Pangaea Logistics Solutions Ltd.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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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.
Mar 31, 2026 · Filed May 11, 2026
PANL$7.57+2.7%Stored close · as of Nov 6, 2026
Contents
Unaudited condensed Consolidated Balance Sheets as of March 31, 2026 and December 31,
Condensed Consolidated Balance Sheets
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $89,744 | $103,054 |
| Accounts receivable (net of allowance of $6,642 and $6,017 at March 31, 2026 and December 31, 2025, respectively) | 61,280 | 55,854 |
| Inventories | 40,262 | 28,389 |
| Advance hire, prepaid expenses and other current assets | 50,120 | 28,478 |
| Vessel held for sale | 9,384 | — |
| Total current assets | 250,790 | 215,776 |
| Restricted cash | 270 | 270 |
| Fixed assets, at cost, net of accumulated depreciation of $191,074 and $179,988 at March 31, 2026 and December 31, 2025, respectively | 674,958 | 677,518 |
| Finance lease right of use assets, at cost, net of accumulated depreciation of $7,465 and $12,678 at March 31, 2026 and December 31, 2025, respectively | 16,580 | 26,866 |
| Goodwill | 3,105 | 3,105 |
| Other non-current assets | 4,991 | 4,561 |
| Total assets | $950,695 | $928,096 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable, accrued expenses and other current liabilities | $72,684 | $54,257 |
| Affiliated companies payable | 1,867 | 806 |
| Deferred revenue | 28,708 | 24,891 |
| Current portion of secured long-term debt | 16,985 | 16,910 |
| Current portion of financing obligations | 31,764 | 27,896 |
| Current portion of finance lease liabilities | 1,000 | 2,076 |
| Dividend payable | 577 | 1,198 |
| Total current liabilities | 153,586 | 128,034 |
| Non current liabilities | ||
| Secured long-term debt, net | 93,156 | 97,157 |
| Financing obligations, net | 208,969 | 219,774 |
| Finance lease liabilities, net | 8,153 | 8,395 |
| Total non current liabilities | 310,278 | 325,326 |
| Stockholders' equity: | ||
| Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,414,923 shares issued and outstanding at March 31, 2026; 64,973,988 shares issued and outstanding at December 31, 2025 | 7 | 7 |
| Additional paid-in capital | 258,771 | 257,072 |
| Retained earnings | 182,280 | 172,255 |
| Total Pangaea Logistics Solutions Ltd. equity | 441,058 | 429,333 |
| Non-controlling interests | 45,773 | 45,403 |
| Total stockholders' equity | 486,831 | 474,736 |
| Total liabilities and stockholders' equity | $950,695 | $928,096 |
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