Pangaea Logistics Solutions Ltd. — Q3 2026 Earnings Summary

Pangaea Logistics Solutions Ltd. reported a GAAP net income of $38.3 million and adjusted net income of $33.6 million for the third quarter ended September 30, 2026. The company achieved Time Charter Equivalent rates of $20,414 per day, which exceeded benchmark Baltic indices by 13%, while total shipping days increased 8% to 6,339. Adjusted EBITDA rose 81.3% to $52.4 million, driven by strong Arctic ice-class activity and a 73% year-over-year increase in terminal and stevedore revenue. The Board declared a quarterly cash dividend of $0.10 per share, and the company maintained a net debt to trailing twelve-month Adjusted EBITDA ratio of 1.4x.