Pangaea Logistics Solutions Ltd. ( (PANL) ) has released its Q3 earnings. Here is a breakdown of the information Pangaea Logistics Solutions Ltd. presented to its investors.
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Pangaea Logistics Solutions Ltd. is a global provider of maritime logistics solutions, specializing in dry bulk logistics and transportation services, including terminal and stevedoring operations. The company recently reported its financial results for the third quarter of 2025, highlighting a GAAP net income of $12.2 million and an adjusted EBITDA of $28.9 million. The company also declared a quarterly cash dividend of $0.05 per share.
Pangaea’s financial performance in the third quarter was marked by a 20.3% increase in adjusted EBITDA compared to the previous year, driven by a 22% rise in shipping days and a 13% reduction in voyage expenses per day. The company’s Time Charter Equivalent (TCE) rates surpassed the average Baltic indices by 10%, supported by its specialized fleet and long-term contracts. Additionally, Pangaea entered into an agreement to sell the Bulk Freedom vessel for $9.6 million, aligning with its fleet renewal strategy.
The company maintained a strong liquidity position with $94 million in cash and cash equivalents as of September 30, 2025. During the quarter, Pangaea repaid $7.2 million in finance leases and $4.1 million in long-term debt, while also receiving $18 million from financing obligations. The company continues to focus on strategic growth investments, particularly in expanding its terminal operations at various ports.
Looking forward, Pangaea’s management remains optimistic about the medium-term dry bulk environment, citing stable dry bulk fundamentals and limited vessel supply. The company plans to continue its disciplined capital allocation strategy, aiming to maintain balance sheet flexibility and sustain shareholder returns through dividends and share repurchases.