Pangaea (NASDAQ: PANL) CEO sells 19,572 shares, retains 680,016 stake

Rhea-AI Filing Summary

Pangaea Logistics Solutions Ltd. Chief Executive Officer Mads Rosenber Boye sold 19,572 common shares in an open-market transaction. The shares were sold on March 18, 2026 at a weighted average price of $7.063 per share, according to the filing footnote.

After this sale, Boye directly holds 680,016 common shares. The transaction represents a relatively small portion of his reported direct ownership and does not involve any derivative securities, as no options or similar instruments are listed as exercised or remaining in this filing.

Insights

Equity ownership and governance analyst

CEO executes a small open-market sale while retaining a large equity position.

The CEO of Pangaea Logistics Solutions Ltd., Mads Rosenber Boye, sold 19,572 common shares at a weighted average price of $7.063 per share in an open-market transaction on March 18, 2026. This is categorized as a straightforward sale, not tied to derivative exercises or compensation events.

Following the sale, Boye holds 680,016 common shares directly, indicating he retains a substantial equity stake in the company. With only one reported sale transaction and no derivative positions listed in this filing, the activity appears routine rather than transformative for the company’s ownership structure.

Because this is a single open-market sale with the CEO maintaining a large remaining position, it is best interpreted as a modest portfolio adjustment. Future company filings may provide additional context on any subsequent insider trading activity or changes in overall insider ownership trends.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Petersen Mads Rosenber Boye

(Last) (First) (Middle)

109 LONG WHARF

(Street)

NEWPORT RHODE ISLAND 02840

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Pangaea Logistics Solutions Ltd. [ PANL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Share $0.0001 Par Value	03/18/2026		S(1)	V	19,572	D	$7.063	680,016	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects the sale of an aggregate of 19,572 shares of common stock on March 18, 2026, at the weighted average sales price of $7.063.

Remarks:

	/s/ Mads Rosenberg Boye Petersen	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Pangaea Logistics (PANL) report for its CEO?

Pangaea Logistics reported that CEO Mads Rosenber Boye sold 19,572 common shares. The open-market sale occurred on March 18, 2026 at a weighted average price of $7.063 per share, according to the Form 4 and its accompanying footnote disclosure.

How many Pangaea Logistics (PANL) shares did the CEO sell and at what price?

The CEO sold 19,572 common shares of Pangaea Logistics. The Form 4 states the weighted average sales price was $7.063 per share on March 18, 2026, reflecting an aggregate open-market transaction at that average price level for the reported shares.

How many Pangaea Logistics (PANL) shares does the CEO hold after this sale?

After the reported transaction, CEO Mads Rosenber Boye directly owns 680,016 common shares. This post-transaction figure comes from the Form 4 and shows he retains a sizable equity position in Pangaea Logistics following the 19,572-share open-market sale.

Was the Pangaea Logistics (PANL) CEO’s transaction a buy or sell?

The transaction was a sale. The Form 4 lists transaction code “S,” describes it as an open-market sale, and shows 19,572 common shares sold at a weighted average price of $7.063 per share on March 18, 2026 by the CEO.

Did the Pangaea Logistics (PANL) CEO exercise any stock options in this Form 4?

No, the Form 4 does not report any option exercises or derivative transactions. It shows only a single non-derivative transaction: an open-market sale of 19,572 common shares of Pangaea Logistics at a weighted average price of $7.063 per share.

Does the Pangaea Logistics (PANL) CEO still have a significant stake after this Form 4 sale?

Yes. Despite selling 19,572 shares, the Form 4 shows CEO Mads Rosenber Boye holding 680,016 common shares directly afterward. This indicates he continues to have a substantial ownership interest in Pangaea Logistics following the reported open-market transaction.