Earnings Releases·Nov 5, 2026, 4:51 PM ET

Pangaea Logistics Solutions Ltd. — Q3 2026 Earnings Summary

Reported Q3 2026 revenue of $219.1 million (up from $168.7 million YoY), with GAAP net income rising to $38.3 million ($0.59/share) from $12.2 million ($0.19/share) and Adjusted EBITDA increasing 81.3% YoY to $52.4 million.
TCE rates reached $20,414 per day, a 31% increase YoY, while port and terminal operations contributed significantly with a 73% year-over-year revenue increase following the first full quarter of Tampa Bay operations.
Management remains optimistic on dry bulk fundamentals and fleet renewal, with a well-capitalized balance sheet ($144.9M unrestricted cash) and a simplified structure following the post-quarter refinancing of $134 million in debt at a lower margin.
The Board declared a quarterly cash dividend of $0.10 per share payable December 15, 2026, and the company intends to remain opportunistic on fleet investment while divesting older, non-core assets.