Pangaea Logistics Solutions Ltd.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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, 2026 · Filed Nov 5, 2026
PANL$7.57+2.7%Stored close · as of Nov 6, 2026
Contents
Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025
Condensed Consolidated Balance Sheets (Unaudited)
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $144,924 | $103,054 |
| Accounts receivable (net of allowance of $6,411 and $6,017 at September 30, 2026 and December 31, 2025, respectively) | 64,275 | 55,854 |
| Inventories | 58,687 | 28,389 |
| Advance hire, prepaid expenses and other current assets | 42,541 | 28,478 |
| Total current assets | 310,426 | 215,776 |
| Non Current assets | ||
| Restricted cash | 270 | 270 |
| Fixed assets, at cost, net of accumulated depreciation of $208,154 and $179,988 at September 30, 2026 and December 31, 2025, respectively | 661,687 | 677,518 |
| Finance lease right of use assets, at cost, net of accumulated depreciation of $7,862 and $12,678 at September 30, 2026 and December 31, 2025, respectively | 16,138 | 26,866 |
| Goodwill | 3,105 | 3,105 |
| Other non-current assets | 4,369 | 4,561 |
| Total assets | $995,995 | $928,096 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable | $42,797 | $30,389 |
| Accrued expenses and other current liabilities | 46,416 | 23,868 |
| Affiliated companies payable | 1,331 | 806 |
| Deferred revenue | 38,132 | 24,891 |
| Current portion of secured long-term debt | 37,758 | 16,910 |
| Current portion of financing obligations | 35,775 | 27,896 |
| Current portion of finance lease liabilities | 1,000 | 2,076 |
| Dividend payable | 714 | 1,198 |
| Total current liabilities | 203,922 | 128,034 |
| Noncurrent liabilities | ||
| Secured long-term debt, net | 64,838 | 97,157 |
| Financing obligations, net | 191,237 | 219,774 |
| Finance lease liabilities, net | 7,665 | 8,395 |
| Total noncurrent liabilities | 263,739 | 325,326 |
| Stockholders' equity: | ||
| Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,473,772 shares issued and outstanding at September 30, 2026; 64,973,988 shares issued and outstanding at December 31, 2025 | 7 | 7 |
| Additional paid-in capital | 260,047 | 257,072 |
| Retained earnings | 220,934 | 172,255 |
| Total Pangaea Logistics Solutions Ltd. equity | 480,988 | 429,333 |
| Non-controlling interests | 47,345 | 45,403 |
| Total stockholders' equity | 528,333 | 474,736 |
| Total liabilities and stockholders' equity | $995,995 | $928,096 |
Condensed Consolidated Statements of Operations (Unaudited)
| Three Months Ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues: | ||||
| Voyage revenue | $193,141 | $155,271 | $516,838 | $411,200 |
| Charter revenue | 18,814 | 9,298 | 42,725 | 26,141 |
| Port terminal & stevedore revenue | 7,102 | 4,101 | 17,193 | 10,820 |
| Total revenues, net | 219,057 | 168,670 | 576,756 | 448,161 |
| Expenses: | ||||
| Voyage expenses | 77,292 | 73,208 | 229,944 | 211,297 |
| Charter hire expenses | 50,717 | 33,882 | 129,005 | 82,947 |
| Vessel operating expenses | 22,607 | 21,736 | 66,432 | 67,289 |
| Terminal & stevedore expenses | 5,293 | 3,134 | 12,621 | 8,372 |
| General and administrative expenses | 7,632 | 9,882 | 26,621 | 24,328 |
| Depreciation and amortization | 11,915 | 10,214 | 36,224 | 30,735 |
| Loss (gain) on vessel and equipment sold | — | (309) | 358 | (309) |
| Total operating expenses | 175,456 | 151,748 | 501,205 | 424,659 |
| Income from operations | 43,601 | 16,922 | 75,551 | 23,502 |
| Other income (expense): | ||||
| Interest expense | (5,297) | (5,912) | (16,971) | (18,086) |
| Interest income | 884 | 357 | 4,005 | 1,093 |
| Other income | 365 | 1,620 | 1,114 | 1,380 |
| Total other expense, net | (4,048) | (3,935) | (11,852) | (15,613) |
| Net income | 39,552 | 12,988 | 63,699 | 7,889 |
| Income attributable to non-controlling interests | (1,292) | (779) | (1,942) | (403) |
| Net income attributable to Pangaea Logistics Solutions Ltd. | $38,261 | $12,208 | $61,756 | $7,485 |
| Net income per common share | ||||
| Basic | $0.59 | $0.19 | $0.96 | $0.12 |
| Diluted | $0.59 | $0.19 | $0.95 | $0.12 |
| Weighted average shares used to compute earnings per common share: | ||||
| Basic | 64,396,991 | 63,729,227 | 64,329,809 | 63,901,455 |
| Diluted | 64,901,369 | 64,823,069 | 64,793,780 | 65,009,188 |
Condensed Consolidated Statements of Stockholders' Equity for three and nine months ended September 30, 2026 and 2025 (Unaudited)
| Common Stock · Additional Paid-in Capital · Retained Earnings · Total Pangaea Logistics Solutions Ltd. Equity · Non-Controlling Interest · Total Stockholders' Equity | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||||||||||||
| Balance at June 30, 2026 | 65,473,772 | $7 | $259,394 | $189,228 | $448,629 | $46,053 | $494,682 | ||||||||||
| Share-based compensation | — | — | 653 | — | 653 | — | 653 | ||||||||||
| Common stock dividend | — | — | — | (6,554) | (6,554) | — | (6,554) | ||||||||||
| Net income | — | — | — | 38,261 | 38,261 | 1,292 | 39,552 | ||||||||||
| Balance at September 30, 2026 | 65,473,772 | $7 | $260,047 | $220,934 | $480,988 | $47,345 | $528,333 | ||||||||||
| Balance at December 31, 2025 | 64,973,988 | $7 | $257,072 | $172,255 | $429,333 | $45,403 | $474,736 | ||||||||||
| Share-based compensation | — | — | 2,975 | — | 2,975 | — | 2,975 | ||||||||||
| Issuance of restricted shares, net of forfeitures | 499,784 | 0 | 0 | — | — | — | |||||||||||
| Common stock dividend | — | — | — | (13,077) | (13,077) | (13,077) | |||||||||||
| Net income | — | — | — | 61,756 | 61,756 | 1,942 | 63,699 | ||||||||||
| Balance at September 30, 2026 | 65,473,772 | $7 | $260,047 | $220,934 | $480,988 | $47,345 | $528,333 | ||||||||||
| Common Stock · Additional Paid-in Capital · Retained Earnings · Total Pangaea Logistics Solutions Ltd. Equity · Non-Controlling Interest · Total Stockholders' Equity | |||||||||||||||||
| Shares · Amount | |||||||||||||||||
| Balance at June 30, 2025 | 65,377,137 | $7 | $259,734 | $154,613 | $414,353 | $44,777 | $459,130 | ||||||||||
| Share-based compensation | — | — | 614 | — | 614 | — | 614 | ||||||||||
| Acquisition of non-controlling interest | — | — | (2,700) | — | (2,700) | (2,700) | |||||||||||
| Share repurchases | (200,518) | — | (984) | (984) | (984) | ||||||||||||
| Distribution to Non-Controlling Interests | — | — | (258) | (258) | |||||||||||||
| Common stock dividend | — | — | — | (3,230) | (3,230) | — | (3,230) | ||||||||||
| Consolidation of subsidiary | — | — | — | ||||||||||||||
| Net income | — | — | — | 12,208 | 12,208 | 779 | 12,988 | ||||||||||
| Balance at September 30, 2025 | 65,176,619 | $7 | $256,664 | $163,592 | $420,262 | $45,298 | $465,560 | ||||||||||
| Balance at December 31, 2024 | 64,961,433 | $6 | $258,660 | $169,155 | $427,822 | $46,843 | $474,664 | ||||||||||
| Share-based compensation | — | — | 2,695 | — | 2,695 | — | 2,695 | ||||||||||
| Issuance of restricted shares, net of forfeitures | 618,586 | — | — | — | — | ||||||||||||
| Share repurchases | (403,400) | — | (1,991) | (1,991) | (1,991) | ||||||||||||
| Distribution to Non-Controlling Interests | (2,200) | (2,200) | |||||||||||||||
| Acquisition of non-controlling interest | (2,700) | — | (2,700) | — | (2,700) | ||||||||||||
| Common stock dividend | — | — | — | (13,075) | (13,075) | — | (13,075) | ||||||||||
| Consolidation of subsidiary | 26 | 26 | 252 | 278 | |||||||||||||
| Net income | — | — | — | 7,485 | 7,485 | 403 | 7,889 | ||||||||||
| Balance at September 30, 2025 | 65,176,619 | $7 | $256,664 | $163,592 | $420,262 | $45,298 | $465,560 | ||||||||||
(1) Common stock has a par value of $0.0001 per share. Amounts are presented in thousands, and therefore par value amounts are not reflected.
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