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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pangaea Logistics Solutions
Pangaea Logistics Solutions (PANL) investor relations material
Pangaea Logistics Solutions Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Aug, 2026
Executive summary
Achieved GAAP net income of $10.2 million ($0.16 per share) and adjusted net income of $16.9 million ($0.26 per share) for Q2 2026, reversing a prior-year loss, driven by higher freight rates and improved market conditions.
Adjusted EBITDA rose 125% year-over-year to $35.0 million, supported by a 50% increase in TCE rates to $18,153 per day, outperforming market indices by 10%.
Total revenue reached $187.1 million, with strong cash flow from operations of $21.1 million and cash reserves at $105.9 million at quarter-end.
Expanded onshore logistics platform with new operations at Port Tampa Bay and other U.S. ports under multi-year contracts.
Continued disciplined fleet renewal, selling older vessels such as Bulk Xaymaca for $9.6 million and investing in modern assets.
Financial highlights
Q2 2026 revenue was $187.1 million, up 19% year-over-year, with adjusted EBITDA of $35.0 million and adjusted net income of $16.9 million ($0.26/share).
Operating cash flow for Q2 2026 was $21.1 million; unrestricted cash at quarter-end was $105.7 million.
Terminal and stevedore revenue rose 11% year-over-year to $4 million.
Quarterly dividend increased to $0.10 per share, payable September 15, 2026.
Total debt at quarter end was approximately $350 million; net leverage was 2.1x.
Outlook and guidance
Management expects continued strong demand for dry bulk shipping, supported by Chinese iron ore imports, Atlantic-to-Asia grain flows, and seasonal tailwinds from the ice class fleet.
Booked 4,873 shipping days at a TCE of $20,258 per day for Q3, a 14% premium to the market average.
Nine vessel drydockings are planned for the remainder of 2026, with estimated costs of $14 million.
Depreciation expense is expected to increase by $2.8 million in the second half of 2026 due to revised vessel depreciation assumptions.
Focus remains on commercial discipline, efficient execution, and expanding integrated logistics capabilities.
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Latest events from Pangaea Logistics Solutions
- Adjusted EBITDA rose 70% year-over-year, with TCE rates 20% above market benchmarks.PANL
Q1 2026 - Director elections, auditor ratification, and executive pay are key focuses for the 2026 meeting.PANLProxy filing
- Q4 2025 saw strong revenue, 23% EBITDA growth, and TCE rates 19% above market indices.PANLQ4 2025
- Logistics firm files for public share offering post-merger, emphasizing director protections.PANLRegistration Filing
- 18.4 million shares registered for resale post-merger; no proceeds to the company.PANLRegistration Filing
- $295M all-stock deal adds 15 vessels, expands fleet 60%, and boosts EBITDA by $35M.PANLM&A Announcement
- TCE rates outperformed by 19% as revenue rose and a major fleet merger was announced.PANLQ3 2024
- Q2 2024: Revenue up 11%, net income $3.7M, TCE rates 7% above market, fleet expanded.PANLQ2 2024
- Q4 and 2024 delivered robust EBITDA growth, fleet expansion, and premium TCE outperformance.PANLQ4 2024
Next Pangaea Logistics Solutions earnings date
Q3 20266 Nov, 2026
Pangaea Logistics Solutions
Next Pangaea Logistics Solutions earnings date
Q3 20266 Nov, 2026
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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.