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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 positively driven by growing optimism about its earnings prospects, reflected in its upgrade to a Zacks Rank #1 (Strong Buy) by Zacks. The company reported its Q4 2025 financial results, showcasing its comprehensive maritime logistics solutions. Additionally, Pangaea announced a quarterly cash dividend, demonstrating its commitment to shareholder value. The company's appointment of Eugene I. to a key position also contributed to positive sentiment. A strong industry outlook, as highlighted in a Shipping Sector Webinar, further supports the company's prospects.

1.c. Company Highlights

2. Pangaea Logistics: Strong Q4, Strategic Growth & Shareholder Focus

In Q4 2025, Pangaea Logistics Solutions generated an adjusted EBITDA of $29 million, up $5 million YoY, reflecting a robust $17,773 daily TCE rate—19 % above market averages for Panamax, Supramax, and Handysize vessels. The company’s EPS came in at $0.16 versus the consensus of $0.18, while analysts forecast a -5.9 % revenue decline for 2026. Valuation multiples are modest: a P/E of 23.9 and an EV/EBITDA of 6.93, indicating the market’s modest premium for the firm’s integrated shipping‑logistics model.

Publication Date: Apr -13

📋 Highlights
  • Q4 TCE Premium:: Averaged $17,773/day, 19% above market rates for Panamax/Supramax/Handysize vessels.
  • Adjusted EBITDA Growth:: $29M in Q4, +$5M year-over-year despite lower TCE rates in 2026 bookings.
  • Shipping Days Expansion:: 26% YoY increase due to 2024 Handysize acquisitions from SSI.
  • 2025 Shareholder Returns:: $3M in share repurchases (600,000 shares) and $16.3M in dividends.
  • 2026 Logistics Impact:: Terminal/stevedoring operations projected to add $3M incremental EBITDA in 2026.

Premium TCE Rates Drive EBITDA Growth

The 19 % premium on TCE rates was largely driven by Pangaea’s niche ice‑class capabilities and long‑term COAs, allowing the company to command higher freight charges across all vessel sizes. The 26 % YoY increase in shipping days—bolstered by the acquisition of Handysize vessels from SSI—provided the volume foundation for the EBITDA lift.

Logistics Platform Expansion Fuels Future Revenue

Pangaea has been strategically investing in its integrated logistics network, launching operations in Lake Charles, Louisiana, and planning a significant expansion at the Port of Tampa in the second half of 2026. These moves are designed to capture higher-margin terminal and stevedoring services, with a projected $3 million incremental EBITDA impact in 2026.

Shareholder Returns and Liquidity Position

Throughout 2025, Pangaea repurchased roughly 600,000 shares for $3 million and distributed $16.3 million in dividends, underscoring its commitment to delivering consistent shareholder value. The company closed the year with approximately $103 million in unrestricted cash, providing ample liquidity to fund fleet renewal and platform expansion while maintaining financial flexibility.

2026 Outlook: Incremental EBITDA and Fleet Renewal

With 5,920 shipping days booked at a $14,917 daily TCE rate in 2026, Pangaea anticipates a step‑up in EBITDA from terminal operations, adding an estimated $3 million. The fleet renewal strategy remains active, with two vessels sold in the past two quarters and ongoing searches for additional acquisitions. The focus remains on preserving liquidity, delivering shareholder returns, and selectively investing in opportunities that reinforce its integrated shipping‑logistics platform.

3. NewsRoom

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Pangaea Logistics Solutions: Disappointing Quarter And Uncertain Outlook - Hold (Rating Downgrade)

Mar -14

Source: seekingalpha.com

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Pangaea Logistics Solutions Ltd. (PANL) Q4 2025 Earnings Call Transcript

Mar -11

Source: seekingalpha.com

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Pangaea Logistics Solutions Ltd. Reports Financial Results for the Fourth Quarter Ended December 31, 2025

Mar -10

Source: prnewswire.com

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PANGAEA LOGISTICS SOLUTIONS ANNOUNCES FOURTH QUARTER 2025 CONFERENCE CALL DATE

Mar -04

Source: prnewswire.com

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Pangaea Logistics Solutions Ltd. Announces Quarterly Cash Dividend

Feb -17

Source: prnewswire.com

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Shipping: State of the Industry & the Road Ahead

Jan -06

Source: globenewswire.com

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Pangaea Logistics Solutions Ltd. Appoints Eugene I.

Dec -18

Source: prnewswire.com

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Pangaea Logistics (PANL) Upgraded to Strong Buy: What Does It Mean for the Stock?

Dec -17

Source: zacks.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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Algoma Central

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Value: 8.4

Growth: 4.4

Quality: 5.4

Yield: 9.0

Momentum: 8.5

Volatility: 10.0

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Ardmore Shipping

A-Score: 6.8/10

Value: 8.4

Growth: 8.9

Quality: 6.9

Yield: 7.0

Momentum: 4.0

Volatility: 5.7

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Genco Shipping & Trading

A-Score: 6.4/10

Value: 4.8

Growth: 4.2

Quality: 5.2

Yield: 9.0

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SFL Corporation

A-Score: 5.8/10

Value: 7.0

Growth: 6.0

Quality: 3.3

Yield: 10.0

Momentum: 2.0

Volatility: 6.3

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Pangaea Logistics Solutions

A-Score: 5.6/10

Value: 5.7

Growth: 4.1

Quality: 3.6

Yield: 8.0

Momentum: 8.0

Volatility: 4.3

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SEACOR Marine

A-Score: 4.0/10

Value: 9.1

Growth: 2.0

Quality: 3.3

Yield: 0.0

Momentum: 7.0

Volatility: 2.7

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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

7.61$

Current Price

7.61$

Potential

-0.00%

Expected Cash-Flows