Pangaea Logistics Solutions Ltd.PANL
Pangaea Logistics Solutions Ltd. Segments Disclosure
SEGMENT REPORTING
The Company operates through multiple operating segments, which are determined based on the manner in which the Chief Operating Decision Maker (“CODM”) evaluates performance and allocates resources. The Company’s operating segments include the shipping segment and six terminal and stevedoring operating segments. The CODM, who is the Company’s Chief Executive Officer, regularly reviews internal management reports containing financial information for each operating segment.
Although the Company manages multiple operating segments, only one segment, the shipping segment, meets the quantitative thresholds for separate disclosure as a reportable segment under ASC 280-10-50-12. As such, the shipping segment is presented as the Company’s sole reportable segment. This segment provides seaborne dry bulk logistics and transportation services globally, primarily through voyage and time charter arrangements. Revenue is generated from the transportation of dry bulk cargoes using vessels that are either owned or chartered by the Company.
The CODM evaluates segment performance and allocates resources primarily based on Time Charter Equivalent (“TCE”) revenues, which are calculated as voyage and charter revenues less voyage expenses. TCE is a non-GAAP performance measure widely used in the shipping industry and is considered by management to be the key indicator of vessel operating performance.
In assessing performance and making resource allocation decisions, the CODM reviews both segment-level results and the Company’s consolidated financial results, which are prepared in accordance with U.S. GAAP.
The following tables present selected financial information for the Company’s reportable segment.
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Shipping segment | ||||||||||||||
| Voyage revenue | $ | 577,547 | $ | 493,439 | ||||||||||
| Charter revenue | 39,258 | 30,326 | ||||||||||||
| Shipping segment total revenue | 616,806 | 523,765 | ||||||||||||
| Reconciliation: | ||||||||||||||
All other revenue (1) | 15,236 | 12,771 | ||||||||||||
| Total consolidated revenue | $ | 632,041 | $ | 536,536 | ||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Shipping segment total revenue | $ | 616,806 | $ | 523,765 | ||||||||||
| Less: | ||||||||||||||
| Voyage expense | 283,679 | 237,479 | ||||||||||||
Net TCE revenue (2) | 333,126 | 286,286 | ||||||||||||
| Reconciliation: | ||||||||||||||
| Charter hire expense | 129,735 | 130,764 | ||||||||||||
| Vessel operating expenses | 94,948 | 55,544 | ||||||||||||
| Other operating expenses | 67,499 | 51,530 | ||||||||||||
| Other expenses | 20,777 | 16,679 | ||||||||||||
| Total consolidated net income | $ | 20,167 | $ | 31,769 | ||||||||||
(1) All other revenue includes revenue from our port and terminal operations, as well as other ancillary services.
(2) TCE revenue represents shipping segment total revenue less voyage expenses and is considered the segment measure of profit/loss.
Additionally, other expenses totaled $20,777 and $16,679 for the years ended December 31, 2025, and December 31, 2024, respectively, primarily comprising interest expenses and other non-operating costs.
For the year ended December 31, 2025, the Company reported total consolidated net income of $20,167 and $31,769 for the prior year.
Geographical Disclosure
Revenue from external customers is attributed to geographic areas as follows:
| Revenue: | December 31, 2025 | December 31, 2024 | ||||||||||||
| United States | $ | 177,651 | $ | 169,383 | ||||||||||
| Canada | 65,025 | 72,820 | ||||||||||||
| Germany | 59,434 | 44,130 | ||||||||||||
| Singapore | 59,166 | 39,423 | ||||||||||||
| United Kingdom | 48,005 | 35,536 | ||||||||||||
Other (1) | 222,850 | 175,244 | ||||||||||||
| Total consolidated revenue | $ | 632,041 | $ | 536,536 | ||||||||||
(1) This includes revenue from various regions across Asia, Europe, South America, and other international markets.
Revenue is presented geographically based on the customer's country of domicile.
For the year ended December 31, 2025, no customer accounted for 10% or more of total revenue. For the year ended December 31, 2024, one customers accounted for 10% or more of total revenue. The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable.
Other segment disclosures:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Shipping | Other | Total | Shipping | Other | Total | |||||||||||||||||||||||||||||||||
| Interest expense | $ | 24,006 | $ | — | $ | 24,006 | $ | 17,073 | $ | — | $ | 17,073 | ||||||||||||||||||||||||||
| Interest income | $ | (1,630) | $ | (2) | $ | (1,632) | $ | (3,023) | $ | — | $ | (3,023) | ||||||||||||||||||||||||||
| Depreciation and amortization | $ | 42,336 | $ | 139 | $ | 42,475 | $ | 30,042 | $ | 334 | $ | 30,376 | ||||||||||||||||||||||||||
| Segment assets | $ | 903,353 | $ | 24,743 | $ | 928,096 | $ | 730,728 | $ | 205,729 | $ | 936,457 | ||||||||||||||||||||||||||
| Capital expenditures | $ | 19,583 | $ | 4,299 | $ | 23,882 | $ | 260,997 | $ | 167 | $ | 261,164 | ||||||||||||||||||||||||||
Investment in equity method investees (1) | $ | — | $ | 2,552 | $ | 2,552 | $ | — | $ | 2,396 | $ | 2,396 | ||||||||||||||||||||||||||
(1) The amounts presented represent the carrying value of the Company’s investments in equity method investees included in the consolidated balance sheets as of December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 18, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.