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
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001628280-26-055365
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001628280-26-071162
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 93 previous paragraphs and 92 current paragraphs.
55 unchanged; 28 reworded; 9 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 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 (9)
Current report
Time Charter Equivalent ‘‘TCE’’ rates. The Company defines TCE rates, a non-GAAP financial measure, as voyage and charter revenues less voyage expenses, adjusted to exclude unrealized gains and losses on fuel swap contracts included in voyage expenses, divided by total shipping days. Realized gains and losses on fuel swap contracts remain included in voyage expenses for purposes of this calculation. TCE rates are commonly used in the shipping industry to compare daily earnings generated by vessels operating under time charters with those operating under voyage charters, since voyage charter revenues generally are not expressed on a per-day basis. The Company believes TCE rates facilitate comparisons of its operating performance across periods despite changes in the mix of charter arrangements. The Company’s calculation may differ from similarly titled measures reported by other companies.
Current report
Third Quarter Highlights
Current report
Voyage Expenses: Voyage expenses increased by $4.1 million, or 6% to $77.3 million for the three months ended September 30, 2026, compared with $73.2 million for the same period in 2025. Bunker consumption costs increased by $8.4 million, or 21%, primarily due to higher average bunker prices. This was offset by an increase in unrealized gains of $5.3 million on bunker derivatives in the quarter. Port expenses increased by $3.0 million, or 10%, reflecting an increase in port days and increased activity at higher-cost U.S. ports. These increases were partially offset by a decrease in bad debt expense of $1.3 million and a $0.7 million decrease in freight relet expenses due to fewer relet transactions.
Current report
Vessel Operating Expenses: Vessel operating expenses increased by $0.9 million, or 4%, to $22.6 million for the three months ended September 30, 2026, compared with $21.7 million for the same period in 2025. The increase reflected higher average operating expenses per ownership day, which rose approximately 10% to $6,467 from $5,873. The effect of higher daily expenses was partially offset by a 6% decrease in ownership days to 3,496 days from 3,701 days, primarily attributable to the sale of two vessels.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
Voyage Revenues: Voyage revenues increased by $105.6 million, or 26%, for the nine months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to higher freight rates and, to a lesser extent, a 2% increase in voyage days. The average published market rates for Panamax, Supramax, and Handysize vessels, reflecting the composition of the company's fleet, increased approximately 42% year-over-year.
Current report
Charter Revenues: Charter revenue increased by $16.6 million to $42.7 million for the nine months ended September 30, 2026, compared with $26.1 million for the same period in 2025. The increase was attributable to a 34% increase in average charter revenue per day, to approximately $16,239 from $12,125, and a 22% increase in time charter days, to 2,631 days from 2,156 days.
Current report
Voyage Expenses: Voyage expenses were $229.9 million for the nine months ended September 30, 2026, compared to $211.3 million for the same period in 2025, reflecting an increase of 9%. The increase was primarily attributable to higher bunker costs resulting from increased fuel prices of $13.1 million, offset by unrealized gain on bunker derivatives of $5.4 million. In addition, increased activity at higher-cost U.S. ports and increased port activity resulted in an increase of $14.4 million in port expenses. This was offset by a decrease in cargo-relet expenses of $3.1 million due to decline in activity. Voyage days increased by 2% to 15,390 days from 15,148 days.
Current report
Net cash provided by investing activities increased by $5.1 million to $7.0 million for the nine months ended September 30, 2026, compared with $1.9 million for the same period in 2025. The increase primarily reflected the absence of the $2.7 million acquisition of a non-controlling interest in 2025 and a $1.9 million increase in proceeds from sales of vessels and equipment, from $7.9 million to $9.7 million. In addition, the Company received $0.7 million in distributions from non-consolidated subsidiaries in 2026, compared with contributions of $0.8 million in 2025. These favorable changes were partially offset by lower dividends received from equity method investments, which declined to $2.4 million from $3.1 million, and higher purchases of vessels, equipment and software, which increased to $5.8 million from $5.5 million.
Removed paragraphs (10)
Previous report
Time Charter Equivalent ‘‘TCE’’ rates. The Company defines TCE rates as total shipping segment revenue less voyage expenses, divided by total shipping days. TCE rates are a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters because rates for vessels on voyage charters generally are not expressed on a per-day basis, while rates for vessels on time charters generally are expressed on a per-day basis. The Company believes this measure is consistent with industry practice.
Previous report
Second Quarter Highlights
Previous report
Voyage Expenses: Voyage expenses were $79.1 million for the three months ended June 30, 2026, compared with $77.8 million for the same period in 2025, representing an increase of $1.3 million, or 2%. The increase was primarily attributable to higher bunker consumption costs of approximately $3.0 million, driven primarily by higher fuel prices, as well as increased canal and U.S. Gulf Coast port fees. These increases were partially offset by an 11% decrease in voyage days and lower freight relet costs resulting from fewer cargo relet arrangements.
Previous report
Vessel Operating Expenses: Vessel operating expenses were $23.3 million for the three months ended June 30, 2026, compared to $23.4 million for the same period in 2025, remaining relatively unchanged. Ownership days decreased by 8% to 3,505 days, compared to 3,822 days in 2025, primarily due to the sale of two vessels over the period. Total vessel operating expenses per ownership day increased approximately 9% to $6,637 from $6,116.
Previous report
Unrealized Loss on Derivative Instrument: The Company uses forward freight agreements, bunker swaps and interest rate derivatives to manage its exposure to fluctuations in freight rates, bunker prices and interest rates. These instruments are measured at fair value at each balance sheet date, resulting in period-to-period fluctuations in earnings. Unrealized losses increased by $5.5 million, primarily due to a $5.8 million decrease in the fair value of bunker hedges as fuel prices declined toward the end of the second quarter following an earlier increase related to geopolitical tensions involving Iran.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
Voyage Revenues: Voyage revenues increased by $67.8 million, or 26%, to $323.7 million for the six months ended June 30, 2026 from $255.9 million compared with the same period in 2025, primarily due to higher dry bulk market freight rates and a 3% increase in voyage days to 10,071 days in 2026 from 9,771 days in 2025. The BDI average increased by 82%, reflecting stronger Brazilian iron ore exports, resilient Chinese commodity imports, increased tonne-mile demand and tighter effective vessel supply, as well as comparatively weaker market conditions during the first half of 2025.
Previous report
Charter Revenues: Charter revenue increased by $7.1 million or 42% to $23.9 million for the six months ended June 30, 2026, from $16.8 million for the same period in 2025. The increase was primarily attributable to a 55% increase in average market rates for Panamax, Supramax and Handysize vessels compared to the prior-year period, partially offset by a 3% decrease in time charter days to 1,611 days from 1,661 days.
Previous report
Voyage Expenses: Voyage expenses were $152.8 million for the six months ended June 30, 2026, compared to $138.1 million for the same period in 2025, reflecting an increase of 11%. The increase was primarily attributable to higher bunker costs resulting from increased fuel prices and higher port costs associated with increased terminal fees, Panama Canal transits and port activity. Voyage days increased by 3% to 10,071 days from 9,771 days.
Previous report
Net cash provided by investing activities for the six months ended June 30, 2026 was approximately $7.1 million, compared with net cash used in investing activities of approximately $2.4 million for the same period in 2025. Cash provided during the 2026 period primarily consisted of $9.7 million of proceeds from the sale of vessels and equipment, $1.1 million of dividends received from equity method investments, and $0.8 million of distributions from non-consolidated subsidiaries. These cash inflows were partially offset by $3.7 million of purchases of fixed assets and equipment and $0.7 million of purchases of vessels and vessel improvements.
Reworded paragraphs (28)
Previous wording
(2)Time Charter Equivalent (“TCE”) rate is a non-GAAP measure commonly used in the shipping industry and represents shipping segment revenue, consisting of voyage revenue and charter revenue, less voyage expenses, divided by total shipping days.
Current wording
(2)Time Charter Equivalent (“TCE”) rate is a non-GAAP measure commonly used in the shipping industry and represents shipping segment revenue, consisting of voyage revenue and charter revenue, less voyage expenses and unrealized gain/loss on bunker hedge's, divided by total shipping days.
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 BDI averaged 2,751 for the second quarter of 2026, up approximately 87%, compared to an average of 1,467 for the same quarter of 2025. The average published market rates for Panamax, Supramax, and Handysize vessels, reflecting the composition of the company's fleet, also increased approximately 59%, to an average of $16,502 in the second quarter of 2026 from $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 BDI averaged 3,041 for the third quarter of 2026, up approximately 54%, compared to an average of 1,978 for the same quarter of 2025. The average published market rates for Panamax, Supramax, and Handysize vessels, reflecting the composition of the company's fleet, also increased approximately 28%, to an average of $18,016 in the third quarter of 2026 from $14,130 in the same period of 2025.
Previous wording
For the three months ended June 30, 2026, the Company's TCE rates were up 50% to $18,153 from $12,108 for the three months ended June 30, 2025. The Company's achieved TCE rates increased from the previous quarter as overall dry bulk market rates strengthened for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The Company's achieved TCE rate for the three months ended June 30, 2026 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.
Current wording
For the three months ended September 30, 2026, the Company's TCE rates were up 31% to $20,414 from $15,559 for the three months ended September 30, 2025. The Company's achieved TCE rates increased from the previous quarter as overall dry bulk market rates strengthened for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The Company's achieved TCE rate for the three months ended September 30, 2026 outperformed the average of the Baltic panamax, supramax, and handysize market indexes by approximately 13% due to its long-term contracts of affreightment ("COAs"), its specialized fleet and its cargo-focused strategy.
Previous wording
•Net income attributable to Pangaea Logistics Solutions Ltd. was approximately $10.2 million for three months ended June 30, 2026 as compared to a net loss of approximately $2.7 million for the same period of 2025.
Current wording
•Net income attributable to Pangaea Logistics Solutions Ltd. was approximately $38.3 million for three months ended September 30, 2026 as compared to net income of approximately $12.2 million for the same period of 2025.
Previous wording
•Diluted net income per share was $0.16 for three months ended June 30, 2026, as compared to diluted net loss per share of $0.04 for the same period in 2025.
Current wording
•Diluted net income per share was $0.59 for three months ended September 30, 2026, as compared to diluted net income per share of $0.19 for the same period in 2025.
Previous wording
•Pangaea's TCE rates were $18,153 for the three months ended June 30, 2026 and $12,108 for the three months ended June 30, 2025.
Current wording
•Pangaea's TCE rates were $20,414 for the three months ended September 30, 2026 and $15,559 for the three months ended September 30, 2025.
Previous wording
•Adjusted EBITDA was $35.0 million and $15.6 million for the three months ended June 30, 2026 and June 30, 2025, respectively.
Current wording
•Adjusted EBITDA was $52.4 million and $28.9 million for the three months ended September 30, 2026 and September 30, 2025, respectively.
Previous wording
•At the end of the quarter, Pangaea had $105.9 million in cash, cash equivalents, and restricted cash.
Current wording
•At the end of the quarter, Pangaea had $145.2 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, 2026, was $187.1 million, compared to $156.7 million for the same period in 2025, a 19% increase. The increase in revenues was primarily driven by improved market freight rates. TCE rates increased to $18,153 per day in the second quarter of 2026 from $12,108 per day in the second quarter of 2025, while total shipping days decreased from 6,222 days to 5,735 days. Revenues also benefited from higher terminal and stevedore revenues.
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, 2026, was $219.1 million, compared to $168.7 million for the same period in 2025, a 30% increase. The increase in revenues was primarily driven by improved market freight rates. TCE rates increased to $20,414 per day in the third quarter of 2026 from $15,559 per day in the third quarter of 2025, while total shipping days increased from 5,872 days to 6,339 days. Revenues also benefited from higher terminal and stevedore revenues.
Previous wording
Voyage Revenues: Voyage revenues increased by $25.4 million, or 17% for the three months ended June 30, 2026 to $171.7 million compared to $146.3 million for the same period in 2025. The increase was primarily due to higher market freight rates. The average Baltic Dry Index (“BDI”) for the second quarter of 2026 was 88% higher than in the comparable prior-year period, reflecting increased demand for dry bulk shipping and constrained vessel supply. The impact of higher freight rates was partially offset by an 11% decrease in voyage days, from 5,575 in the three months ended June 30, 2025 to 4,951 for the three months ended June 30, 2026.
Current wording
Voyage Revenues: Voyage revenues increased by $37.9 million, or 24% for the three months ended September 30, 2026 to $193.1 million compared to $155.3 million for the same period in 2025. The increase was primarily due to higher market freight rates. The average Baltic Dry Index (“BDI”) for the third quarter of 2026 was 54% higher than in the comparable prior-year period, reflecting increased demand for dry bulk shipping and constrained vessel supply. The impact of higher freight rates was partially offset by an 1% decrease in voyage days, from 5,377 in the three months ended September 30, 2025 to 5,319 for the three months ended September 30, 2026.
Previous wording
Charter Revenues: Charter revenues increased by 67%, to $11.5 million for the three months ended June 30, 2026, compared to $6.9 million for the same period in 2025. The increase was primarily driven by an improvement in average market charter rates, as the Panamax, Supramax, and Handysize indices increased by 59% from $10,347 per day to $16,502 per day year-over-year. The increase was also due to a 21% increase in time charter days, which increased from 647 to 784 days. 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 $9.5 million, or 102%, to $18.8 million for the three months ended September 30, 2026, compared with $9.3 million for the same period in 2025. The increase was primarily attributable to a 106% increase in time charter days, from 495 to 1,020 days. The Company’s flexible chartering strategy enables it to selectively employ excess ship days, when available, under time charter arrangements rather than voyage charters.
Previous wording
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 11% to $4.0 million for the three months ended June 30, 2026, compared to $3.6 million for the same period in 2025, primarily due to the addition of two new port operations in Lake Charles and Port Aransas during 2026.
Current wording
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 73% to $7.1 million for the three months ended September 30, 2026, compared to $4.1 million for the same period in 2025, primarily due to the addition of two new port operations in Lake Charles and Port Aransas during 2026.
Previous wording
Charter Hire Expenses: Charter hire expenses for the three months ended June 30, 2026 were $39.1 million, compared to $31.4 million for the same period in 2025, a 24% increase. The increase was primarily due to increased market time charter rates. On a per-day basis, charter hire expenses averaged $16,816 in the second quarter of 2026, compared to $11,813 in 2025. This increase was partially offset by a 13% decrease in chartered-in days, from 2,660 days in the second quarter of 2025 to 2,325 days in the same period of 2026. 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, 2026 were $50.7 million, compared to $33.9 million for the same period in 2025, a 50% increase. The increase was primarily due to increased market time charter rates. On a per-day basis, charter hire expenses averaged $17,827 in the third quarter of 2026, compared to $15,389 in 2025. In addition, there was a 29% increase in chartered-in days, from 2,202 days in the third quarter of 2025 to 2,845 days in the same period of 2026. 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
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 10% to $3.0 million for the three months ended June 30, 2026, compared to $2.7 million for the same period in 2025, in line with the increase in terminal revenues and the addition of new port operations over the period.
Current wording
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 69% to $5.3 million for the three months ended September 30, 2026, compared to $3.1 million for the same period in 2025, in line with the increase in terminal revenues and the addition of new port operations over the period.
Previous wording
General and Administrative Expenses: General and administrative expenses increased by 25% to $9.0 million for the three months ended June 30, 2026 compared to $7.2 million for the same period in 2025. The increase was primarily attributable to a $1.2 million increase in accrued performance-based compensation and other compensation related costs, in addition to higher audit fees associated with the timing of audit procedures and additional consent-related costs.
Current wording
General and Administrative Expenses: General and administrative expenses decreased by 23% to $7.6 million for the three months ended September 30, 2026 compared to $9.9 million for the same period in 2025. The decrease was primarily attributable to a $0.5 million decrease in accrued performance-based compensation and other compensation related costs and a $1.0 million reduction resulting from the classification of management fees of our wholly-owned technical operations which are now recorded in Vessel operating expenses.
Previous wording
The Company derives its revenues primarily from voyage and time charters. Total revenue increased by $78.2 million, or 28%, to $357.7 million for the six months ended June 30, 2026, compared with $279.5 million for the same period in 2025. The increase was primarily attributable to a 42% increase in the average time charter equivalent (“TCE”) rate, from $11,781 per day in 2025 to $16,676 per day in 2026, and a 2% increase in total shipping days, from 11,432 days to 11,682 days.
Current wording
The Company derives its revenues primarily from voyage and time charters. Total revenue increased by 29% to $576.8 million for the nine months ended September 30, 2026, compared with $448.2 million for the same period in 2025. The average time charter equivalent (“TCE”) rate increased by 38% to $17,991 per day from $13,063 per day. The favorable effect of higher market rates for panamax, supramax, and handysize vessels on TCE revenue also benefited from a 4% increase in total shipping days, from 17,304 days to 18,021 days.
Previous wording
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 50% for the six months ended June 30, 2026 to $10.1 million compared to $6.7 million for the same period in 2025 due to the addition of new port operations in the current year.
Current wording
Terminal & Stevedore Revenues: Terminal & Stevedore revenues increased by 59% for the nine months ended September 30, 2026 to $17.2 million compared to $10.8 million for the same period in 2025 due to the addition of new port operations in the current year.
Previous wording
Charter Hire Expenses: Charter hire expenses for the six months ended June 30, 2026 were $78.3 million, compared to $49.1 million for the same period in 2025, a 60% increase. The increase was primarily attributable to higher market charter rates and increased chartered-in activity. Average published market rates for Supramax, Panamax and Handysize vessels increased by approximately 55%, while chartered-in days increased by 14% to 5,037 days from 4,405 days.
Current wording
Charter Hire Expenses: Charter hire expenses for the nine months ended September 30, 2026 were $129.0 million, compared to $82.9 million for the same period in 2025, a 56% increase. The increase was primarily attributable to higher market charter rates and increased chartered-in activity. Average published market rates for Supramax, Panamax and Handysize vessels increased by approximately 43%, while chartered-in days increased by 19% to 7,882 days from 6,607 days.
Previous wording
Vessel Operating Expenses: Vessel operating expenses for the six months ended June 30, 2026 were $43.8 million, compared to $45.6 million for the same period in 2025, a decrease of approximately 4%. This decrease was due to the reduction of the owned fleet during the period by two vessels. Total vessel operating expenses on a per day basis were $6,247 for the six months ended June 30, 2026 and $6,064 for the same period in 2025.
Current wording
Vessel Operating Expenses: Vessel operating expenses for the nine months ended September 30, 2026 were $66.4 million, compared to $67.3 million for the same period in 2025, a decrease of approximately 1%. This decrease was due to the reduction of the owned fleet during the period by two vessels. Total vessel operating expenses on a per day basis were $6,320 for the nine months ended September 30, 2026 and $6,050 for the same period in 2025.
Previous wording
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 40% to $7.3 million for the six months ended June 30, 2026, compared to $5.2 million for the same period in 2025. This increase was in line with the higher terminal and stevedore revenue during the period due to new port operations in the current year.
Current wording
Terminal & Stevedore Expenses: Terminal & Stevedore expenses increased by 51% to $12.6 million for the nine months ended September 30, 2026, compared to $8.4 million for the same period in 2025. This increase was in line with the higher terminal and stevedore revenue during the period due to new port operations in the current year.
Previous wording
General and Administrative Expenses: For the six months ended June 30, 2026, general and administrative expenses were $19.0 million, compared to $14.4 million for the same period in 2025. The $4.5 million increase in general and administrative expenses was primarily attributable to a $2.4 million increase in accrued incentive compensation costs. The increase also reflected higher corporate overhead of $1 million due to additional audit fees associated with the timing of billings and consents related to the transition between auditors, and corporate matters and Board projects. The remaining increase was primarily attributable to higher compensation costs due to increased headcount and wages.
Current wording
General and Administrative Expenses: For the nine months ended September 30, 2026, general and administrative expenses were $26.6 million, compared to $24.3 million for the same period in 2025. The $2.3 million increase in general and administrative expenses reflected the classification of management fees of our wholly-owned technical operations which are now recorded in Vessel operating expenses. Excluding this reclassification, the increase in general and administrative expense was primarily attributable to a $1.6 million increase in accrued incentive compensation costs, higher corporate overhead of $1.0 million due to additional audit fees associated with the timing of billings and consents related to the transition between auditors, and corporate matters and Board projects. The remaining increase was primarily attributable to higher compensation costs due to increased headcount and wages.
Previous wording
During the six months ended June 30, 2026, the Company classified one vessel as held for sale. Upon classification, the vessel was written down to its estimated fair value less costs to sell, resulting in the recognition of a loss on sale. The vessel was subsequently sold in May 2026 for approximately $9.6 million.
Current wording
During the nine months ended September 30, 2026, the Company classified one vessel as held for sale. Upon classification, the vessel was written down to its estimated fair value less costs to sell, resulting in the recognition of a loss on sale. The vessel was subsequently sold in May 2026 for approximately $9.6 million.
Previous wording
For the remaining vessels, the Company concluded that no indicators of impairment were present during the six months ended June 30, 2026. Accordingly, no recoverability analysis was required for those vessels. The Company did not identify any triggering events during the six months ended June 30, 2025.
Current wording
For the remaining vessels, the Company concluded that no indicators of impairment were present during the nine months ended September 30, 2026. Accordingly, no recoverability analysis was required for those vessels. The Company did not identify any triggering events during the nine months ended September 30, 2025.
Previous wording
As of June 30, 2026, and December 31, 2025, the Company’s working capital was $73.8 million and $87.7 million, respectively.
Current wording
As of September 30, 2026, and December 31, 2025, the Company’s working capital was $106.5 million and $87.7 million, respectively.
Previous wording
The table below summarizes our primary sources and uses of cash for the six months ended June 30, 2026 and 2025. 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, 2026 and 2025. 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
During the six months ended June 30, 2026, net cash provided by operating activities was approximately $25.9 million, compared to $10.0 million for the same period in 2025, representing an increase of $15.8 million. The increase was primarily attributable to higher net income and favorable changes in accounts receivable and accounts payable, accrued expenses and other current liabilities. These factors were partially offset by increased cash used for inventories and advance hire, prepaid expenses and other current assets.
Current wording
Net cash provided by operating activities increased by $44.5 million to $83.1 million for the nine months ended September 30, 2026, compared with $38.6 million for the same period in 2025. The increase was primarily attributable to a $55.8 million increase in net income, an $16.4 million increase in cash provided by changes in accounts payable, accrued expenses and other current liabilities, and a $10.4 million increase in cash provided by changes in deferred revenue. These favorable changes were partially offset by additional cash used for inventories of $27.0 million, advance hire, prepaid expenses and other current assets of $9.3 million, and accounts receivable of $4.8 million.
Previous wording
Net cash used in financing activities was approximately $30.4 million for the six months ended June 30, 2026, compared to $35.2 million used in the same period in 2025, representing a decrease in cash used of $4.8 million. The decrease in cash used was primarily attributable to lower cash dividends paid, the absence of dividends paid to non-controlling interests and ordinary share repurchases, and proceeds from long-term debt received during the 2026 period. These factors were partially offset by higher payments of financing obligations and finance leases.
Current wording
Net cash used in financing activities increased by $15.3 million to $48.3 million for the nine months ended September 30, 2026, compared with $33.0 million for the same period in 2025. The increase primarily reflected the absence of $18.0 million in proceeds from financing obligations received in 2025, a $1.9 million increase in repayments of financing obligations, a $0.4 million increase in cash dividends paid and a $0.3 million increase in repayments of long-term debt. These factors were partially offset by the absence of $2.2 million in dividends paid to non-controlling interests and $2.0 million in ordinary share repurchases, together with $0.8 million in proceeds from long-term debt and a $0.3 million decrease in finance lease payments.
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 $8.9 million and $11.9 million for the six months ended June 30, 2026 and 2025, respectively. For the remainder of 2026, the Company expects to perform nine intermediate and special surveys at an aggregate estimated cost of approximately $14 million.
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 13.9 million and $13.8 million for the nine months ended September 30, 2026 and 2025, respectively. For the remainder of 2026, the Company expects to perform six intermediate and special surveys at an aggregate estimated cost of approximately $8.7 million.