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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.
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Q2 2025 earnings summary8 Aug, 2025

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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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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