Pangaea Logistics Solutions Ltd. Reports Financial Results for the Fourth Quarter Ended December 31, 2025

Rhea-AI Summary

Pangaea Logistics Solutions (Nasdaq: PANL) reported Q4 2025 results with GAAP net income attributable to Pangaea of $11.9 million ($0.19/share) and adjusted net income of $10.1 million ($0.16/share). Adjusted EBITDA was $28.7 million, TCE earned $17,773/day, and the company declared a $0.05 quarterly dividend.

Cash totaled $103.1 million at year-end and the company agreed to sell the Bulk Xaymaca for $9.6 million with expected delivery in Q2 2026.

Positive

• Adjusted EBITDA +23% quarter-over-quarter to $28.7M
• TCE rates $17,773/day, 19% above Baltic benchmarks
• Year-end unrestricted cash of $103.1M supporting liquidity
• Quarterly dividend declared of $0.05 per share
• Expanded fleet and acquired handy-size vessels increased shipping days +26%

Negative

• Total debt including leases of $375.6M remains sizeable vs. cash
• Vessel operating expense increased materially to $27.7M in Q4
• Annual net income down to $19.4M in 2025 from $28.9M in 2024

Market Reaction – PANL

-2.87% $8.11

15m delay 4 alerts

-2.87% Since News

$8.11 Last Price

-$16M Valuation Impact

$543M Market Cap

1.3x Rel. Volume

Following this news, PANL has declined 2.87%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $8.11. This price movement has removed approximately $16M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 revenue: $183.9M Q4 GAAP net income: $11.9M Q4 adjusted net income: $10.1M +5 more

8 metrics

Q4 2025 revenue $183.9M Total revenues, three months ended Dec 31, 2025

Q4 GAAP net income $11.9M Net income attributable to Pangaea, Q4 2025

Q4 adjusted net income $10.1M Non-GAAP adjusted net income, Q4 2025

Q4 Adjusted EBITDA $28.7M Adjusted EBITDA, Q4 2025

Quarterly dividend $0.05 per share Cash dividend declared Feb 17, 2026

TCE rate $17,773 per day Time Charter Equivalent, Q4 2025, 11% YoY increase

Cash balance $103.1M Unrestricted cash and cash equivalents as of Dec 31, 2025

Total debt $375.6M Debt including finance lease obligations as of Dec 31, 2025

Market Reality Check

Price: $8.24 Vol: Volume 781,980 is 25% abo...

normal vol

$8.24 Last Close

Volume Volume 781,980 is 25% above 20-day average 624,094, indicating elevated trading interest pre‑results. normal

Technical Price $8.35 trades above 200-day MA $6.06 but is 11.08% below 52-week high $9.39.

Peers on Argus

PANL is down 1.44% while key Marine Shipping peers are mixed: ASC (-2.6%), SB (-...

PANL is down 1.44% while key Marine Shipping peers are mixed: ASC (-2.6%), SB (-1.27%), but ESEA (+1.58%) and GNK (+1.65%). This pattern points to a stock-specific reaction rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Positive	+18.1%	Higher net income, strong adjusted EBITDA and solid TCE with more shipping days.
Aug 07	Q2 2025 earnings	Neutral	+1.7%	GAAP net loss but strong TCE vs benchmarks and much higher shipping days.
May 12	Q1 2025 earnings	Negative	-2.3%	Net loss, lower TCE and reduced adjusted EBITDA despite higher shipping days.
Mar 13	Q4 & FY 2024 earnings	Positive	+12.2%	Profitable quarter and year with strong TCE, EBITDA and cash position.
Nov 12	Q3 2024 earnings	Neutral	-6.9%	Moderate net income and TCE premium but lower adjusted EBITDA vs prior year.

Pattern Detected

Earnings releases have usually triggered sizable moves, often positive, with one notable negative reaction despite mixed fundamentals.

Recent Company History

Over the past year, Pangaea’s earnings reports have featured consistent TCE outperformance versus market indices, active fleet expansion, and recurring dividends of $0.05 per share. Quarterly outcomes ranged from losses in Q1–Q2 2025 to stronger profitability by Q3 2025, supported by rising shipping days and asset sales. Market reactions to these earnings have often been significant, including moves of +18.05% and +12.19%. Today’s Q4 2025 results continue themes of TCE strength, higher revenue, and ongoing fleet renewal.

Historical Comparison

+4.5% avg move · In the past year, PANL’s 5 earnings releases moved an average of 4.54%, often sharply positive. Toda...

earnings

+4.5%

Average Historical Move earnings

In the past year, PANL’s 5 earnings releases moved an average of 4.54%, often sharply positive. Today’s modest -1.44% reaction to Q4 2025 results is relatively muted versus that history.

Earnings across 2024–2025 show TCE consistently beating market indices, higher shipping days after the handy-size acquisition, and a recurring $0.05 dividend, with profitability improving after early-2025 losses.

Market Pulse Summary

This announcement details Q4 2025 and full-year performance, with revenue of $183.9M, GAAP net incom...

Analysis

This announcement details Q4 2025 and full-year performance, with revenue of $183.9M, GAAP net income of $11.9M, Adjusted EBITDA of $28.7M, and TCE of $17,773 per day, 19% above benchmark indices. The company ended 2025 with $103.1M in cash and $375.6M in total debt, maintained a $0.05 dividend, and continued fleet renewal via vessel sales. Investors may watch future TCE levels, shipping days, and terminal expansion progress to gauge ongoing execution.

Key Terms

time charter equivalent, gaap, ebitda, non-gaap, +2 more

6 terms

time charter equivalent technical

"Time Charter Equivalent ("TCE") rates earned by Pangaea of $17,773 per day"

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

gaap financial

"GAAP net income attributable to Pangaea of $11.9 million, or $0.19 per share"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

ebitda financial

"Adjusted EBITDA of $28.7 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

non-gaap financial

"For the three months ended December 31, 2025, Pangaea reported non-GAAP adjusted net income"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

memorandum of agreement technical

"Entered into a memorandum of agreement in February 2026 to sell the 2006-built Bulk Xaymaca"

A memorandum of agreement is a written document that outlines the key terms and understanding between two or more parties planning to work together or make a deal. It serves as a clear record of intentions and commitments, helping to prevent misunderstandings. For investors, it provides reassurance that the involved parties have agreed on important details before finalizing a formal contract.

asc 842 regulatory

"Fair value of loans and lease liabilities (ASC 842) assumed"

ASC 842 is the U.S. accounting rule that requires most lease agreements to be recorded on a company’s balance sheet as right-of-use assets and corresponding lease liabilities, rather than being hidden as off‑balance-sheet rent. For investors, this brings clearer visibility into a firm’s true obligations and asset base—like converting a long-term apartment rental into a visible mortgage-like entry—helping compare companies, assess leverage, and judge cash flow risks more accurately.

AI-generated analysis. Not financial advice.

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 RESULTS

• GAAP net income attributable to Pangaea of $11.9 million, or $0.19 per share
• Adjusted  net income attributable to Pangaea of $10.1 million, or $0.16 per share     
• Adjusted EBITDA of $28.7 million
• Operating cash flow of $15.1 million      
• Time Charter Equivalent ("TCE") rates earned by Pangaea of $17,773 per day
• Pangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 19%
• Declared quarterly cash dividend of $0.05 per common share
• Entered 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 UPDATE

Pangaea 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:   1-402-220-2251

Pangaea 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		2024
Revenues:
Voyage revenue	$         166,348		$         137,601		$         577,547		$         494,107
Charter revenue	13,117		6,588		39,258		30,326
Port terminal & stevedore revenue	4,415		2,986		15,236		12,103
Total revenues, net	183,880		147,175		632,041		536,536
Operating expenses:
Voyage expense	72,382		67,674		283,679		237,479
Charter hire expense	46,788		34,425		129,735		130,764
Vessel operating expense	27,658		14,254		94,948		55,544
Terminal & Stevedore Expenses	3,818		1,974		12,189		9,299
General and administrative	6,743		6,277		31,071		24,626
Depreciation and amortization	11,740		7,766		42,475		30,376
Gain on sale of vessel and equipment	(2,692)		—		(3,000)		—
Total expenses	166,438		132,370		591,097		488,088
Income from operations	17,442		14,805		40,944		48,449
Other  income (expense):
Interest expense	(5,920)		(4,708)		(24,006)		(17,073)
Interest income	539		588		1,632		3,023
Income 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 income	1,121		198		2,952		1,428
Total other expense, net	(5,164)		(5,752)		(20,777)		(16,679)
Net income	12,278		9,053		20,167		31,769
Income 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		$             0.64
Diluted	$             0.19		$             0.18		$             0.30		$             0.63
Weighted average shares used to compute earnings per common share:
Basic	63,510,714		45,792,112		63,802,958		45,391,855
Diluted	64,176,117		46,527,775		64,703,473		46,046,044

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 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		$         86,805
Accounts receivable (net of allowance of $6,017 and $5,493 at December 31, 2025 and 2024, respectively)	55,854		42,371
Inventories	28,389		32,848
Advance hire, prepaid expenses and other current assets	28,478		29,969
Total current assets	215,776		191,994
Restricted cash	270		—
Fixed assets, net	677,518		707,826
Right of use assets, net	26,866		28,772
Goodwill	3,105		3,105
Other non-current Assets	4,561		4,761
Total assets	$        928,096		$        936,457
Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities	$         54,257		$         46,582
Related party payable	806		1,181
Deferred revenue	24,891		15,447
Current portion of secured long-term debt	16,910		16,576
Current portion of financing obligations	27,896		25,267
Current portion of finance lease liabilities	2,076		2,844
Dividend payable	1,198		1,211
Total current liabilities	128,034		109,108
Non current liabilities
Secured long-term debt, net	97,157		112,721
Financing obligations, net	219,774		229,530
Finance lease liabilities, net	8,395		10,434
Total non current liabilities	325,326		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, respectively	7		6
Additional paid-in capital	257,072		258,660
Retained earnings	172,255		169,155
Total Pangaea Logistics Solutions Ltd. equity	429,333		427,822
Non-controlling interests	45,403		46,843
Total stockholders' equity	474,736		474,664
Total 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		2024
Operating activities
Net  income	$           20,167		$           31,769
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	42,475		30,376
Amortization of deferred financing costs	1,152		1,034
Amortization of prepaid rent	118		122
Unrealized loss on derivative instruments	1,355		953
Income from equity method investee	(2,952)		(1,710)
Earnings attributable to non-controlling interest recorded as interest expense	—		3,103
Provision for doubtful accounts	1,540		1,835
Gain on sale of vessel and equipment	(3,000)		—
Drydocking costs	(17,395)		(6,202)
Share-based compensation	4,111		2,788
Change in operating assets and liabilities:
Accounts receivable	(15,024)		3,686
Inventories	4,459		(11,030)
Advance hire, prepaid expenses and other current assets	(194)		(2,689)
Accounts payable, accrued expenses, other current liabilities, and related party payable	7,471		11,839
Deferred revenue	9,444		(182)
Net cash provided by operating activities	53,726		65,691
Investing activities
Purchase of vessels and vessel improvements	(2,188)		(69,265)
Net proceeds from sale of vessels	17,196		—
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 investments	4,135		1,910
Net cash provided by (used in)  investing activities	11,411		(67,694)
Financing activities
Proceeds from long-term debt	705		64,150
Payments of financing fees and issuance costs	(45)		(2,044)
Payments of long-term debt	(16,590)		(33,082)
Proceeds from financing obligation	18,000		25,000
Payments 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 cash	16,519		(12,232)
Cash and cash equivalents at beginning of period	$           86,805		$           99,038
Cash, cash equivalents, and restricted cash  at end of period	$         103,324		$           86,805
Supplemental cash flow information
Cash paid for interest	24,315		$           17,983
Acquisition of Strategic Shipping Inc. through issuance of 18,059,342 shares of common stock, with a value of $91,019 as non-cash consideration.	$               —		$           91,019
Fair 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		2024
Adjusted Gross Profit
Gross Profit		$       21,529		$       21,157		$       69,154		$       73,185
Add:
Vessel Depreciation and Amortization		11,704		7,692		42,336		30,266
Adjusted Gross Profit (Non-GAAP) (1)		$       33,233		$       28,848		$     111,490		$     103,451
Adjusted EBITDA
Net income		12,278		9,053		20,167		31,769
Interest expense, net		5,382		4,119		22,375		14,051
Income attributable to non-controlling interest recorded as long-term liability interest expense		—		2,682		—		3,103
Depreciation and amortization		11,740		7,766		42,475		30,376
Income tax (benefit) provision (included in Other income)		(289)		75		533		285
EBITDA		$       29,111		$       23,696		$       85,549		$       79,584
Non-GAAP Adjustments:
Gain on sale of vessel and equipment		(2,692)		—		(3,000)		—
Share-based compensation		1,416		475		4,111		2,788
Unrealized loss (gain) on derivative instruments, net		903		(851)		1,355		953
Adjusted 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		45,391,855
Weighted 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		$         0.64
Diluted 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		$       28,903
Non-GAAP
Add:
Gain on sale of vessels		(2,692)		—		(3,000)		—
Unrealized loss on derivative instruments		903		(851)		1,355		953
Non-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		45,391,855
Weighted 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		$         0.66
Adjusted EPS - diluted		$         0.16		$         0.16		$         0.27		$         0.65

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 (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 Contacts

Gianni Del Signore		Stefan C. Neely
Chief Financial Officer		Vallum Advisors
401-846-7790
Investors@pangaeals.com		PANL@val-adv.com

Forward-Looking Statements

Certain 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.html

SOURCE Pangaea Logistics Solutions LTD

FAQ

What were Pangaea (PANL) Q4 2025 earnings per share and adjusted EPS?

Pangaea reported GAAP EPS of $0.19 and adjusted EPS of $0.16 for Q4 2025. According to the company, adjusted net income was $10.1 million, reflecting improved utilization and higher TCE rates versus prior year.

How much cash did Pangaea (PANL) have at year-end December 31, 2025?

Pangaea held $103.1 million in unrestricted cash and equivalents at year-end 2025. According to the company, this liquidity supports capital returns, fleet renewal, and near-term operational flexibility.

What is Pangaea's (PANL) reported Time Charter Equivalent (TCE) for Q4 2025?

Pangaea earned a TCE of $17,773 per day in Q4 2025, about 19% above relevant Baltic indices. According to the company, long-term COAs and niche fleet mix supported this premium.

Did Pangaea (PANL) declare a dividend and when is it payable?

The board declared a quarterly cash dividend of $0.05 per share, payable March 13, 2026. According to the company, shareholders of record as of February 27, 2026 are eligible for the payment.

What vessel sale did Pangaea (PANL) announce and what are the terms?

Pangaea entered an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million, with delivery expected in Q2 2026. According to the company, the sale is part of its fleet renewal and divestiture of older assets.

How did Pangaea's (PANL) shipping days and fleet changes affect Q4 2025 results?

Shipping days rose 26% to 6,025 days in Q4 2025, driven by acquisition of fifteen handy-size vessels. According to the company, higher days and expanded fleet materially increased revenue and utilization for the quarter.