MARKETS / NASDAQ / PANL

NASDAQ · DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT · MID CAP

Pangaea Logistics Solutions Ltd. PANL

13 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$632.0M

▲ 17.8% YoY

Net income

$19.4M

▼ 33.0% YoY

In brief

What this company does

Pangaea Logistics Solutions Ltd., together with its subsidiaries, provides seaborne drybulk logistics and transportation services, as well as terminal and stevedoring services. It operates a fleet of ocean-going motor vessels in the Handymax, Supramax, Ultramax, Panamax and Post-Panamax segments, typically consisting of 60 to 75 vessels that are either owned or chartered-in on a short-term basis. As of December 31, 2025, it owned 39 vessels, wholly or partially owned through joint ventures, and it transported approximately 26.2 million tons of cargo to over 300 ports worldwide during 2025. It derives substantially all of its revenue from contracts of affreightment, voyage charters, and time charters, and transports commodities including grains, coal, iron ore, pig iron, bauxite, and cement clinker. It employs approximately 170 shore-based personnel, located in the United States, Athens, Copenhagen and Singapore, and has approximately 900 independently contracted seagoing personnel on its owned vessels. The company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014.

Written from the business description in PANGAEA LOGISTICS SOLUTIONS LTD.'s annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.

Growth

USD 632.0M

Revenue, FY2025 · full 13-year series below

Revenue $M Net income $M

FY2025 · Revenue 632.0 · Net income 19.4

Compound annual growth

Revenue

−3.3%

+10.5%

+8.2%

Net income

−37.5%

+11.3%

+5.6%

Returned to shareholders

+6.7%

+98.0%

+66.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +10.5% a year over five years — but profit grew faster: net income at +11.3%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

3 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 6.5% · Net 3.2%

ROE

FY2025 · ROE 4.5%

Gross margin—

Operating margin6.5%

Net margin3.2%

Return on assets2.2%

EBITDAUSD 83.4M

Each USD of equity produced 5 cents of profit this year.

Cash & shareholders

USD 16.3M

returned in FY2025 · dividends + net buybacks

Net buybacks $M Dividends $M

FY2025 · Dividends 16.3 · Net buybacks —

Dividends paidUSD 16.3M

Net buybacks—

Share of profit84.2%

Consecutive raises—

USD 16.3M in dividends — 84% of the year's profit went back to shareholders.

Total assetsUSD 928.1M

EquityUSD 429.3M

CashUSD 103.1M

Gross debtUSD 97.2M

Net debtUSD -5.9M

Current ratio1.69×

The company holds more cash than debt.

The 13-year record

13 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue $B	0.6	0.5	0.5	0.7	0.7	0.4	0.4	0.4	0.4	0.2	0.3	0.4	0.4
Operating income $B	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	0.0
EBITDA $B	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	0.0
EPS, diluted $	0.30	0.63	0.58	1.76	1.50	0.26	0.27	0.42	0.20	0.21	0.32	−1.61	−0.65
Dividend / sh $	0.05	0.10	0.10	·	·	·	·	·	·	·	·	·	145.43
Payout %	84	65	69	17	8	5	69	13	13	1	1	−1	1
ROE %	4.5	7.7	8.3	28.3	31.3	6.4	7.0	11.6	6.0	6.6	10.9	−26.4	·
Shares out B	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.04	0.03	0.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 13 of 19 fiscal years. 24 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityDeep Sea Foreign Transportation of Freight

Listed onNASDAQ

Incorporated inoutside the United States — SEC code D0

Fiscal year endsDecember 31

SEC categorysmaller reporting company

Data on record since2013