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1. Company Snapshot

1.a. Company Description

Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide.The company offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.Its ocean logistics services comprise cargo loading, cargo discharge, vessel chartering, voyage planning, and technical vessel management.


As of March 16, 2022, the company owned and operated a fleet of 25 vessels.Pangaea Logistics Solutions, Ltd.was founded in 1996 and is based in Newport, Rhode Island.

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1.b. Last Insights on PANL

Pangaea Logistics Solutions, Ltd.'s recent performance was driven by strong Q3 earnings, beating estimates with $0.17 per share, compared to $0.03 per share expected. The company's maritime logistics solutions segment showed resilience. Additionally, the company's CEO succession plan and appointment of new executives, including Paul M., have bolstered investor confidence. A favorable outlook for the shipping industry, with recommendations to buy PANL, further supports the company's growth prospects. Its inclusion in a list of stocks with recent price strength also underscores its positive momentum.

1.c. Company Highlights

2. Pangaea Logistics' Q3 2025 Earnings: A Strong Performance

Pangaea Logistics Solutions reported a robust third quarter in 2025, with adjusted EBITDA reaching $28.9 million, a 20% year-over-year increase. The company's TCE rates were 10% above the prevailing market, driven by its niche ice-class capabilities and long-term COAs. The adjusted EBITDA margin expanded to 17.1%. Earnings per share (EPS) came in at $0.17, significantly beating analyst estimates of $0.03. The company's financial performance was also characterized by a strong booking of 4,210 shipping days for the fourth quarter at a TCE of $17,107 per day.

Publication Date: Nov -24

📋 Highlights
  • Strong TCE Performance:: Delivered TCE rates 10% above market, achieving $17,107 per day in Q4 for 4,210 shipping days.
  • Adjusted EBITDA Growth:: Recorded $28.9 million in adjusted EBITDA, reflecting a 20% YoY increase and a 17.1% margin improvement.
  • Port Expansion:: Launched operations at two new ports (Pascagoula, Aransas) and plans expansions in Tampa and Lake Charles.
  • Fleet Strategy Advancement:: Sold Bulk Freedom for $9.6 million and acquired remaining 49% stake in Seamar management.
  • Leadership Transition:: Mads Petersen, incoming CEO, prioritized customer growth, logistics expansion, and strategic investments.

Operational Highlights

Pangaea continued to expand its integrated service platform, with operations commencing at the Port of Pascagoula in Mississippi and the Port of Aransas in Texas. The company is also planning to expand its presence at the Port of Tampa, Florida, and Lake Charles, Louisiana. As noted by Mads Petersen, the company's priorities include growing its customer base, expanding logistics and port operations, and selectively investing in opportunities to strengthen its integrated shipping and logistics platform.

Fleet Renewal and Strategic Investments

The company made significant progress in its fleet renewal strategy, completing the sale of a strategic endeavor and entering into an agreement to sell the 2005-built Bulk Freedom for $9.6 million. Additionally, Pangaea completed the purchase of the remaining 49% stake in Seamar management, enhancing its technical operations and aligning operational performance with its commercial strategy.

Valuation and Outlook

With analysts estimating revenue growth of 9.8% next year, the company's valuation metrics appear reasonable. The current P/E Ratio stands at 27.29, while the EV/EBITDA ratio is 16.28. The Dividend Yield is 4.41%, providing a relatively stable source of return for investors. Given the company's strong operational performance and strategic investments, its valuation metrics suggest that the market has priced in a moderate level of growth.

Future Prospects

As Pangaea Logistics Solutions looks ahead, its leadership is focused on executing its strategic priorities, including expanding its customer base and investing in opportunities to strengthen its integrated shipping and logistics platform. With a strong foundation in place, the company is well-positioned to drive future growth and create value for its shareholders.

3. NewsRoom

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3 Stocks to Invest in the Flourishing Shipping Industry

Dec -01

Source: zacks.com

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Pangaea Logistics Solutions Ltd. Appoints Paul M.

Nov -28

Source: prnewswire.com

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Has Pangaea Logistics Solutions (PANL) Outpaced Other Transportation Stocks This Year?

Nov -27

Source: zacks.com

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5 Stocks With Recent Price Strength Amid Wall Street Volatility

Nov -20

Source: zacks.com

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Pangaea Logistics Solutions Ltd. (PANL) Hit a 52 Week High, Can the Run Continue?

Nov -18

Source: zacks.com

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Pangaea Logistics Solutions, Ltd. (PANL) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Pangaea Logistics (PANL) Beats Q3 Earnings and Revenue Estimates

Nov -07

Source: zacks.com

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Pangaea Logistics Solutions Ltd. Reports Financial Results for the Third Quarter Ended September 30, 2025

Nov -06

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Voyage

Expected Growth: 4.83%

Voyage from Pangaea Logistics Solutions, Ltd. growth driven by increasing global trade, rising demand for dry bulk commodities, and expansion into new markets. Additionally, the company's focus on operational efficiency, cost savings, and strategic acquisitions have contributed to its 4.83% growth.

Charter

Expected Growth: 4.83%

Charter growth driven by increasing global trade, rising demand for dry bulk commodities, and Pangaea's strategic fleet expansion. Additionally, the company's focus on operational efficiency, cost management, and strong customer relationships contribute to its growth momentum, resulting in a 4.83% growth rate.

Terminal & Stevedore

Expected Growth: 4.83%

Pangaea Logistics Solutions' Terminal & Stevedore segment growth of 4.83% is driven by increasing global trade, rising demand for efficient cargo handling, and strategic expansion into high-growth markets. Additionally, investments in digitalization and automation, as well as a focus on sustainability, contribute to the segment's growth.

7. Detailed Products

Dry Bulk Shipping

Pangaea Logistics Solutions, Ltd. offers dry bulk shipping services, providing transportation of dry bulk commodities such as iron ore, coal, and grains.

Breakbulk Shipping

Pangaea's breakbulk shipping service specializes in the transportation of heavy lift, oversized, and project cargoes, including wind turbines, construction equipment, and military equipment.

Project Cargo Shipping

Pangaea's project cargo shipping service provides customized logistics solutions for complex, high-value, and time-sensitive projects, including oil and gas, mining, and infrastructure projects.

Container Shipping

Pangaea's container shipping service offers a range of containerized cargo transportation solutions, including refrigerated containers, for the transportation of perishable goods.

Vessel Chartering

Pangaea's vessel chartering service provides clients with access to a fleet of vessels, including bulk carriers, container ships, and multipurpose vessels, for short-term or long-term charter.

8. Pangaea Logistics Solutions, Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Pangaea Logistics Solutions, Ltd. is medium due to the availability of alternative logistics providers.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of major customers and their ability to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is medium due to the moderate barriers to entry and the availability of resources.

Intensity Of Rivalry

The intensity of rivalry is high due to the high competition in the logistics industry and the need to differentiate services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.23%
Debt Cost 7.09%
Equity Weight 72.77%
Equity Cost 8.04%
WACC 7.78%
Leverage 37.41%

11. Quality Control: Pangaea Logistics Solutions, Ltd. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 4.4

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Momentum: 7.5

Volatility: 10.0

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A-Score: 6.1/10

Value: 4.7

Growth: 4.2

Quality: 5.2

Yield: 10.0

Momentum: 6.0

Volatility: 6.7

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A-Score: 5.9/10

Value: 7.7

Growth: 8.9

Quality: 6.9

Yield: 6.0

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SFL Corporation

A-Score: 5.5/10

Value: 6.9

Growth: 6.0

Quality: 3.3

Yield: 10.0

Momentum: 0.5

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Pangaea Logistics Solutions

A-Score: 5.2/10

Value: 7.4

Growth: 4.1

Quality: 4.2

Yield: 9.0

Momentum: 1.5

Volatility: 5.0

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SEACOR Marine

A-Score: 2.8/10

Value: 7.9

Growth: 1.8

Quality: 3.2

Yield: 0.0

Momentum: 1.5

Volatility: 2.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.16$

Current Price

7.16$

Potential

-0.00%

Expected Cash-Flows