Pangaea Logistics Solutions Ltd. PANL

Industrials SIC 4412 - Deep Sea Foreign Transportation of Freight NAICS Transportation and Warehousing › Water Transportation › Deep Sea, Coastal, and Great Lakes Water Transportation › Deep Sea Freight Transportation derived Nasdaq

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.

Last close 7.94 2026-10-23
Market cap $519.9M 2026-06-30 share count
52-week range 4.71 - 9.39

Valuation FY2025 figures against the last close

P/S0.8x
P/E26.5x
P/FCF9.7x
EV/EBITDA6.2x
Dividend yield3.1%
Diluted EPS0.30

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Other
  • United States
  • Canada
  • country_Germany
  • country_Singapore
  • United Kingdom
Revenue by geography, 6 categories over 2 years. The same figures are in the table below. FY2025 Other, FY2025: 222.8M (35.3%) 35% Other United States, FY2025: 177.7M (28.1%) 28% United States Canada, FY2025: 65M (10.3%) 10% Canada country_Germany, FY2025: 59.4M (9.4%) 9% country_Singapore, FY2025: 59.2M (9.4%) 9% United Kingdom, FY2025: 48M (7.6%) 8% FY2024 Other, FY2024: 175.2M (32.7%) 33% United States, FY2024: 169.4M (31.6%) 32% Canada, FY2024: 72.8M (13.6%) 14% country_Germany, FY2024: 44.1M (8.2%) 8% country_Singapore, FY2024: 39.4M (7.3%) 7% United Kingdom, FY2024: 35.5M (6.6%) 7%
Region FY2025FY2024
Other $222.8M $175.2M
United States $177.7M $169.4M
Canada $65.0M $72.8M
country_Germany $59.4M $44.1M
country_Singapore $59.2M $39.4M
United Kingdom $48.0M $35.5M

As the company reported it, from the “Segment Reporting - Schedule of Selected Segment Financial Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Shipping
  • Shipping - Corporate reconciling
Revenue by segment, 2 categories over 2 years. The same figures are in the table below. FY2025 Shipping, FY2025: 616.8M (97.6%) 98% Shipping Shipping - Corporate reconciling, FY2025: 15.2M (2.4%) FY2024 Shipping, FY2024: 523.8M (97.6%) 98% Shipping - Corporate reconciling, FY2024: 12.8M (2.4%)
Segment FY2025FY2024
Shipping $616.8M $523.8M
Shipping - Corporate reconciling $15.2M $12.8M

As the company reported it, from the “Segment Reporting - Schedule of Selected Segment Financial Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.300.640.591.791.530.260.270.420.200.21
EPS, diluted 0.300.630.581.761.500.260.270.420.200.21
Shares, diluted (wtd. avg.) 64.7M46.0M45.5M45.1M44.8M43.8M43.3M42.8M38.9M35.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M 800M Revenue, FY2016: 238M Net income, FY2016: 7.5M Revenue, FY2017: 385.9M Net income, FY2017: 7.8M Revenue, FY2018: 373M Net income, FY2018: 17.8M Revenue, FY2019: 412.2M Net income, FY2019: 11.7M Revenue, FY2020: 382.9M Net income, FY2020: 11.4M Revenue, FY2021: 718.1M Net income, FY2021: 67.2M Revenue, FY2022: 699.7M Net income, FY2022: 79.5M Revenue, FY2023: 499.3M Net income, FY2023: 26.3M Revenue, FY2024: 536.5M Net income, FY2024: 28.9M Revenue, FY2025: 632M Net income, FY2025: 19.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $238.0M $385.9M $373.0M $412.2M $382.9M $718.1M $699.7M $499.3M $536.5M $632.0M
Gross profit — — — — — — — — — —
Net income $7.5M $7.8M $17.8M $11.7M $11.4M $67.2M $79.5M $26.3M $28.9M $19.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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