Welcome to our dedicated page for Pangaea Logistics Solutions Ltd. SEC filings (Ticker: PANL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Pangaea Logistics Solutions Ltd. filings document a Nasdaq-listed maritime logistics company incorporated in Bermuda and focused on seaborne drybulk transportation, terminal operations and stevedoring services. Form 8-K reports furnish quarterly operating results and investor presentations, record dividend declarations on common shares and disclose material corporate events.
Proxy materials cover director elections, board structure, executive compensation, equity awards and related governance matters. Other recent event filings address board appointments, executive succession, changes in the independent registered public accounting firm and exhibits tied to financial results, dividends and governance actions.
Pangaea Logistics Solutions Ltd. reported substantially stronger results for the three and six months ended June 30, 2026. Total revenue was $187.1 million for the quarter, up 19% from $156.7 million a year earlier, driven mainly by higher dry bulk freight and charter rates and supported by new port operations.
Net income attributable to Pangaea was $10.2 million for the quarter, versus a $2.7 million loss in 2025, and $23.5 million for the first half versus a $4.7 million loss. Time Charter Equivalent rates rose to $18,153 per day, 50% above the prior-year quarter and about 10% above relevant market indices, while Adjusted EBITDA more than doubled to $35.0 million. Cash, cash equivalents and restricted cash totaled $105.9 million, and total secured debt including financing obligations and finance leases, net, declined to $349.5 million from $372.2 million.
The company changed vessel depreciation assumptions effective January 1, 2026, shortening useful lives and increasing scrap values, which raised depreciation expense and reduced earnings by about $3.3 million for the first half and is expected to add $2.8 million for the rest of 2026. Pangaea sold one vessel for approximately $9.6 million, recognizing a modest write-down, remained in compliance with all debt and financing covenants, and paid $7.1 million of dividends in the first half. A further quarterly dividend of $0.10 per share was declared on August 6, 2026.
Pangaea Logistics Solutions Ltd. reported a sharp rebound in performance for the quarter ended June 30, 2026. GAAP net income attributable to Pangaea was $10.2 million, or $0.16 per share, compared with a loss a year earlier. Non-GAAP adjusted net income was $16.9 million, or $0.26 per share, on total revenue of $187.1 million.
Adjusted EBITDA rose 125.1% year over year to $35.0 million, supported by a 50% increase in Time Charter Equivalent (TCE) rates to $18,153 per day. TCE exceeded the average Baltic Panamax, Supramax and Handysize indices by 10%, reflecting long-term COAs, a specialized fleet and a cargo-focused strategy. Operating cash flow was $21.1 million, and unrestricted cash and cash equivalents were $105.7 million at quarter-end, with total debt (including finance leases) of $352.4 million, implying net debt to trailing twelve‑month adjusted EBITDA of 2.1x.
The board declared a $0.10 quarterly cash dividend per common share, payable September 15, 2026, to shareholders of record on September 1, 2026. Management highlighted strong dry bulk demand, ongoing fleet renewal including the $9.6 million sale of Bulk Xaymaca, expansion of port operations at Port Tampa Bay, and a continued focus on disciplined capital allocation and integrated shipping-logistics growth.
Director Laura Anthony of Pangaea Logistics Solutions Ltd. reported a series of non-market transactions in common shares. On February 25, 2026, she made a bona fide gift of 14,140 common shares, and irrevocable family trusts for her children each received 7,070 shares as awards. Similar transactions occurred on February 28, 2025, when she gifted 23,088 shares and the same trusts each received 11,544 shares. After these transfers, her direct holdings in the reported shares fell to zero, while substantial indirect holdings are shown through the irrevocable family trusts.
Pangaea Logistics Solutions Ltd. reported that, on June 7, 2026, three directors — Eric S. Rosenfeld, David D. Sgro and Anthony Laura — were removed from its Board of Directors under section 24.1.7 of its Bye-Laws, which allows removal when at least three quarters of the other directors request a resignation in writing.
The Board now has seven members. The current directors state that a seven-person board better matches the company’s size and strategic priorities and that this structure should allow more efficient discussion, deliberation and decision-making for shareholders.
Pangaea Logistics Solutions Ltd. filed an Amendment No. 1 to Schedule 13G/A reporting that Maureen Maze, as sole trustee of three family trusts, beneficially owns 3,151,988 shares of Common Stock, equal to 4.83% of the class. The percentage is based on 65,318,647 shares outstanding as of March 13, 2026, per the issuer's Form 10-K for the fiscal year ended December 31, 2025. The filing states Ms. Maze has sole voting and dispositive power over the shares held by the Edward & Julia Coll Trusts for Andrew, James and Aidan Coll.
Pangaea Logistics Solutions Ltd. director Eric Rosenfeld reported an open-market sale of common shares. He sold 100,000 Common Shares on May 26, 2026 at a weighted average price of $8.37 per share, with individual trades executed between $8.34 and $8.40 according to the footnote. After this transaction, he directly holds 536,845 Common Shares, indicating he retained a substantial equity position in the company.
PANL reports a proposed sale of 100,000 shares of Common Stock via a Form 144. The filing lists the securities as held at Charles Schwab and indicates the method as open market transactions. The filing shows 841,000 shares (beneficial holdings) and 65,414,923 shares outstanding as of 05/15/2026.
Pangaea Logistics Solutions Ltd. reported voting results from its 2026 Annual Meeting of Shareholders. Of 65,318,647 common shares entitled to vote, 54,259,260 were represented in person or by proxy, establishing a quorum.
Shareholders elected four Class III directors to terms ending in 2029, one Class I director to a term ending in 2027, and one Class II director to a term ending in 2028. All director nominees received substantially more votes "for" than "against."
Shareholders also ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm for fiscal 2026 and approved, on an advisory, non-binding basis, the compensation of the company’s named executive officers.
Pangaea Logistics Solutions Ltd. reported a strong start to 2026, with GAAP net income attributable to the company of $13.3 million, or $0.21 per share, for the quarter ended March 31, 2026, compared with a net loss a year ago. Total revenue rose to $170.6 million as Time Charter Equivalent rates increased 34% year over year to $15,252 per day, helped by a 14% increase in total shipping days to 5,947.
Adjusted net income was $7.0 million, or $0.11 per share, and Adjusted EBITDA climbed 70% to $25.2 million, lifting the margin to 14.8% from 12.1%. Pangaea’s TCE outperformed the average Baltic Panamax, Supramax and Handysize indices by 20%, reflecting its specialized fleet, long-term contracts of affreightment and cargo‑focused strategy.
The company generated operating cash flow of $4.5 million and ended the quarter with $89.7 million in unrestricted cash and total debt of $363.2 million, for net leverage of 2.4x trailing twelve‑month Adjusted EBITDA. The board declared a quarterly cash dividend of $0.05 per common share, payable June 15, 2026, and advanced its port expansion and fleet renewal initiatives, including an agreement to sell the 2006‑built Bulk Xaymaca for $9.6 million.
Pangaea Logistics Solutions Ltd. reported a strong turnaround for the three months ended March 31, 2026. Total revenue rose to $170.6 million from $122.8 million, driven by higher dry bulk freight rates, more voyage days, and nearly doubled terminal and stevedore revenue.
Net income attributable to Pangaea was $13.3 million, compared with a $2.0 million loss a year earlier, with diluted EPS moving to $0.21 from a loss of $0.03. TCE rates increased to $15,252 per day from $11,390, and Adjusted EBITDA grew to $25.2 million from $14.8 million.
Cash, cash equivalents and restricted cash were $90.0 million, while total secured debt including financing obligations and finance leases was $360.0 million and stockholders’ equity was $486.8 million. A change in vessel depreciation estimates reduced quarterly net income by about $1.6 million, or $0.03 per share. The board also declared a subsequent quarterly cash dividend of $0.05 per share.