Pangaea Logistics Solutions (PANL) Registration Filing summary

Company overview and business model

• Provides seaborne drybulk logistics and transportation services, handling a wide range of cargoes for industrial customers worldwide.

• Operates a fleet of 45-60 vessels, with 41 wholly or partially owned as of 2024, transporting 23.5 million tons of cargo annually to nearly 250 ports.

• Recently acquired 15 handysize bulk vessels through a merger, expanding operational capacity.

• Incorporated in Bermuda, with principal offices in Rhode Island and additional offices in Denmark, Greece, and Singapore.

Financial performance and metrics

• As of September 30, 2024, cash and cash equivalents were $93.1 million, with total capitalization increasing from $378.8 million to $474.5 million post-merger.

• Stockholders' equity rose to $428.3 million after the merger.

Use of proceeds and capital allocation

• Will not receive proceeds from the sale of shares by the selling shareholder; all net proceeds go to the selling shareholder.

• Responsible for registration and listing expenses, while the selling shareholder covers underwriting and selling costs.