Pangaea Logistics Solutions Ltd. SEC 10-Q Report

Pangaea Logistics Solutions Ltd. has released its Q3 2025 Form 10-Q report, showing a 10% revenue increase to $168.7 million, driven by a 22% rise in shipping days. Gross profit rose to $26.5 million, and net income surged to $12.2 million. The company reported a 91% increase in charter revenues and expanded its fleet with 15 new vessels. Despite a 5% decrease in TCE rates, the outlook remains positive with ongoing investments in fleet maintenance. The SEC filing was made on Nov. 10, 2025.

Pangaea Logistics Solutions Ltd., a leading provider of comprehensive maritime logistics and transportation services, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant improvements in both financial and operational metrics, underscoring the company's robust performance and strategic growth initiatives.

Financial Highlights

Total Revenue: $168.7 million, a 10% increase from the same period in 2024, driven by a 22% rise in total shipping days.
Gross Profit: $26.5 million, up from $21.1 million in the same period of 2024, reflecting improved revenue performance.
Income from Operations: $16.9 million, compared to $15.0 million in the same period of 2024, indicating operational efficiency.
Net Income: $12.2 million, a significant increase from $5.1 million in the same period of 2024, highlighting improved profitability.
Basic Net Income Per Share: $0.19, compared to $0.11 in the same period of 2024, reflecting higher earnings per share.
Diluted Net Income Per Share: $0.19, consistent with the basic net income per share, showing no significant dilution effect.

Business Highlights

Revenue Segments: The company reported a 7% increase in voyage revenues for the three months ended September 30, 2025, primarily due to an 18% increase in voyage days and fleet expansion. Charter revenues saw a significant 91% increase, driven by a 93% rise in time charter days and improved market charter rates. Terminal & Stevedore revenues increased by 31% due to the addition of two new port operations.
Sales Units: The total shipping days increased by 22% to 5,872 days for the three months ended September 30, 2025, compared to 4,805 days for the same period in 2024. This increase was largely due to the acquisition of 15 vessels in December 2024, which expanded the company's fleet.
Operational Performance: The company experienced a 57% increase in vessel operating expenses, primarily due to a 61% increase in ownership days following the acquisition of new vessels. Terminal & Stevedore expenses also rose by 31%, aligning with the increase in terminal revenues.
Industry Overview: The Baltic Dry Index (BDI) averaged 1,978 for the third quarter of 2025, up 6% from the same quarter in 2024, indicating a positive trend in global drybulk shipping rates. The company's TCE rates, however, decreased by 5% to $15,559, reflecting a weaker dry bulk market.
Fleet Expansion: The company expanded its owned fleet by acquiring 15 vessels at the end of 2024, which increased available owned shipping days by 1,067 days in the current quarter compared to the same period in 2024.
Future Outlook: The company anticipates performing two special surveys in the fourth quarter of 2025 and ten special surveys in 2026, indicating ongoing investment in fleet maintenance and compliance. The company expects its capital resources to be sufficient to fund operations for at least the next twelve months, assuming stable drybulk shipping rates.

SEC Filing: Pangaea Logistics Solutions Ltd. [ PANL ] - 10-Q - Nov. 10, 2025