Pangaea Logistics Solutions Ltd.

For the period ended Dec 31, 2025. Filed Mar 16, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 16, 2026

PANL$8.54+5.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

	Years ended December 31,
	2025	2024
Revenues (net):
Voyage revenue	$577,547	$494,107
Charter revenue	39,258	30,326
Terminal & stevedore revenue	15,236	12,103
Total revenue	632,041	536,536
Operating expenses:
Voyage expense	283,679	237,479
Charter hire expense	129,735	130,764
Terminal & stevedore expenses	12,189	9,299
Vessel operating expenses (1)	94,948	55,544
General and administrative	31,071	24,626
Depreciation and amortization	42,475	30,376
Gain on sale of vessels	(3,000)	—
Total operating expenses	591,097	488,088
Income from operations	40,944	48,449
Other (expense) income:
Interest expense	(24,006)	(17,073)
Interest income	1,632	3,023
Income attributable to Non-controlling interest recorded as long-term liability interest expense	—	(3,103)
Unrealized loss on derivative instruments	(1,355)	(953)
Other income	2,952	1,428
Total other expense, net	(20,777)	(16,679)
Net income	20,167	31,769
Income attributable to noncontrolling interests	(798)	(2,866)
Net income attributable to Pangaea Logistics Solutions Ltd.	$19,369	28,903
Earnings per common share:
Basic	$0.30	$0.64
Diluted	$0.30	$0.63
Weighted average shares used to compute earnings per common share
Basic	63,802,958	45,391,855
Diluted	64,703,473	46,046,044

(¹) Includes related-party vessel management fees of $2,183 and $12 for the years ended December 31, 2025 and 2024, respectively.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.