Pangaea Logistics Solutions Ltd.

Listed Company

PANLCIK 0001606909NasdaqAcceleratedSmaller ReportingDeep Sea Foreign Transportation Of FreightD0FY ends Dec 31

Period

FY 2025

Revenue

$632.04M

Net Income

$19.37M

Total Assets

$928.10M

Equity

$429.33M

Shares Out

65.32M

Op. Cash Flow

$53.73M

Business

Pangaea Logistics Solutions Ltd. provides seaborne drybulk logistics and ocean transportation services, together with terminal and stevedoring operations. The company transports a wide variety of drybulk commodities, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone, and offers cargo loading/discharge, port operations, voyage planning and vessel technical management. Its business is organized around operating and commercially managing a fleet across Handymax, Supramax, Ultramax, Panamax and Post‑Panamax (including ice‑class) segments and offering port, projects and logistics services. Pangaea serves global markets via owned and chartered‑in vessels, COAs, voyage and time charters and terminal operations to nearly 225 ports worldwide, with commercial offices in the U.S., Denmark, Singapore and other locations.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	632	537	499	700	718
Voyage expense	284	237	227	262	220
Charter hire expense	130	131	111	222	335
Terminal & stevedore expenses	12	9	6	0	—
Vessel operating expenses (1)	95	56	56	57	43
General and administrative	31	25	23	20	19
Depreciation and amortization	42	30	30	29	23
Gain on sale of vessels	−3	0	2	318,032	0
Total operating expenses	591	488	455	594	639
Income from operations	41	48	45	106	79
Interest expense	−24	−17	−17	−16	−10
Interest income	2	3	4	932,069	—
Income attributable to Non-controlling interest recorded as long-term liability interest expense	0	−3	—	—	—
Unrealized loss on derivative instruments	−1	−953,000	−3	682,323	4
Other income	3	1	761,485	807,142	1
Total other expense, net	−21	−17	−16	−20	−6
Net income	20	32	29	86	72
Income attributable to noncontrolling interests	−798,000	−3	−2	−6	−5
Net income attributable to Pangaea Logistics Solutions Ltd.	19	29	26	79	67
Basic (in dollars per share)	0.3	0.64	0.59	1.79	1.53
Diluted (in dollars per share)	0.3	0.63	0.58	1.76	1.5
Basic (in shares)	64	45	45	44	44
Diluted (in shares)	65	46	45	45	45

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	103	87	99	128	56
Accounts receivable (net of allowance of $6,017 and $5,493 at December 31, 2025 and 2024, respectively)	56	42	48	37	54
Inventories	28	33	17	29	27
Advance hire, prepaid expenses and other current assets	28	30	28	28	46
Total current assets	216	192	192	223	184
Restricted cash	270,000	0	—	—	—
Fixed assets, at cost, net of accumulated depreciation of $179,988 and $151,952, at December 31, 2025 and 2024, respectively	678	708	474	477	472
Vessels under finance lease	27	29	30	44	45
Goodwill	3	3	3	0	—
Other Assets, Noncurrent	5	5	6	5	4
Total assets	928	936	705	748	707
Accounts payable, accrued expenses and other current liabilities	54	47	34	39	49
Deferred revenue	25	15	16	21	32
Current portion of long-term debt	17	17	31	16	15
Current portion of financing obligations	28	25	19	—	—
Current portion of finance lease liabilities	2	3	3	16	14
Dividends payable	1	1	1	626,178	213,765
Total current liabilities	128	109	105	92	112
Secured long-term debt, net	97	113	68	99	106
Financing Obligations, net	220	230	130	—	—
Finance lease liabilities, net	8	10	13	169	171
Commitments and contingencies - Note 12	—	—	—	—	—
Common stock, $0.0001 par value, 100,000,000 shares authorized, 64,973,988 and 64,961,433 shares issued and outstanding at December 31, 2025 and 2024, respectively	7,000	6,000	4,648	4,590	4,562
Additional paid-in capital	257	259	165	163	162
Retained Earnings	172	169	159	151	86
Total Pangaea Logistics Solutions Ltd. equity	429	428	324	314	247
Non-controlling interests	45	47	46	54	53
Total stockholders' equity	475	475	370	369	301
Total liabilities and stockholders' equity	928	936	705	748	707

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	42	30	30	29	23
Amortization of deferred financing costs	1	1	946,593	1	920,995
Amortization of prepaid rent	118,000	122,000	121,532	122,343	115,256
Income from equity method investee	−3	−2	−684,470	−807,142	−1
Earnings attributable to non-controlling interest recorded as interest expense	0	3	462,150	7	1
Provision for doubtful accounts	2	2	3	2	2
Drydocking costs	−17	−6	−4	−6	−8
Share-based compensation	4	3	2	2	2
Accounts receivable	−15	4	−14	15	−27
Inventories	4	−11	13	−2	−11
Advance hire, prepaid expenses and other current assets	−194,000	−3	−342,776	19	−25
Accounts payable, accrued expenses, other current liabilities and related party payable	7	12	−4	−9	17
Deferred revenue	9	−182,000	−5	−11	19
Net cash provided by operating activities	54	66	54	135	62
Purchase of vessels and vessel improvements	−2	−69	−27	−36	−195
Net proceeds from sale of vessels	17	0	17	8	0
Acquisition of non-controlling interest	−3	0	—	—	0
Purchase of equipment and internal use software	−4	−167,000	0	−653,452	−42,963
Contribution Payments To Acquire Non-Controlling Interest	−733,000	−172,000	−427,270	−515,162	−1
Dividends received from equity method investments	4	2	2	0	—
Net cash provided by (used in) investing activities	11	−68	−16	−29	−198
Proceeds from long-term debt	705,000	64	0	9	79
Payments of financing and issuance costs	−45,000	−2	0	−466,544	−2
Payments of long-term debt	−17	−33	−16	−15	−62
Proceeds from financing obligations	18	25	0	15	141
Payments on financing obligations	−26	−19	−11	−16	−10
Repayments of Other Long-term Debt	−3	−3	−9	−5	−3
Dividends paid to non-controlling interests	−2	−2	−10	−5	−3
Common stock accrued dividends paid	−16	−19	−18	−13	−6
Payment, Tax Withholding, Share-Based Payment Arrangement	−3	0	—	—	—
Payments to non-controlling interest recorded as long-term liability	0	−21	−3	−2	−195,598
Net cash used in financing activities	−49	−10	−67	−34	144
Net increase (decrease) in cash and cash equivalents	17	−12	−29	72	8
Cash paid for interest	24	18	19	15	9
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.	0	91	0	—	—
Fair value of loans and lease liabilities (ASC 842) assumed	0	100	0	—	—

Filings

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