I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2026 Q2, the actual value is USD 187.12 M, missing the estimate of USD 192.76 M.
EPS: As of FY2026 Q2, the actual value is USD 0.16.
EBIT: As of FY2026 Q2, the actual value is USD 21.35 M.
Net Income
GAAP net income attributable to Pangaea Logistics Solutions Ltd. was $10.2 million for the three months ended June 30, 2026. Adjusted net income attributable to Pangaea Logistics Solutions Ltd. was $16.9 million for the same period. Net income (loss) was $10,481 thousand, compared to - $2,900 thousand in the prior-year period. Net income (loss) attributable to Pangaea Logistics Solutions Ltd. was $10,201 thousand, compared to - $2,742 thousand in the prior-year period.
Adjusted EBITDA
Adjusted EBITDA was $35.0 million for the three months ended June 30, 2026. Total Adjusted EBITDA increased by 125.1% to $35.0 million compared to the prior-year period. Total Adjusted EBITDA margin was 18.7%, compared to 9.8% during the prior year period.
Operating Profit
Income from operations was $21,345 thousand for the three months ended June 30, 2026, compared to $3,654 thousand in the prior-year period.
Operational Metrics
Time Charter Equivalent (“TCE”) rates earned by Pangaea Logistics Solutions Ltd. were $18,153 per day for the three months ended June 30, 2026. Pangaea Logistics Solutions Ltd.’s TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 10%. Second quarter TCE rates increased 50% on a year-over-year basis. Total shipping days decreased 8% to 5,735 days, primarily due to the sale of two owned vessels. The Company’s owned fleet consisted of 38 vessels, supplemented by an average of 26 chartered-in vessels. Pangaea Logistics Solutions Ltd. sold the 2006-built Bulk Xaymaca for $9.6 million in the second quarter of 2026.
Operating Costs (Three Months Ended June 30, 2026 vs 2025 - in thousands)
Voyage expense was $79,058, compared to $77,782. Charter hire expense was $39,104, compared to $31,423. Vessel operating expense was $23,263, compared to $23,375. Terminal & Stevedore Expenses were $2,954, compared to $2,686. General and administrative expenses were $8,962, compared to $7,172. Depreciation and amortization was $12,433, compared to $10,597. Total expenses were $165,774, compared to $153,036.
Interest and Other Expenses (Three Months Ended June 30, 2026 vs 2025 - in thousands)
Interest expense was - $5,730, compared to - $6,028. Interest income was $1,069, compared to $292. Unrealized loss on derivative instruments, net was - $6,696, compared to - $1,301.
Balance Sheet (As of June 30, 2026 vs December 31, 2025 - in thousands)
Unrestricted cash and cash equivalents were $105,675. Total debt, including finance lease obligations, was $352.4 million. The ratio of net debt to trailing twelve-month Adjusted EBITDA was 2.1x. Total current assets were $265,944, compared to $215,776. Total assets were $956,677, compared to $928,096. Total current liabilities were $192,184, compared to $128,034. Total noncurrent liabilities were $269,811, compared to $325,326. Total stockholders’ equity was $494,682, compared to $474,736.
Cash Flow (Six Months Ended June 30, 2026 vs 2025 - in thousands, and Three Months Ended June 30, 2026)
Net cash provided by operating activities was $25,878 for the six months ended June 30, 2026, compared to $10,039 in the prior-year period. Net cash provided by investing activities was $7,109, compared to - $2,411. Net cash used in financing activities was - $30,366, compared to - $35,180. Operating cash flow for the three months ended June 30, 2026, was $21.1 million. Payments of long-term debt were - $8,471, compared to - $8,269. Payments of financing obligations were - $14,017, compared to - $12,602. Payments of finance leases were - $1,576, compared to - $1,422. Cash dividends paid were - $7,114, compared to - $9,939.
Dividends
Pangaea Logistics Solutions Ltd. declared a quarterly cash dividend of $0.10 per common share. The Company paid $3.2 million in dividends during the three months ending June 30, 2026.
Outlook
Management observed strong demand for dry bulk shipping in the first half of the year, driven by Chinese iron ore imports and grain transport from the Atlantic to Asia, with these favorable market dynamics continuing into the third quarter. Pangaea Logistics Solutions Ltd. executed 4,873 shipping days at an average TCE of $20,258 per day quarter-to-date. The Company plans to maintain commercial discipline, efficient execution, and grow integrated logistics capabilities, leveraging its strong liquidity and capital allocation strategy to navigate market conditions and create shareholder value.