Pangaea Logistics Solutions, Ltd. Earnings Recaps
Q2 2026
Aug 13, 2026
Pangaea’s shares declined 0.7% following Q2 results as the positive execution and strong TCE premiums were offset by rising charter-in costs and margin pressures. Investors appear cautious despite solid revenue gains, reflecting some concerns around increased expenses and a less upbeat profit outlook.
Key takeaways
- Adjusted EBITDA grew by nearly $20 million year-over-year to $35 million, driven by a 50% increase in TCE rates to $18,153 per day, a 10% premium over market indices.
- Total charter hire expenses rose 24%, with charter-in costs increasing to $16,816 per day, partially offsetting TCE rate gains and compressing margins.
- Vessel operating expenses were flat year-over-year, rising just 2% on a per-day basis to $6,247.
- General and administrative expenses increased 25% to approximately $9 million, mainly due to higher incentive compensation and added headcount.
- Third quarter bookings include 4,873 shipping days at an average TCE of $20,258, reflecting confidence in seasonal strength despite the cautious market reaction.
Q1 2026
May 16, 2026
Pangaea Logistics’ shares rallied 7.4% following an earnings report that highlighted sustained TCE rate premiums and significant EBITDA growth driven by higher activity and operational leverage.
Key takeaways
- First quarter TCE rates averaged $15,252 per day, representing a 20% premium over prevailing market indices for Panamax, Supramax, and Handysize vessels.
- Adjusted EBITDA rose approximately $10 million year-over-year to $25.2 million, supported by a 34% increase in TCE earnings and increased chartered-in fleet usage.
- Chartered-in fleet days increased 54%, with charter hire expenses climbing 122% due to both higher usage and elevated charter rates ($14,488/day).
- Vessel operating expenses decreased 7% overall but rose 2% on a per day basis, partly offset by reduced owned vessel days due to prior sales.
- General and administrative expenses grew 38%, driven by higher non-cash stock compensation and increased headcount as the company expands.
Q3 2025
Nov 9, 2025
Pangaea Logistics Solutions reported strong third-quarter results in 2025, with adjusted EBITDA increasing approximately 20% year-over-year, driven by robust Arctic trading activity and strategic fleet expansion.
Key takeaways
- Achieved average TCE rates of $15,559 per day, approximately 10% above market rates for Panamax, Supramax, and Handysize vessels.
- Increased shipping days by 22% year-over-year, resulting in adjusted EBITDA of $28.9 million and an improved margin of 17.1%.
- Successful expansion of integrated service platforms, including the launch of operations at multiple U.S. ports, enhancing customer relationships and long-term growth prospects.
- Strengthened balance sheet with approximately $94 million in unrestricted cash and continued capital return to investors through share repurchases and consistent dividends.
- TCE rates booked for Q4 2025 indicate a buoyant dry bulk market, positioning the company favorably as it navigates evolving market conditions.