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Pangaea Logistics Solutions (PANL) investor relations material
Pangaea Logistics Solutions Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
TCE rates for Q2 2025 were $12,108 per day, 17% above market indices, despite a 25% year-over-year decline in average market rates.
Adjusted EBITDA was $15.3M for Q2 2025, nearly flat year-over-year, with an adjusted net loss of $1.4M and GAAP net loss of $2.7M.
Revenue rose 19% year-over-year to $156.7M, driven by a 51% increase in shipping days following major fleet expansion.
Share repurchase program authorized for $15M, with $1M spent in Q2 2025; dividend of $0.05 per share declared.
Completed acquisition of 15 Handysize vessels and full ownership of Seamar Management, and sold Strategic Endeavor vessel for $7.7M.
Financial highlights
Q2 2025 revenue: $156.7M (up 19% year-over-year); adjusted EBITDA: $15.3M; adjusted EBITDA margin: 9.8%.
Net loss attributable to shareholders: $2.7M for Q2 2025, compared to net income of $3.7M in Q2 2024.
TCE rates: $12,108 for Q2 2025 (down 25% year-over-year), outperforming market by 17%.
Cash and cash equivalents at quarter end: $59M; total debt (including leases): $376M.
Cash from operations for Q2 2025: $9M, down from $14.4M in Q2 2024.
Outlook and guidance
Management expects continued volatility in dry bulk shipping rates due to macroeconomic and industry factors.
Q3-to-date TCE rates have improved to $14,272 per day over 3,671 shipping days, supported by niche fleet and seasonal demand.
Terminal operations expansion at Port of Tampa is on track for H1 2026, with new operations in Texas, Louisiana, and Mississippi in H2 2025.
Medium and long-term outlook remains optimistic, with limited fleet growth and emissions regulations supporting rates.
Current cash holdings and anticipated cash generation expected to fund operations for at least the next twelve months.
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