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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Item 8. Consolidated Statements of Cash Flows
Pangaea Logistics Solutions, Ltd.
| Years ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net income | $20,167 | $31,769 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation and amortization expense | 42,475 | 30,376 |
| Amortization of deferred financing costs | 1,152 | 1,034 |
| Amortization of prepaid rent | 118 | 122 |
| Unrealized loss on derivative instruments | 1,355 | 953 |
| Income from equity method investee | (2,952) | (1,710) |
| Earnings attributable to non-controlling interest recorded as interest expense | — | 3,103 |
| Provision for doubtful accounts | 1,540 | 1,835 |
| Gain on sales of vessels | (3,000) | — |
| Drydocking costs | (17,395) | (6,202) |
| Share-based compensation | 4,111 | 2,788 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (15,024) | 3,686 |
| Inventories | 4,459 | (11,030) |
| Advance hire, prepaid expenses and other current assets | (194) | (2,689) |
| Accounts payable, accrued expenses, other current liabilities and related party payable | 7,471 | 11,839 |
| Deferred revenue | 9,444 | (182) |
| Net cash provided by operating activities | 53,726 | 65,691 |
| Investing activities | ||
| Purchase of vessels and vessel improvements | (2,188) | (69,265) |
| Net proceeds from sale of vessels | 17,196 | — |
| Acquisition of non-controlling interest | (2,700) | — |
| Purchase of equipment and internal use software | (4,299) | (167) |
| Contribution to non-consolidated subsidiaries and other investments | (733) | (172) |
| Dividends received from equity method investments | 4,135 | 1,910 |
| Net cash provided by (used in) investing activities | 11,411 | (67,694) |
| Financing activities | ||
| Proceeds from long-term debt | 705 | 64,150 |
| Payments of financing and issuance costs | (45) | (2,044) |
| Payments of long-term debt | (16,590) | (33,082) |
| Proceeds from financing obligations | 18,000 | 25,000 |
| Payments on financing obligations | (26,052) | (19,181) |
| Payments of finance leases | (2,844) | (2,990) |
| Dividends paid to non-controlling interests | (2,490) | (2,333) |
| Common stock accrued dividends paid | (16,303) | (18,710) |
| Share repurchases | (2,999) | — |
| Payments to non-controlling interest recorded as long-term liability | — | (21,040) |
| Net cash used in financing activities | (48,619) | (10,230) |
| Net increase (decrease) in cash and cash equivalents | 16,519 | (12,232) |
| Cash and cash equivalents at beginning of period | $86,805 | $99,038 |
| Cash, cash equivalents and restricted cash at end of period | $103,324 | $86,805 |
| Supplemental cash flow items: | ||
|---|---|---|
| Cash paid for interest | $24,315 | $17,983 |
| Acquisition of Strategic Shipping Inc. through issuance of 18,059,342 shares of common stock, with a value of $91,019 as non-cash consideration. | $— | $91,019 |
| Fair value of loans and lease liabilities (ASC 842) assumed | $— | 100,049 |
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