Logo

PANL

Pangaea Logistics Solutions, Ltd.

PANL

Pangaea Logistics Solutions, Ltd. • NASDAQ
$7.02 ▼ -0.99% (-0.07)
Market Cap $456.13 M
52w High $7.22
52w Low $3.93
Dividend Yield 0.20%
P/E 23.4
Volume 128.88K
Outstanding Shares 64.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $168.67M ▲ $9.882M ▲ $12.208M ▲ 7.238% ▲ $0.19 ▲ $53.462M ▲
Q2-2025 $156.689M ▲ $7.172M ▼ $-2.742M ▼ -1.75% ▼ $-0.043 ▼ $13.726M ▼
Q1-2025 $122.802M ▼ $17.198M ▲ $-1.981M ▼ -1.613% ▼ $-0.036 ▼ $13.871M ▼
Q4-2024 $147.175M ▼ $6.277M ▲ $8.435M ▲ 5.732% ▲ $0.18 ▲ $24.209M ▲
Q3-2024 $153.115M $6.042M $5.111M 3.338% $0.11 $18.478M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $94.02M ▲ $932.146M ▲ $466.585M ▲ $420.262M ▲
Q2-2025 $59.253M ▼ $915.995M ▼ $456.865M ▲ $414.353M ▼
Q1-2025 $63.949M ▼ $917.989M ▼ $450.836M ▼ $420.803M ▼
Q4-2024 $86.805M ▼ $936.457M ▲ $461.793M ▲ $427.822M ▲
Q3-2024 $93.12M $749.167M $370.352M $332.59M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.208M ▲ $28.562M ▲ $4.322M ▲ $2.153M ▲ $35.037M ▲ $24.624M ▲
Q2-2025 $-2.9M ▼ $14.395M ▲ $-1.951M ▼ $-17.14M ▲ $-4.696M ▲ $13.286M ▲
Q1-2025 $-2.199M ▼ $-4.356M ▼ $-460.275K ▲ $-18.041M ▼ $-22.857M ▼ $-4.816M ▼
Q4-2024 $9.053M ▲ $19.284M ▼ $-10.342M ▲ $-15.256M ▼ $-6.314M ▼ $7.542M ▲
Q3-2024 $6.057M $28.452M $-48.213M $34.934M $15.173M $-20.099M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Charter
Charter
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
operating segment
operating segment
 $0 ▲$0 ▲$150.00M ▲$160.00M ▲
Voyage
Voyage
 $260.00M ▲$110.00M ▼$150.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue jumped sharply coming out of 2020, peaked around 2021–2022, and has since cooled off but remains clearly higher than pre‑boom levels. Profitability followed the same pattern: very strong margins during the shipping upcycle, then a step down to more normalized but still healthy profits in 2023–2024. The latest year shows modest revenue growth and slightly better earnings versus the prior year, suggesting stabilization after the post‑boom reset rather than ongoing deterioration. Overall, the business remains consistently profitable, but results are visibly cyclical and sensitive to freight markets.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully as the company has added ships and terminals, with both total assets and shareholders’ equity trending upward over the last few years. Debt levels have also risen, especially most recently, indicating that growth is being financed with a mix of internal earnings and borrowing. Cash on hand is solid but has come down from its peak as funds are redeployed into fleet and infrastructure. The picture is of a company leaning into growth and scale, with higher balance‑sheet heft and somewhat higher financial risk than a few years ago, but also a larger equity cushion supporting it.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and was very strong during the peak shipping years, then normalized as earnings came down. Free cash flow has swung around as management has chosen to spend heavily on vessels and terminals in some years, especially during expansion phases. Recent cash flows suggest that the core business can fund much of its investment, but large growth projects can still push free cash flow toward breakeven. The overall pattern shows a cash‑generative operation that is actively reinvesting rather than hoarding cash, which brings both growth potential and execution risk.

Competitive Edge

Competitive Edge Pangaea operates in dry bulk shipping but focuses on specialized, harder‑to‑serve routes—especially ice‑class and Arctic trades—rather than competing head‑on in the most commoditized lanes. Its experience in high‑ice‑class waters, combined with a fleet tailored to these routes, creates meaningful barriers to entry and helps support premium pricing and long‑term customer relationships. Vertical integration into ports, terminals, and cargo handling allows the company to offer end‑to‑end logistics solutions, which differentiates it from many pure shipping peers. However, the business is still exposed to the broader cyclicality and competitive pressures of global bulk shipping, even with these niche advantages.

Innovation and R&D

Innovation and R&D While this is not a traditional R&D‑heavy business, Pangaea has innovated through operations and asset strategy rather than lab research. Its early and ongoing development of Arctic routes, investment in ice‑class vessels, and specialized handling of complex cargoes are key examples of know‑how that competitors cannot easily replicate. The company is also expanding and modernizing its fleet and terminals, aiming for better efficiency, regulatory compliance, and environmental performance. Recent acquisitions of additional vessels and full control of ice‑class assets, along with growth in North American terminal operations, show a clear push to deepen its niche and broaden its integrated logistics platform—though successful integration and utilization of these assets remain important watch points.

Summary

Pangaea has evolved from a smaller niche shipper into a more scaled, integrated logistics provider with a distinct focus on specialized routes and Arctic capabilities. Financially, it rode the early‑2020s shipping boom to very strong profits and cash flows, then settled into more moderate, but still solid, performance as markets normalized. The balance sheet and asset base have grown as the company pursues fleet and terminal expansion, financed partly with higher debt, which increases both opportunity and financial risk. Its competitive edge rests on specialization, vertical integration, and operational expertise rather than size alone, which can help soften—but not eliminate—the inherent volatility of marine shipping. Overall, the story is one of a niche operator using strategic investments and operational innovation to build a more durable, logistics‑focused platform in a cyclical industry.

NEWS

November 28, 2025 · 4:15 PM UTC

Pangaea Logistics Solutions Ltd. Appoints Paul M.

Read more

November 6, 2025 · 4:30 PM UTC

Pangaea Logistics Solutions Ltd. Reports Financial Results for the Third Quarter Ended September 30, 2025

Read more

October 31, 2025 · 4:15 PM UTC

PANGAEA LOGISTICS SOLUTIONS ANNOUNCES THIRD QUARTER 2025 CONFERENCE CALL DATE

Read more

September 17, 2025 · 4:15 PM UTC

Pangaea Logistics Solutions Ltd. Announces Chief Executive Officer Retirement and Succession Plan

Read more