,766
42,475
30,376Income tax (benefit) provision (included in Other income)
(289)
75
533
285EBITDA
$ 29,111
$ 23,696
$ 85,549
$ 79,584Non-GAAP Adjustments:
Gain on sale of vessel and equipment
(2,692)
—
(3,000)
—Share-based compensation
1,416
475
4,111
2,788Unrealized loss (gain) on derivative instruments, net
903
(851)
1,355
953Adjusted EBITDA
$ 28,739
$ 23,319
$ 88,015
$ 83,325
Earnings per common share:
Net income attributable to Pangaea Logistics Solutions Ltd.
$ 11,884
$ 8,435
$ 19,369
$ 28,903
Weighted average number of common shares outstanding - basic
63,510,714
45,792,112
63,802,958
45,391,855Weighted average number of common shares outstanding -
diluted
64,176,117
46,527,775
64,703,473
46,046,044
Basic net income per share
$ 0.19
$ 0.18
$ 0.30
$ 0.64Diluted net income per share
$ 0.19
$ 0.18
$ 0.30
$ 0.63
Adjusted EPS
Net income attributable to Pangaea Logistics Solutions Ltd.
$ 11,884
$ 8,435
$ 19,369
$ 28,903Non-GAAP
Add:
Gain on sale of vessels
(2,692)
—
(3,000)
—Unrealized loss on derivative instruments
903
(851)
1,355
953Non-GAAP adjusted net income attributable to Pangaea
Logistics Solutions Ltd.
$ 10,095
$ 7,584
$ 17,723
$ 29,856
Weighted average number of common shares - basic
63,510,714
45,792,112
63,802,958
45,391,855Weighted average number of common shares - diluted
64,176,117
46,527,775
64,703,473
46,046,044
Adjusted EPS - basic
$ 0.16
$ 0.17
$ 0.28
$ 0.66Adjusted EPS - diluted
$ 0.16
$ 0.16
$ 0.27
$ 0.65Amounts presented in the accompanying consolidated financial statements are expressed in thousands of U.S. dollars unless otherwise indicated. Certain amounts may not sum due to rounding. INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.Adjusted gross profit. Adjusted gross profit is defined as GAAP gross profit excluding transportation and service depreciation and amortization. Management believes this measure provides investors with additional insight into the operating performance of the Company's shipping operations by excluding non-cash depreciation expenses associated with the Company's vessels. Adjusted gross profit is not a measure recognized under U.S. GAAP and should not be considered as an alternative to gross profit, operating income or net income. The Company's definition of adjusted gross profit may not be comparable to similarly titled measures used by other companies.Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense and other non-recurring items, if any. Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale of vessel, loss on sale and leaseback of vessel, loss on impairment of vessel, unrealized gains and losses on derivative instruments, and certain non-recurring charges, divided by the weighted average number of shares of common stock.There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea's definition of adjusted EBITDA used here are not comparable to EBITDA.The table set forth above provides a reconciliation of the non-GAAP financial measures presented during the period to the most directly comparable financial measures prepared in accordance with GAAP.About Pangaea Logistics Solutions Ltd.Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) and its subsidiaries (collectively, "Pangaea" or the "Company") provides seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management. Learn more at www.pangaeals.com.Investor Relations ContactsGianni Del Signore
Stefan C. NeelyChief Financial Officer
Vallum Advisors 401-846-7790
Investors@pangaeals.com
PANL@val-adv.comForward-Looking StatementsCertain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pangaea-logistics-solutions-ltd-reports-financial-results-for-the-fourth-quarter-ended-december-31-2025-302710100.htmlSOURCE Pangaea Logistics Solutions LTD
Original: Pangaea Logistics Solutions Ltd. Reports Financial Results for the Fourth Quarter Ended December 31, 2025
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