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Pangaea Logistics Solutions
(NASDAQ:PANL)
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Rating:72Outperform
Price Target:
$8.50
â–²(7.32% Upside)
Action:Upgraded
Date:08/11/26
The score is driven primarily by improved TTM financial performance (stronger profitability, better ROE, and low current leverage) and a positive earnings-call outlook supported by stronger TCE rates, EBITDA growth, cash balance, and dividend increase. Valuation is supportive with a low P/E and moderate yield, while technical indicators are broadly neutral, limiting the overall score despite solid fundamentals.
Positive Factors
Improved Profitability
The sharp improvement in earnings and operating margins indicates stronger current earnings power and better execution. If profitability remains supported by improved operating conditions, Pangaea can generate more internal funding for fleet renewal, logistics expansion, debt service, and shareholder distributions.
Negative Factors
Cyclical Earnings
Dry-bulk profitability depends heavily on freight markets, so current earnings strength may not persist if rates or utilization weaken. Margin performance below the prior peak reinforces that earnings power can contract materially, making results less predictable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Profitability
The sharp improvement in earnings and operating margins indicates stronger current earnings power and better execution. If profitability remains supported by improved operating conditions, Pangaea can generate more internal funding for fleet renewal, logistics expansion, debt service, and shareholder distributions.
Read all positive factors
Pangaea Logistics Solutions (PANL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$519.21M
Dividend Yield3.15%
Average Volume (3M)418.91K
Price to Earnings (P/E)10.6
Beta (1Y)0.99
Revenue Growth22.50%
EPS Growth233.42%
CountryUS
Employees170
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.75
Shares Outstanding65,473,770
10 Day Avg. Volume374,682
30 Day Avg. Volume418,912
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.02
Price to Sales (P/S)0.69
P/FCF Ratio9.29
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue1.00
Enterprise Value/Gross Profit6.39
Enterprise Value/Ebitda5.98
Forecast
1Y Price Target
$11.50Price Target Upside45.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.26
Revenue Forecast (FY)$764.73M
Pangaea Logistics Solutions Business Overview & Revenue Model
Company Description
Pangaea Logistics Solutions, Ltd., along with its subsidiary companies, offers specialized global seaborne transportation and logistics services for dry bulk commodities to industrial clients. The firm handles a wide variety of dry bulk cargoes, i...
How the Company Makes Money
Pangaea primarily makes money by arranging and performing ocean transportation for customers and capturing the spread between freight revenue earned and vessel-related costs incurred. Its key revenue streams are: (1) Ocean transportation services ...
Pangaea Logistics Solutions Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented strong operational and financial momentum: materially higher TCE rates (up ~50% YoY), a ~10% premium to market, adjusted EBITDA growth of nearly $20M to $35M, a healthy cash balance ($105M), and a dividend increase. Growth in onshore logistics and active fleet renewal also support durability. Offsetting items include higher charter-in costs (+24%), increased G&A (+25%), an unrealized bunker derivative loss that affected GAAP results (but was net neutral year-to-date per management), upcoming dry-docking costs (~$14M) and a near-term $24M balloon payment expected to be refinanced. Overall, the positives (strong earnings, cash position, bookings and strategic progress) materially outweigh the identifiable near-term headwinds and capital items.Positive Updates
Strong TCE Rate Improvement
Time Charter Equivalent (TCE) rates increased ~50% year-over-year in Q2, with company TCE at $18,153/day versus the published market average of $16,502/day (a ~10% premium). Management attributed the premium to fleet positioning, operating platform and customer relationships.
Negative Updates
Higher Charter Hire Costs
Total charter hire expense increased by ~24% year-over-year in Q2 due to higher market rates for charter-in vessels. Charter-in cost on a per-day basis was approximately $16,816 in Q2, which compresses gross margin relative to TCE if market softens.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong TCE Rate Improvement
Time Charter Equivalent (TCE) rates increased ~50% year-over-year in Q2, with company TCE at $18,153/day versus the published market average of $16,502/day (a ~10% premium). Management attributed the premium to fleet positioning, operating platform and customer relationships.
Read all positive updates
Company Guidance
Management's guidance was broadly positive for the balance of 2026: they expect moderate fleet growth largely offset by comparable ton‑mile demand (measured cargo volume growth → stronger ton‑mile demand), a seasonal tailwind with their high ice‑class fleet peaking in Q3, and they reported Q3 bookings through the call of 4,873 shipping days at a TCE of $20,258/day (Mads) and 2,200 days at $17,537/day (Gianni); they also expect roughly $3.0 million of incremental EBITDA from the new terminals on a full‑year basis. Management emphasized sustained TCE strength (Q2 TCE $18,153/day, a 50% YoY increase and a 10% premium to the $16,502/day market average), Q2 adjusted EBITDA of $35 million (up nearly $20 million YoY), charter‑in costs ~ $16,816/day and vessel opex of $6,247/day, plus financial flexibility with $105 million unrestricted cash, ~ $350 million total debt (current portion increased to $40 million due to a $24 million balloon payment expected to be refinanced), and an increased quarterly dividend of $0.10/share.Pangaea Logistics Solutions Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
77
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 710.25M | 632.04M | 536.54M | 499.27M | 699.71M | 718.10M |
| Gross Profit | 111.58M | 69.02M | 73.08M | 69.14M | 128.94M | 97.84M |
| EBITDA | 119.18M | 86.65M | 82.32M | 76.10M | 137.42M | 106.86M |
| Net Income | 47.59M | 19.37M | 28.90M | 26.32M | 79.49M | 67.23M |
Balance Sheet | ||||||
| Total Assets | 956.68M | 928.10M | 936.46M | 705.18M | 748.24M | 707.02M |
| Cash, Cash Equivalents and Short-Term Investments | 105.67M | 103.05M | 86.81M | 99.04M | 128.38M | 56.21M |
| Total Debt | 349.49M | 372.21M | 397.37M | 264.44M | 299.48M | 306.96M |
| Total Liabilities | 462.00M | 453.36M | 461.79M | 334.98M | 379.52M | 406.34M |
| Stockholders Equity | 448.63M | 429.33M | 427.82M | 323.89M | 314.23M | 247.20M |
Cash Flow | ||||||
| Free Cash Flow | 63.63M | 47.24M | -3.74M | 26.52M | 98.41M | -134.91M |
| Operating Cash Flow | 71.59M | 53.73M | 65.69M | 53.79M | 134.80M | 61.75M |
| Investing Cash Flow | 21.43M | 11.41M | -67.69M | -15.98M | -28.51M | -197.79M |
| Financing Cash Flow | -43.80M | -48.62M | -10.23M | -67.15M | -34.12M | 143.86M |
Pangaea Logistics Solutions Technical Analysis
Neutral
7.92
Price Trends
8.11
Negative
7.64
Positive
7.66
Positive
Market Momentum
-0.09
Positive
45.39
Neutral
20.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PANL, the sentiment is Neutral. The current price of 7.92 is below the 20-day moving average (MA) of 8.16, below the 50-day MA of 8.11, and above the 200-day MA of 7.66, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 45.39 is Neutral, neither overbought nor oversold. The STOCH value of 20.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PANL.
Pangaea Logistics Solutions Risk Analysis
Pangaea Logistics Solutions disclosed 57 risk factors in its most recent earnings report. Pangaea Logistics Solutions reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pangaea Logistics Solutions Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $442.56M | 3.52 | 28.60% | 4.43% | 2.53% | 14.22% | |
74 Outperform | $770.87M | 7.58 | 16.52% | 6.98% | 13.60% | 150.34% | |
72 Outperform | $519.21M | 10.57 | 10.94% | 3.15% | 22.50% | 233.42% | |
72 Outperform | $332.39M | 5.55 | 20.72% | 5.55% | 31.98% | 274.58% | |
68 Neutral | $916.36M | 10.37 | 10.32% | 2.92% | 10.81% | 81.30% | |
64 Neutral | $322.23M | 5.32 | 11.56% | 1.54% | -3.68% | 258.59% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
PANL
Pangaea Logistics Solutions
7.93
3.26
69.81%
DSX
Diana Shipping
2.59
0.93
56.02%
ESEA
Euroseas
68.87
15.66
29.44%
SB
Safe Bulkers
8.05
3.77
88.08%
SHIP
Seanergy Maritime
15.87
7.99
101.34%
ASC
Ardmore Shipping
19.62
8.07
69.80%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.