Pangaea Logistics Solutions Ltd. PANL
Pangaea Logistics Solutions Ltd. and its subsidiaries collectively, Pangaea or the Company, provide seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $632.0M | $536.5M | $499.3M | $699.7M | $718.1M | $382.9M | $412.2M | $373.0M | $385.9M | $238.0M |
| SG&A | $31.1M | $24.6M | $22.8M | $20.1M | $19.0M | $15.9M | $17.4M | $16.5M | $15.2M | $12.8M |
| Total operating expenses | $591.1M | $488.1M | $454.7M | $594.2M | $639.2M | $363.2M | $388.9M | $336.9M | $369.9M | $225.1M |
| Operating income | $40.9M | $48.4M | $44.6M | $105.5M | $78.9M | $19.7M | $23.3M | $36.1M | $16.0M | $12.9M |
| Interest expense | — | — | — | — | — | — | — | $8.7M | $8.0M | $5.4M |
| Pre-tax income | $19.7M | $29.3M | $26.7M | $79.9M | $67.8M | $11.9M | $12.1M | $18.1M | $8.2M | $7.7M |
| Income tax | $366.0K | $389.0K | $417.0K | $443.0K | $605.0K | $578.0K | $458.0K | $356.0K | $428.0K | $198.0K |
| Net income | $19.4M | $28.9M | $26.3M | $79.5M | $67.2M | $11.4M | $11.7M | $17.8M | $7.8M | $7.5M |
| EPS, basic | 0.30 | 0.64 | 0.59 | 1.79 | 1.53 | 0.26 | 0.27 | 0.42 | 0.20 | 0.21 |
| EPS, diluted | 0.30 | 0.63 | 0.58 | 1.76 | 1.50 | 0.26 | 0.27 | 0.42 | 0.20 | 0.21 |
| Shares, diluted (wtd. avg.) | $64.7M | $46.0M | $45.5M | $45.1M | $44.8M | $43.8M | $43.3M | $42.8M | $38.9M | $35.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $103.1M | $86.8M | $99.0M | $128.4M | $56.2M | $48.4M | $53.1M | $56.1M | $38.5M | $28.4M |
| Receivables | $55.9M | $42.4M | $47.9M | $36.8M | $54.3M | $29.2M | $28.3M | $28.5M | $21.1M | $16.0M |
| Inventory | $28.4M | $32.8M | $16.6M | $29.1M | $27.1M | $16.0M | $21.0M | $19.2M | $15.4M | $13.2M |
| Total current assets | $215.8M | $192.0M | $191.8M | $222.5M | $184.0M | $111.3M | $128.0M | $113.5M | $83.0M | $62.4M |
| Property, plant and equipment | $677.5M | $707.8M | $474.3M | $476.5M | $471.9M | $276.7M | $281.5M | $281.9M | $306.3M | $275.3M |
| Goodwill | $3.1M | $3.1M | $3.1M | $0 | — | — | — | — | — | — |
| Other intangibles | $1.7M | $1.2M | — | — | — | — | — | — | — | — |
| Total assets | $928.1M | $936.5M | $705.2M | $748.2M | $707.0M | $450.4M | $479.9M | $453.5M | $423.3M | $362.2M |
| Accounts payable | $14.3M | $14.8M | $6.3M | $10.0M | $7.0M | $18.7M | $24.2M | $19.9M | $15.7M | $15.4M |
| Short-term debt | — | — | — | — | — | — | $23.0M | $20.1M | $19.0M | — |
| Total current liabilities | $128.0M | $109.1M | $105.3M | $92.2M | $111.7M | $110.8M | $90.9M | $79.0M | $70.0M | $77.9M |
| Long-term debt | $97.2M | $129.3M | $99.2M | — | — | — | $83.6M | $95.4M | $117.6M | $128.8M |
| Retained earnings | $172.3M | $169.2M | $159.0M | $151.3M | $85.7M | $23.2M | $12.7M | $5.7M | -$9.6M | -$17.4M |
| Total equity | $429.3M | $427.8M | $370.2M | $368.7M | $300.7M | $234.4M | $243.1M | $233.4M | $210.7M | $176.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $53.7M | $65.7M | $53.8M | $134.8M | $61.7M | $20.8M | $44.5M | $40.1M | $29.2M | $19.2M |
| Depreciation and amortisation | $42.5M | $30.4M | $30.1M | $29.5M | $23.0M | $17.1M | $18.5M | $17.6M | $15.6M | $14.1M |
| Stock-based compensation | $4.1M | $2.8M | $2.1M | $1.8M | $2.1M | $2.3M | $1.7M | $1.2M | $1.1M | $601.9K |
| Investing cash flow | $11.4M | -$67.7M | -$16.0M | -$28.5M | -$197.8M | -$6.9M | -$46.6M | -$17.5M | -$64.6M | -$10.3M |
| Financing cash flow | -$48.6M | -$10.2M | -$67.2M | -$34.1M | $143.9M | -$18.6M | -$916.1K | -$5.0M | $45.4M | -$24.2M |
| Dividends paid | $16.3M | $18.7M | $18.1M | $13.4M | $5.5M | $535.2K | $8.1M | $2.3M | $1.0M | $100.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001606909-26-000010.
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