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Pangaea Logistics Solutions (PANL) investor relations material
Pangaea Logistics Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved GAAP net income of $12.2 million ($0.19 per share) and adjusted net income of $11.2 million ($0.17 per share) for Q3 2025, with adjusted EBITDA rising 20% year-over-year to $28.9 million, driven by a 22% increase in shipping days following the acquisition of 15 handy-sized vessels.
TCE rates averaged $15,559 per day, 10% above market indices, supported by ice class capabilities, long-term COAs, and niche trades.
Total revenue reached $168.7 million, up 10% year-over-year, with strong cash and liquidity positions at quarter-end.
CEO announced retirement effective January 1, 2026, with COO Mads Petersen set to succeed, ensuring strategic continuity.
Strategic fleet renewal, share repurchases, and terminal expansion advanced operational flexibility and growth.
Financial highlights
Q3 2025 GAAP net income was $12.2 million ($0.19 per share); adjusted net income was $11.2 million ($0.17 per share); adjusted EBITDA reached $28.9 million, up 20% year-over-year.
TCE rates averaged $15,559 per day, a 10% premium over market rates, though down 5% year-over-year.
Operating cash flow was $28.6 million; unrestricted cash at quarter end was $94 million.
Total debt, including finance leases, stood at $386 million; interest expense increased due to new debt and SSI acquisition.
Declared a $0.05 quarterly dividend and continued share repurchases, with $13 million remaining under authorization.
Outlook and guidance
Entered Q4 2025 with 4,210 shipping days booked at a TCE of $17,107 per day, with some Arctic business extending into Q4.
Near-term dry bulk fundamentals remain constructive, supported by resumed U.S.-China agricultural shipments, U.S. infrastructure investment, and strong demand from West Africa to China.
Limited supply growth and regulatory constraints support a favorable medium-term outlook.
Management expects capital resources and cash flow to be sufficient for at least the next twelve months, barring a significant decline in drybulk shipping rates.
Long-term opportunities seen in emissions-free fuel alternatives and supply chain reorganizations.
Mads Petersen's top 3 strategic priorities
2026 fleet renewal activity vs. 2025
Q4 TCE premium outlook given market rates
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Next Pangaea Logistics Solutions earnings date
Capital Link Shipping Sectors Webinar Series - Dry Bulk Shipping Sector11 Dec, 2025
Next Pangaea Logistics Solutions earnings date
Capital Link Shipping Sectors Webinar Series - Dry Bulk Shipping Sector11 Dec, 2025
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Frequently asked questions
Pangaea Logistics Solutions Ltd. is a global maritime logistics and transportation company specializing in the dry bulk shipping sector. The company provides shipping services for commodities such as coal, grain, iron ore, and other raw materials. Pangaea operates a fleet of owned and chartered vessels, offering a range of logistics solutions, including cargo loading, transport, and discharge services, with a focus on efficiency and flexibility in global trade. The company is headquartered in Newport, Rhode Island, and its shares are listed on the NASDAQ.
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