Pangaea Logistics Solutions Ltd.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
PANL$7.57+2.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001606909-25-000143
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001606909-25-000164
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 90 previous paragraphs and 92 current paragraphs.
51 unchanged; 28 reworded; 13 added; 9 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
(a) EBITDA for prior-year periods has been recast to include income taxes to conform to the current period presentation.
Current report
(1)Adjusted EBITDA is net income (or loss) under U.S. GAAP, excluding interest expense and income, income taxes, depreciation and amortization, impairment losses, gain or loss on vessel sales, sale and leaseback losses, share-based compensation, non-operating items, and other non-recurring items. Management and certain investors use Adjusted EBITDA to assess operating performance, and Pangaea’s Board reviews it periodically. It is a non-GAAP measure and may differ from definitions used by other companies.
Current report
Third Quarter Highlights
Current report
•Adjusted EBITDA was $28.9 million and $24.0 million for the three months ended September 30, 2025 and September 30, 2024, respectively.
Current report
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 31% to $3.1 million for the three months ended September 30, 2025, compared to $2.4 million for the same period in 2024 in line with the increase in terminal revenues and the addition of two new port operations.
Current report
General and Administrative Expenses: General and administrative expenses increased by 64% to $9.9 million for the three months ended September 30, 2025 compared to $6.0 million for the same period in 2024. The increase was primarily driven by the consolidation of Seamar in 2025, which contributed approximately $1.0 million of incremental expense. In addition, higher employee incentive compensation expense of approximately $1.0 million was recognized during the quarter compared to the prior year. The remaining increase was due to higher compensation costs associated with added headcount to support Strategic Shipping Inc. acquisition initiatives and other incremental costs.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 19% for the nine months ended September 30, 2025 to $10.8 million compared to $9.1 million for the same period in 2024 due to the addition of 2 new port operations in the current year.
Current report
Voyage Expenses: Voyage expenses were $211.3 million for the nine months ended September 30, 2025, compared to $169.8 million for the same period in 2024, reflecting an increase of 24%. The increase was mainly attributable to higher voyage days, which increased by 34% to 15,148 days from 11,289 days in the prior year, reflecting the Company’s expanded fleet. Correspondingly, total bunker, port, and canal costs increased in line with the higher level of operating activity.
Current report
General and Administrative Expenses: For the nine months ended September 30, 2025, general and administrative expenses were $24.3 million, compared to $18.3 million for the same period in 2024. The increase was primarily attributable to the consolidation of Seamar, which contributed approximately $2.8 million of G&A in the current year; in the prior year, Seamar was accounted for as an investment in an unconsolidated subsidiary. Additionally, G&A increased by approximately $2.0 million related to the acquisition of Strategic at year-end 2024, which resulted in additional employees and office space in Southport, Connecticut. The remaining increase was due to higher compensation costs associated with added headcount to support strategic acquisition initiatives and other incremental costs, including approximately $0.5 million increase in non-cash share based compensation..
Current report
During the nine months ended September 30, 2025, net cash provided by operating activities was approximately $38.6 million, compared to $46.4 million for the same period in 2024, decreased by $7.8 million. The decline was mainly due to lower net income and higher drydocking costs, which were about $10.8 million more than last year. These factors were partly offset by stronger non-cash adjustments, including higher depreciation and amortization, and favorable working capital changes such as increased accounts payable and deferred revenue.
Current report
Net cash provided by investing activities for the nine months ended September 30, 2025, was approximately $1.9 million, compared to net cash used in investing activities of approximately $57.4 million for the same period in 2024. The $59.3 million change primarily reflects a significant reduction in vessel acquisition expenditures. In the prior-year period, the Company invested approximately $57.0 million in the purchase of two vessels. In contrast, during the current period, the Company completed the sale of one vessel for approximately $7.7 million and incurred approximately $5.5 million in capital expenditures related to the purchase of vessel and service equipment.
Current report
•Proceeds from financing obligation was approximately $18.0 million during the nine months ended September 30, 2025, compared to approximately $8.0 million in the same period in 2024, and
Removed paragraphs (9)
Previous report
Second Quarter Highlights
Previous report
•Adjusted EBITDA was $15.3 million and $15.9 million for the three months ended June 30, 2025 and June 30, 2024, respectively.
Previous report
Terminal & Stevedore Expenses: Terminal & Stevedore expenses remained stable for the three months ended June 30, 2025 at $2.7 million compared to $2.8 million for the same period in 2024.
Previous report
General and Administrative Expenses: General and administrative expenses increased by 43% to $7.2 million for the three months ended June 30, 2025 compared to $5.0 million for the same period in 2024. The increase was primarily attributable to the consolidation of Seamar in the second quarter of 2025, which resulted in $1.8 million of expenses related to Seamar Management’s operating activities being recognized in general and administrative expenses which were previously recognized in vessel operating expenses as technical management fees.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
Voyage Expenses: Voyage expenses were $138.1 million for the six months ended June 30, 2025, compared to $98.3 million for the same period in 2024, reflecting a increase of 41%. The increase was mainly attributable to an increase in bunker costs, port costs and canal fees. The number of voyage days increased by 45% to 9,771 days for the six months ended June 30, 2025 compared to 6,740 for the same period of 2024. Total costs of bunkers consumed increased by 32% for the six months ended June 30, 2024 compared to the same period in 2023. Port expenses increased 37% compared to the prior year primarily as a result of the increase in voyage days.
Previous report
General and Administrative Expenses: For the six months ended June 30, 2025, general and administrative expenses were $14.4 million, compared to $12.3 million for the same period in 2024. The increase is primarily attributable to the consolidation of Seamar Management for the six months ended June 30, 2025.
Previous report
During the six months ended June 30, 2025, net cash provided by operating activities was $10.0 million, compared to $18.0 million for the same period in 2024. The $7.9 million decrease in cash flows from operating activities was primarily attributable to a net loss for the six months ended June 30, 2025, as adjusted for non-cash items, and a decrease in cash generated from changes in operating assets and liabilities.
Previous report
Net cash used in investing activities during the six months ended months ended June 30, 2025, was $2.4 million, compared to $9.1 million for the same period in 2024. The $6.73 million decrease was primarily attributable to the advance of $8.5 million advance made in the prior year for the purchase of a vessel.
Reworded paragraphs (28)
Previous wording
The Baltic Dry Index (“BDI”), a broader market measure of the cost to transport drybulk commodities by sea, offers a market view into global supply demand trends and is considered the standard benchmark for drybulk cargo pricing. The BDIaveraged 1,467 for the second quarter of 2025, down approximately 21%, compared to an average of 1,853 for the same quarter of 2024. The average published market rates for Panamax, Supramax, and Handysize vessels, reflecting the composition of the company's fleet, also decreased approximately 31%, from an average of $15,104 in the second quarter of 2024 to $10,347 in the same period of 2025.
Current wording
The Baltic Dry Index (“BDI”), a broader market measure of the cost to transport drybulk commodities by sea, offers a market view into global supply demand trends and is considered the standard benchmark for drybulk cargo pricing. The BDIaveraged 1,978 for the third quarter of 2025, up approximately 6%, compared to an average of 1,871 for the same quarter of 2024. The average published market rates for Panamax, Supramax, and Handysize vessels, reflecting the composition of the company's fleet, also increased approximately 3%, to an average of $14,130 in the third quarter of 2025 from $13,707 in the same period of 2024.
Previous wording
In addition to broader market pressures, our operating results for the second quarter of 2025 also reflect the impact of fleet expansion. At December 30, 2024, the Company acquired 15 vessels to its owned fleet, representing a 58% increase in total vessel count. As a result, available owned shipping days increased by 1,365 days in the current quarter compared to the same period in 2024, which should be considered when comparing period-over-period performance metrics.
Current wording
In addition to broader market pressures, our operating results for the third quarter of 2025 also reflect the impact of fleet expansion. At December 30, 2024, the Company acquired 15 vessels to its owned fleet, representing a 54% increase in total vessel count. In July 2025, the Company sold one of these vessels. Overall, available owned shipping days increased by 1,067 days in the current quarter compared to the same period in 2024, which should be considered when comparing period-over-period performance metrics.
Previous wording
For the three months ended June 30, 2025, the Company's TCE rates were down 25% to $12,108 from $16,223 for the three months ended June 30, 2024. The Company's achieved TCE rates declined from the previous quarter as overall dry bulk market rates weakened for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The Company's achieved TCE rate for the three months ended June 30, 2025 outperformed the average of the Baltic panamax, supramax, and handysize market indexes by approximately 17% due to its long-term contracts of affreightment, ("COAs"), its specialized fleet and its cargo-focused strategy.
Current wording
For the three months ended September 30, 2025, the Company's TCE rates were down 5% to $15,559 from $16,324 for the three months ended September 30, 2024. The Company's achieved TCE rates declined from the previous quarter as overall dry bulk market rates weakened for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The Company's achieved TCE rate for the three months ended September 30, 2025 outperformed the average of the Baltic panamax, supramax, and handysize market indexes by approximately 10% due to its long-term contracts of affreightment, ("COAs"), its specialized fleet and its cargo-focused strategy.
Previous wording
•Net loss attributable to Pangaea Logistics Solutions Ltd. was approximately $2.7 million for three months ended June 30, 2025 as compared to net income of approximately $3.7 million for the same period of 2024.
Current wording
•Net income attributable to Pangaea Logistics Solutions Ltd. was approximately $12.2 million for three months ended September 30, 2025 as compared to net income of approximately $5.1 million for the same period of 2024.
Previous wording
•Net loss per share was $0.04 for three months ended June 30, 2025, as compared to diluted net income per share of $0.08 for the same period in 2024.
Current wording
•Net income per share was $0.19 for three months ended September 30, 2025, as compared to diluted net income per share of $0.11 for the same period in 2024.
Previous wording
•Pangaea's TCE rates were $12,108 for the three months ended June 30, 2025 and $16,223 for the three months ended June 30, 2024.
Current wording
•Pangaea's TCE rates were $15,559 for the three months ended September 30, 2025 and $16,324 for the three months ended September 30, 2024.
Previous wording
•At the end of the quarter, Pangaea had $59.3 million in cash, and cash equivalents.
Current wording
•At the end of the quarter, Pangaea had $94.3 million in cash, cash equivalents, and restricted cash.
Previous wording
Pangaea’s revenues are derived predominately from voyage, time charters, and terminal and stevedore revenue. Total revenue for the three months ended June 30, 2025, was $156.7 million, compared to $131.5 million for the same period in 2024, a 19% increase. The increase in revenues was primarily driven by a 51% rise in total shipping days, reaching 6,222 days for the three months ended June 30, 2025, compared to 4,117 days for the same period in 2024. However, this was partially offset by a decrease in the market rates for freight and time charters in the second quarter of 2025.
Current wording
Pangaea’s revenues are derived predominately from voyage, time charters, and terminal and stevedore revenue. Total revenue for the three months ended September 30, 2025, was $168.7 million, compared to $153.1 million for the same period in 2024, a 10% increase. The increase in revenues was primarily driven by a 22% rise in total shipping days, reaching 5,872 days for the three months ended September 30, 2025, compared to 4,805 days for the same period in 2024.
Previous wording
Voyage Revenues: Voyage revenues increased by 18% for the three months ended June 30, 2025 to $146.3 million compared to $124.1 million for the same period in 2024. The increase in voyage revenues was primarily due to a 43% increase in voyage days from 3,910 in the three months ended June 30, 2024 to 5,575 for the three months ended June 30, 2025. The increase is also attributable to the increase in the Company's fleet size as a result of the acquisition of 15 vessels in December 2024 from Strategic Shipping, Inc. This was offset by a decline in market freight rates as discussed above.
Current wording
Voyage Revenues: Voyage revenues increased by 7% for the three months ended September 30, 2025 to $155.3 million compared to $145.1 million for the same period in 2024. The increase in voyage revenues was primarily due to a 18% increase in voyage days from 4,549 in the three months ended September 30, 2024 to 5,377 for the three months ended September 30, 2025. The increase is also attributable to the increase in the Company's fleet size as a result of the acquisition of 15 vessels in December 2024. One of the acquired vessels was sold in July 2025.
Previous wording
Charter Revenues: Charter revenues increased by 78%, or $3.1 million, to $6.9 million for the three months ended June 30, 2025, compared to $3.8 million for the same period in 2024. The increase was primarily driven by a 213% increase in time charter days, which rose from 207 to 647 days. This was partially offset by a 31% decline in average market charter rates, with the panamax, supramax, and handysize index decreasing from $15,104 per day to $10,347 per day year-over-year. The Company’s flexible chartering strategy enables the Company to selectively release excess ship days, if any, into the market under time charter arrangements rather than voyage days.
Current wording
Charter Revenues: Charter revenues increased by 91%, to $9.3 million for the three months ended September 30, 2025, compared to $4.9 million for the same period in 2024. The increase was primarily driven by a 93% increase in time charter days, which rose from 256 to 495 days, and by an improvement in average market charter rates, as the Panamax, Supramax, and Handysize indices increased from $13,707 per day to $14,130 per day year-over-year. The Company’s flexible chartering strategy enables the Company to selectively release excess ship days, if any, into the market under time charter arrangements rather than voyage days.
Previous wording
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 12% for the six months ended June 30, 2025 to $6.7 million compared to $6.0 million for the same period in 2024.
Current wording
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 31% to $4.1 million for the three months ended September 30, 2025, compared to $3.1 million for the same period in 2024 due to the addition of two new port operations in 2025.
Previous wording
Voyage Expenses: Voyage expenses were $77.8 million for the three months ended June 30, 2025, compared to $61.2 million for the same period in 2024, representing an increase of approximately 27%. The increase was primarily driven by a 43% increase in voyage days, which led to higher consumption of bunkers and increased port-related expenses. These higher costs were largely attributable to the expansion of the Company’s fleet compared to the same period in 2024.
Current wording
Voyage Expenses: Voyage expenses were $73.2 million for the three months ended September 30, 2025, compared to $71.5 million for the same period in 2024, representing an increase of approximately 2%. The increase was primarily driven by a 18% increase in voyage days, partially offset by a 13% decline in bunker prices during the period.
Previous wording
Charter Hire Expenses: Charter hire expenses for the three months ended June 30, 2025 were $31.4 million, compared to $32.7 million for the same period in 2024, a 4% decrease. The decrease in charter hire expenses was predominantly driven by lower market rates for charter-in vessels. Specifically, the average published market rates for Supramax, Panamax and Handysize vessels decreased approximately 31% declining from an average of $15,104 in the second quarter of 2024 to $10,347 in the same period of 2025. Chartered-in days increased 35% from 1,971 days in the three months ended June 30, 2024 to 2,660 days for the three months ended June 30, 2025. Charter hire expenses on a per day basis were $11,813 for the three months ended June 30, 2025 and $16,583 for the same period in 2024. The Company's flexible charter-in strategy allows it to supplement its owned fleet with short term chartered-in tonnage at prevailing market prices, when needed, to meet cargo demand.
Current wording
Charter Hire Expenses: Charter hire expenses for the three months ended September 30, 2025 were $33.9 million, compared to $36.5 million for the same period in 2024, a 7% decrease. The decrease was primarily due to a decrease in chartered-in days, as the Company expanded its owned fleet size by 14 vessels, reducing the need for chartered ships. Chartered-in days decreased 13%, from 2,519 days in the third quarter of 2024 to 2,202 days in the same period of 2025. On a per-day basis, charter hire expenses averaged $15,389 in the third quarter of 2025, compared to $14,494 in 2024. The Company's flexible charter-in strategy allows it to supplement its owned fleet with short term chartered-in tonnage at prevailing market prices, when needed, to meet cargo demand.
Previous wording
Vessel Operating Expenses: Vessel operating expenses for the three months ended June 30, 2025 were $23.4 million, compared to $14.7 million for the same period in 2024, an increase of approximately 59%. The ownership days increased as a result of the acquisition of vessels in the prior year, with 3,822 days for the three months ended June 30, 2025 compared to 2,184 days in 2024, reflecting an increase of 66%. Excluding technical management fees, vessel operating expenses on a per day basis were $5,876 for the three months ended June 30, 2025,down from $6,246 for the three months ended June 30, 2024. Technical management fees were approximately $0.9 million in the second quarter of 2025, down from $1.1 million in 2024, primarily due to the consolidation of Seamar Management, partially offset by the increase in the number of owned vessels.
Current wording
Vessel Operating Expenses: Vessel operating expenses for the three months ended September 30, 2025 were $21.7 million, compared to $13.9 million for the same period in 2024, an increase of approximately 57%. Most of this increase was a result of an increase in ownership days due to the acquisition of vessels in the prior year, with 3,701 days for the three months ended September 30, 2025 compared to 2,293 days in 2024, reflecting an increase of 61%. Excluding technical management fees, vessel operating expenses on a per day basis were $5,634 for the three months ended September 30, 2025, up from $5,520 for the three months ended September 30, 2024. Technical management fees were approximately $0.9 million in the third quarter of 2025, down from $1.2 million in 2024, primarily due to the consolidation of Seamar Management which reclassified from technical management fees to general and administrative expenses, partially offset by the increase in the number of owned vessels.
Previous wording
Pangaea’s revenues are derived predominately from voyage and time charters. For the six months ended June 30, 2025, total revenue was $279.5 million, an increase of 18% compared to $236.2 million for the same period in 2024. The increase was primarily driven by an increase in total shipping days from 7,802 days in 2024 to 11,432 days 2025, reflecting the Company’s fleet expansion. This increase was partially offset by a decline in market charter rates.
Current wording
Pangaea’s revenues are derived predominately from voyage and time charters. For the nine months ended September 30, 2025, total revenue was $448.2 million, an increase of 15% compared to $389.4 million for the same period in 2024. The increase was primarily driven by an increase in total shipping days from 12,606 days in 2024 to 17,304 days 2025, reflecting the Company’s fleet expansion. This increase was partially offset by a decline in market charter rates.
Previous wording
Voyage Revenues: Voyage revenues increased by 21% to $255.9 million for the six months ended June 30, 2025, compared to $211.4 million for the same period in 2024. The increase was primarily attributable to a 45% increase in voyage days, from 6,740 days in 2024 to 9,771 days in 2025, resulting from the acquisition of the SSI vessels at the end of 2024. This increase was partially offset by lower market freight rates, as evidenced by a 30% decline in the Baltic Dry Index (BDI) during the period.
Current wording
Voyage Revenues: Voyage revenues increased by 15% to $411.2 million for the nine months ended September 30, 2025, compared to $356.5 million for the same period in 2024. The increase was primarily attributable to a 34% increase in voyage days, from 11,289 days in 2024 to 15,148 days in 2025, resulting from the acquisition of the SSI vessels at the end of 2024. This increase was partially offset by lower market freight rates, as evidenced by a 17% decline in the Baltic Dry Index (BDI) during the period.
Previous wording
Charter Revenues: Charter revenues decreased to $16.8 million from $18.9 million, or 11%, for the six months ended June 30, 2025 compared to the same period in 2024. The decrease in charter revenues was due to a decrease in charter hire rates earned. The time charter revenue per day was $10,140 for the six months ended June 30, 2025 compared to $17,776 for the same period of 2024. Despite the rate decline, time charter days increased 56% to 1,661 in the six months ended months ended June 30, 2025, up from 1,062 days in the same period of 2024. The optionality of our chartering strategy allows the Company to selectively release excess ship days, if any, into the market under time charters arrangements.
Current wording
Charter Revenues: Charter revenues increased to $26.1 million from $23.7 million, or 10%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was primarily driven by a significant rise in time charter days, which increased 64% to 2,156 days from 1,318 days in the prior-year period. Although the average time charter rate declined to $12,125 per day from $18,011 per day, the higher number of charter days more than offset the rate decrease, resulting in overall revenue growth. The optionality of our chartering strategy allows the Company to selectively release excess ship days, if any, into the market under time charter arrangements.
Previous wording
Charter Hire Expenses: Charter hire expenses for the six months ended June 30, 2025 were $49.1 million, compared to $59.8 million for the same period in 2024, a 18% decrease. The decrease in charter hire expenses was primarily due to a decrease in market rates to charter-in vessels. The average published market rates for supramax, panamax and handysize vessels decreased approximately 34% from an average of $14,388 in the six months ended months ended June 30, 2024 to $9,434 in the same period of 2025. Despite the rate decline, chartered-in days increased to 4,405 days for the six months ended June 30, 2025, compared to 3,506 days in the six months ended June 30, 2024. The Company's flexible charter-in strategy allowing it to supplement its owned fleet with short term chartered-in tonnage at prevailing market prices, when needed, to meet cargo demand.
Current wording
Charter Hire Expenses: Charter hire expenses for the nine months ended September 30, 2025 were $82.9 million, compared to $96.3 million for the same period in 2024, a 14% decrease. The decrease in charter hire expenses was primarily due to a decrease in market rates to charter-in vessels. The average published market rates for supramax, panamax and handysize vessels decreased approximately 22% from an average of $14,161 in the nine months ended months ended September 30, 2024 to $11,043 in the same period of 2025. Despite the rate decline, chartered-in days increased to 6,607 days for the nine months ended September 30, 2025, compared to 6,025 days in the nine months ended September 30, 2024. The Company's flexible charter-in strategy allows it to supplement its owned fleet with short term chartered-in tonnage at prevailing market prices, when needed, to meet cargo demand.
Previous wording
Vessel Operating Expenses: Vessel operating expenses for the six months ended June 30, 2025 were $45.6 million, compared to $27.4 million for the same period in 2024, an increase of approximately 66%. This increase was due to the expansion of the owned fleet during the period. Excluding technical management fees, vessel operating expenses on a per day basis were $5,820 for the six months ended June 30, 2025 and $5,773 for the same period in 2024. Technical management fees were approximately $1.8 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Vessel Operating Expenses: Vessel operating expenses for the nine months ended September 30, 2025 were $67.3 million, compared to $41.3 million for the same period in 2024, an increase of approximately 63%. This increase was due to the expansion of the owned fleet during the period. Excluding technical management fees, vessel operating expenses on a per day basis were $5,806 for the nine months ended September 30, 2025 and $5,686 for the same period in 2024. Technical management fees were approximately $2.7 million and $3.4 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 7% to $5.2 million for the six months ended June 30, 2025, compared to $4.9 million for the same period in 2024. This increase was in line with the higher terminal and stevedore revenue during the period.
Current wording
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 14% to $8.4 million for the nine months ended September 30, 2025, compared to $7.3 million for the same period in 2024. This increase was in line with the higher terminal and stevedore revenue during the period.
Previous wording
The Company concluded that no triggering event had occurred during the first half 2025 and 2024, which would require impairment testing.
Current wording
The Company concluded that no triggering event had occurred during the nine months ended September 30, 2025 and 2024, which would require impairment testing.
Previous wording
As of June 30, 2025, and December 31, 2024, the Company’s working capital was $58.0 million and $82.9 million, respectively.
Current wording
As of September 30, 2025, and December 31, 2024, the Company’s working capital was $81.7 million and $82.9 million, respectively.
Previous wording
The table below summarizes our primary sources and uses of cash for the three months ended June 30, 2025 and 2024. We have derived these summarized statements of cash flows from the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Amounts in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.
Current wording
The table below summarizes our primary sources and uses of cash for the nine months ended September 30, 2025 and 2024. We have derived these summarized statements of cash flows from the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Amounts in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.
Previous wording
Net cash used in financing activities decreased to $29.9 million for the six months ended June 30, 2025, compared to $35.2 million for the same period in 2024, representing a decrease of $5.3 million. This decrease was primarily due to the following:
Current wording
Net cash used in financing activities was approximately $33.0 million for the nine months ended September 30, 2025, compared to net cash provided by financing activities of $5.0 million for the same period in 2024, The $38.1 million change was primarily due to the following:
Previous wording
•A 10.6 million decrease in payments of debt, financing obligations and finance leases due to final balloon payments incurred in 2024; and
Current wording
•A 14.0 million decrease in payments of debt, financing obligations and finance leases due to final balloon payments incurred in 2024;
Previous wording
•The absence of 17.6 million in proceeds from long-term debt in the current period, compared to the same amount received in the prior year in connection with a long-term debt refinancing transaction.
Current wording
•The absence of $64.2 million in proceeds from long-term debt in the current period, compared to the same amount received in the prior year in connection with a long-term debt refinancing transaction.
Previous wording
The Company’s capital expenditures relate to the purchase of vessels and interests in vessels, capital improvements to its vessels which are expected to enhance the revenue earning capabilities and safety of these vessels, as well as port & terminal operations. As of June 30, 2025, the Company owned three Panamax, two Ultramax Ice Class 1C, two Ultramax, nine Supramax andfour Post-Panamax Ice Class 1A drybulk vessels. The Company owns two-thirds of its consolidated subsidiary Nordic Bulk Holding Company Ltd. (“NBHC”) which owns a fleet ofsix Panamax Ice Class 1A drybulk vessels. In addition, the Company owns fifteen Handysize vessels acquired through the merger with Strategic Shipping Inc., completed on December 30, 2024. The Company also holds a 50% equity interest in the owner of a deck barge and operates port and terminal facilities in Fort Lauderdale, Florida, and Baltimore, Maryland.
Current wording
The Company’s capital expenditures relate to the purchase of vessels and interests in vessels, capital improvements to its vessels which are expected to enhance the revenue earning capabilities and safety of these vessels, as well as port & terminal operations. As of September 30, 2025, the Company owned three Panamax, two Ultramax Ice Class 1C, two Ultramax, nine Supramax andfour Post-Panamax Ice Class 1A drybulk vessels. The Company owns two-thirds of its consolidated subsidiary Nordic Bulk Holding Company Ltd. (“NBHC”) which owns a fleet ofsix Panamax Ice Class 1A drybulk vessels, and fourteen Handysize vessels. The Company also holds a 50% equity interest in the owner of a deck barge and operates port and terminal facilities in Fort Lauderdale, Florida, Baltimore, Maryland, and Texas.
Previous wording
In addition to vessel acquisitions that the Company may undertake in future periods, its other major capital expenditures include funding its program of regularly scheduled drydockings necessary to make improvements to its vessels, as well as to comply with international shipping standards and environmental laws and regulations. Funding expenses associated with these requirements will be met with cash from operations. The Company anticipates that this process of recertification will require it to reposition these vessels from a discharge port to shipyard facilities, which will reduce the Company’s available days and operating days during that period. The Company capitalized drydocking costs totaling approximately $11.9 million and $3.2 million the six months ended June 30, 2025 and 2024, respectively. The Company expensed drydocking costs of $170,000 and $141,000, respectively, in the six months ended months ended June 30, 2025 and 2024.
Current wording
In addition to vessel acquisitions that the Company may undertake in future periods, its other major capital expenditures include funding its program of regularly scheduled drydockings necessary to make improvements to its vessels, as well as to comply with international shipping standards and environmental laws and regulations. Funding expenses associated with these requirements will be met with cash from operations. The Company anticipates that this process of recertification will require it to reposition these vessels from a discharge port to shipyard facilities, which will reduce the Company’s available days and operating days during that period. The Company capitalized drydocking costs totaling approximately $13.8 million and $3.0 million the nine months ended September 30, 2025 and 2024, respectively. The Company expects to perform two special surveys during the fourth quarter of 2025 at an aggregate estimated cost of approximately $3.7 million and one intermediate survey at an estimated cost of approximately $1.5 million. In 2026, the Company anticipates performing ten special surveys at an aggregate estimated cost of approximately $11.6 million and two intermediate surveys at an aggregate estimated cost of approximately $3.5 million.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(1)Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense, and other non-recurring items, if any. Adjusted EBITDA is included because it is used by management and certain investors to measure operating performance and is also reviewed periodically as a measure of financial performance by Pangaea's Board of Directors. Adjusted EBITDA is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea’s definition of Adjusted EBITDA used here may not be comparable to the definition of EBITDA used by other companies.
Previous report — wording carried elsewhere
Terminal & Stevedore Revenues: Terminal & Stevedore revenues remained stable at $3.6 million for the three months ended June 30, 2025, compared to the same period in 2024.