olivLaw · US equity research
Pangaea Logistics Solutions Ltd. PANL
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
Pangaea Logistics Solutions is a seaborne drybulk transport operator with terminal and stevedoring services, serving industrial customers on niche routes such as ice-class trades. Its latest reported quarter showed sharply higher TCE rates versus the prior year and a recovery in profitability, amid strong demand for drybulk shipping.
At the close of 04 Nov 2026, Pangaea Logistics Solutions Ltd. (PANL) stock was 7.51 USD (−0.79% on the day), with market capitalisation 491.7 m USD, P/E 10.1 on diluted EPS of 0.75 USD over the last 12 months, dividend yield 0.67%, beta 1.00, 52-week range 4.93–9.35 USD. Latest reported quarter (Q2 2026): revenue of 187.1 m USD (+19.4% YoY), net income of 10.2 m USD, diluted EPS 0.16 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.3
- weak (30–45)
- Bollinger (20, 2)
- 7.34 – 8.58
- in the lower half of the band · %B 0.14 · band width 15.6%
- SMA 50 / 200
- 8.14 / 7.81
- mixed trend
- MACD (12, 26, 9)
- -0.13 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.0% | −1.1% | −10.9 pp | — |
| 3 months | +3.7% | −0.5% | +4.2 pp | — |
| 6 months | −4.0% | +4.4% | −8.4 pp | — |
| Year to date | +9.2% | +12.3% | −3.2 pp | — |
| 1 year | +58.8% | +13.5% | +45.2 pp | +36.7% |
| 3 years | +23.3% | +76.4% | −53.1 pp | +37.7% |
| 5 years | +70.3% | +63.7% | +6.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 153.1 m | 147.2 m | 122.8 m | 156.7 m | 168.7 m | 183.9 m | 170.6 m | 187.1 m |
| Operating income | 15.0 m | 14.8 m | 2.9 m | 3.7 m | 16.9 m | 17.4 m | 10.5 m | 21.3 m |
| Depreciation & amortisation | 7.7 m | 7.8 m | 9.9 m | 10.6 m | 10.2 m | 11.7 m | 11.9 m | 12.4 m |
| Net income | 5.1 m | 8.4 m | -2.0 m | -2.7 m | 12.2 m | 11.9 m | 13.3 m | 10.2 m |
| Diluted EPS | 0.11 | 0.18 ≈ | -0.03 | -0.04 | 0.19 | 0.19 ≈ | 0.21 | 0.16 |
| Operating cash flow | 28.5 m ≈ | 19.3 m | -4.4 m | 14.4 m ≈ | 28.6 m ≈ | 15.1 m | 4.5 m | 21.4 m ≈ |
| Dividends paid | 4.5 m ≈ | 4.8 m | 6.7 m | 9.9 m | 13.1 m | 3.2 m | 3.9 m | 3.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 37-quarter history (min 2.5, median 9.1, max 100.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 373.0 m | 412.2 m | 382.9 m | 718.1 m | 699.7 m | 499.3 m | 536.5 m | 632.0 m |
| Revenue YoY | −3.1% | +10.5% | −7.1% | +87.5% | −2.6% | −28.6% | +7.5% | +17.8% |
| Net income | 17.8 m | 11.7 m | 11.4 m | 67.2 m | 79.5 m | 26.3 m | 28.9 m | 19.4 m |
| Net income YoY | +127.3% | −34.3% | −2.6% | +492.2% | +18.2% | −66.9% | +9.8% | −33.0% |
| Diluted EPS | 0.42 | 0.27 | 0.26 | 1.50 | 1.76 | 0.58 | 0.63 | 0.30 |
| Diluted EPS YoY | +110.0% | −35.7% | −3.7% | +476.9% | +17.3% | −67.0% | +8.6% | −52.4% |
| net % | 4.8% | 2.8% | 3.0% | 9.4% | 11.4% | 5.3% | 5.4% | 3.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 103.1 m USD
- Financial debt
- 97.2 m USD
- Net debt
- -5.9 m USD
- Equity
- 474.7 m USD
- Total assets
- 928.1 m USD
- Debt / equity
- 0.20x
- Current ratio
- 1.69x
- ROE
- 4.1%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 382.9 m | 718.1 m | 699.7 m | 499.3 m | 536.5 m | 632.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 19.7 m | 78.9 m | 105.5 m | 44.6 m | 48.4 m | 40.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 17.1 m | 23.0 m | 29.5 m | 30.1 m | 30.4 m | 42.5 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 36.8 m ≈ | 101.8 m ≈ | 135.0 m ≈ | 74.7 m ≈ | 78.8 m ≈ | 83.4 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 7.7 m | 10.3 m | 15.7 m | 17.0 m | 17.1 m | 24.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 578.0 k | 605.0 k | 443.0 k | 417.0 k | 389.0 k | 366.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 11.4 m | 67.2 m | 79.5 m | 26.3 m | 28.9 m | 19.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 0.26 | 1.50 | 1.76 | 0.58 | 0.63 | 0.30 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 43.8 m | 44.8 m | 45.1 m | 45.5 m | 46.0 m | 64.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | — | — | — | 0.10 | 0.10 | 0.05 | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 46.9 m | 56.2 m | 128.4 m | 99.0 m | 86.8 m | 103.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 29.2 m | 54.3 m | 36.8 m | 47.9 m | 42.4 m | 55.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 16.0 m | 27.1 m | 29.1 m | 16.6 m | 32.8 m | 28.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 111.3 m | 184.0 m | 222.5 m | 191.8 m | 192.0 m | 215.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 276.7 m | 471.9 m | 476.5 m | 474.3 m | 707.8 m | 677.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | — | — | 0 | 3.1 m | 3.1 m | 3.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 1.2 m | 1.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 450.4 m | 707.0 m | 748.2 m | 705.2 m | 936.5 m | 928.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 18.7 m | 7.0 m | 10.0 m | 6.3 m | 14.8 m | 14.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 57.4 m | 15.4 m | 15.8 m | 30.8 m | — | — | SEC (XBRL)· 09 May 2024verified |
| Long-term debt | 47.8 m | 105.8 m | 98.8 m | 68.4 m | 129.3 m | 97.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 110.8 m | 111.7 m | 92.2 m | 105.3 m | 109.1 m | 128.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 234.4 m | 300.7 m | 368.7 m | 370.2 m | 474.7 m | 474.7 m | SEC (XBRL)· 16 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 20.8 m | 61.7 m | 134.8 m | 53.8 m | 65.7 m | 53.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Investing cash flow | -6.9 m | -197.8 m | -28.5 m | -16.0 m | -67.7 m | 11.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -18.6 m | 143.9 m | -34.1 m | -67.2 m | -10.2 m | -48.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 535.2 k | 5.5 m | 13.4 m | 18.1 m | 18.7 m | 16.3 m | SEC (XBRL)· 16 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 491.7 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.80 – 10.43 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.80 – 10.43 (Mid 5.93)28 companies used · median multiple 7.9x · quartiles 3.7x – 14.0xASC, CCEC, CISS, CMBT, CMRE, CTRM, DHT, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, IMPP, LPG, NMM, NVGS, PSHG, PXS, SHIP, STNG, TEN, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)outside the aggregate0.66 – 0.88 (Mid 0.75)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.7% | 26 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.3% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -44.6% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.8x | 19 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.4x | 49 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 10.1x | 50 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.8% | 68 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial68/100 · 1/2 factors with a value
- Valuation· partial50/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PANGAEA LOGISTICS SOLUTIONS LTD. (PANL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 632.0 m USD in 2025; YoY growth 17.8%; net margin 6.7%; ROE 11.0%.
The estimated value range is 2.80–10.43 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.93 USD, the price of 7.51 USD leaves a potential of -21.1% (value / price − 1) and a margin of safety of -26.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: 6.7%
- Revenue CAGR 3Y: -3.3%
- EPS CAGR 3Y: -44.6%
- Interest coverage: 2.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| TENTsakos Energy Navigation Limited | 1.4 bn | 10.5 | 9.1% | 20.1% | −0.7% | +91% / +132% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +59% / +23% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for PANL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.98 Total return -46% · Per year -46% | 7.07 Total return -5% · Per year -5% | 10.69 Total return 43% · Per year 43% |
| 3 years | 3.28 Total return -55% · Per year -23% | 6.61 Total return -10% · Per year -4% | 11.05 Total return 49% · Per year 14% |
| 5 years | 2.70 Total return -62% · Per year -18% | 6.17 Total return -15% · Per year -3% | 11.42 Total return 56% · Per year 9% |
- Exit P/E± 1.65
- Net margin± 1.16
- Annual revenue growth± 1.03
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pangaea Logistics Solutions is a seaborne drybulk transport operator with terminal and stevedoring services, serving industrial customers on niche routes such as ice-class trades. Its latest reported quarter showed sharply higher TCE rates versus the prior year and a recovery in profitability, amid strong demand for drybulk shipping.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Cyclical charter rateshigh
Lower charter rates can reduce revenue and vessel values, which could affect compliance with loan covenants 1.
- Dependence on key customershigh
Losing one or more large customers could significantly affect financial performance 1.
- Leveragemedium
Total debt and financing obligations remain significant, and refinancing depends on market conditions 2.
- Conflicts and sanctionsmedium
Sanctions and conflicts in the Red Sea and Ukraine can disrupt routes and lead to fines for vessels carrying targeted cargo 1.
- Fuel costsmedium
Rising fuel prices could reduce voyage profitability, although the company uses hedges to limit the impact 1.
Investment thesis
What would need to be true (bull case)
- Realized rates rose strongly and exceed benchmark indices, suggesting the niche and COA strategy is working 3.
- The company has a specialized fleet and a leading position in ice-class vessels, a niche with little competition 1.
- If the terminal business develops, the company could offer integrated services that lift margins 3.
What would break the thesis
What to watch
- TCE rate trend by quarter versus benchmark indicesQ3 2026
- Progress of terminal operations at Port Tampa Bay2026
- Net debt relative to Adjusted EBITDAnext 10-K
- Third-quarter results, including the ice-class season effectQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company provides seaborne drybulk transport of grains, coal, iron ore and bauxite, along with loading, discharge, port and terminal operations. Pangaea transported approximately 26.2 million tons of cargo annually to over 300 ports in 2025 1. Total revenue for fiscal 2025 was 632,041 thousand US dollars 1.
The business model relies on long-term contracts of affreightment (COAs), backhaul cargoes that cut ballast days, and active risk management, including short-term chartering-in. The company says it is a leader in high ice class vessels over 60,000 dwt, a niche that has historically produced superior margins 1.
Beyond its owned fleet, Pangaea chartered in on average 26 vessels in the second quarter of 2026 to cover cargo and COA commitments 2. The start-up of operations at Port Tampa Bay, Florida, extends its integrated logistics strategy 3.
Segments
Seaborne transport with owned and chartered-in vessels
The core segment covers drybulk carriage with vessels from Handysize to Post-Panamax. The company owned 39 vessels at December 31, 2025 1 and 38 owned vessels in the second quarter of 2026 2. Voyage and charter revenues are reported separately 1.
Market context
Demand for drybulk shipping was strong in the first half of 2026, supported by Chinese iron ore imports and grain shipments from the Atlantic to Asia 3. The market remains cyclical, and charter rates depend on vessel supply and fuel prices 1.
The industry has also been affected by the conflicts in Ukraine and the Middle East, which have disrupted routes and raised voyage costs 1. Orderbook levels for new vessels are historically low, which could support rates over the medium term if demand continues 1.
Trends
- Rising TCE ratestailwind
Realized rates rose 50 percent from the same quarter of 2025, and the company outperformed benchmark indices by 10 percent 3. If demand stays firm, this advantage could persist.
- Iron ore and grain demandmixed
Chinese iron ore imports and Atlantic grain flows support market fundamentals 3. A slowdown in these flows would directly affect volumes.
- Conflicts and shipping routesmixed
Attacks in the Red Sea and diversions away from the Suez Canal lengthen voyages and raise costs 1. The effect may help short-term rates but adds operational uncertainty.
- Vessel operating costsheadwind
Crew, maintenance and fuel costs have risen over the past year, and older vessels can add expenses 1. Selling older vessels is part of the company's strategy 3.
Competitive position
Pangaea competes in the global drybulk market with other vessel operators and logistics providers. The company says there is less competition on niche routes and minor cargoes, such as the Baltic in winter or Newfoundland ports 1. Competition for chartered-in vessels and transport contracts is intense 1.
The company's advantage comes from its ice-class specialization, relationships with industrial customers and its ability to secure backhaul cargoes 1. The sources do not describe its exact position against competitors in each market segment.
- Other drybulk vessel operators
General competitors in the drybulk transport market, cited generically in the annual report.
- Companies offering shipping and logistics services
Providers of ocean transport and logistics that compete for industrial cargo contracts.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Pangaea’s ‘little brother’ may finally qualify as a supercontinentScience (AAAS) · 09 Sept 2026 · EN
SEC filings
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers
- Current report12 May 2026Shareholder vote
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Quarterly report11 May 2026
- Proxy statement27 Mar 2026
- Annual report16 Mar 2026
- Current report11 Mar 2026Results of operations · Financial statements and exhibits
- Current report17 Feb 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Pangaea Logistics Solutions Ltd. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Pangaea Logistics Solutions Ltd. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Pangaea Logistics Solutions Ltd. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.