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0001606909false00016069092025-05-122025-05-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
 
FORM 8-K
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 
 
Date of Report (Date of earliest event reported): May 12, 2025  
 
PANGAEA LOGISTICS SOLUTIONS LTD.
(Exact Name of Registrant as Specified in Charter)
 
Bermuda 001-36798 98-1205464
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
 
c/o Phoenix Bulk Carriers (US) LLC
109 Long Wharf, Newport, Rhode Island 02840
(Address of Principal Executive Offices) (Zip Code)
 
(401) 846-7790
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
  ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of exchange on which registered
Common Stock PANL Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On May 12, 2025, Registrant issued a press release announcing financial results for three months ended March 31, 2025. The press release is furnished as Exhibit 99.1, and the Quarterly Investor Presentation is furnished as Exhibit 99.2.
 
The information contained in, or incorporated into, this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.
 
(d)Exhibits
Exhibit Description
 
99.1    May 12, 2025 press release entitled "Pangaea Logistics Solutions Ltd. Reports First Quarter 2025 Financial Results" (furnished pursuant to Item 2.02)

99.2    Q1 2025 Investor Presentation of Pangaea Logistics Solutions Ltd. dated May 12, 2025

104    Cover Page Interactive Data File ( embedded within Inline XBRL document)




SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: May 12, 2025
  PANGAEA LOGISTICS SOLUTIONS LTD.
   
  By:  /s/ Gianni Del Signore
    Name: Gianni Del Signore
Title: Chief Financial Officer
 
 


EX-99.1 2 q12025earningspressrelease.htm EX-99.1 Document

Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended March 31, 2025
NEWPORT, RI - May 12, 2025 - Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (Nasdaq: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended March 31, 2025.
FIRST QUARTER 2025 RESULTS

•Net loss attributable to Pangaea of $2.0 million, or $0.03 per share
•Adjusted net loss attributable to Pangaea of $2.2 million, or $0.03 per share
•Adjusted EBITDA of $14.8 million
•Time Charter Equivalent ("TCE") rates earned by Pangaea of $11,390 per day
•Pangaea’s TCE rates exceeded the weighted average Baltic Panamax, Supramax, and Handysize indices by 33%
•Announces $15million share repurchase authorization
•Declared quarterly cash dividend of $0.05 per common share

For the three months ended March 31, 2025, Pangaea reported non-GAAP adjusted net loss of $2.2 million, or $0.03 per share, on total revenue of $122.8 million. First quarter TCE rates decreased 36% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, increased 41% to 5,210 days, when compared to the year-ago period. The increase in shipping days relative to the year-ago period was primarily attributable to the acquisition of fifteen handy-sized vessels, which was completed at the end of the fourth quarter of 2024.

The TCE earned was $11,390 per day for the three months ended March 31, 2025, compared to an average of $17,697 per day for the same period in 2024. During the first quarter ended March 31, 2025, the Company’s average TCE rate exceeded the benchmark weighted average Baltic Panamax, Supramax, and Handysize indices by 33%, supported by Pangaea’s long-term contracts of affreightment ("COAs"), specialized fleet, and cargo-focused strategy.

Total Adjusted EBITDA decreased by 24.2% to $14.8 million in the first quarter of 2025, compared to the prior-year period. Total Adjusted EBITDA margin was 12.0% during the first quarter of 2025, compared to 18.6% during the prior year period. This decrease is primarily due to a decrease in market freight and time charter hire rates, which resulted in lower TCE earnings.

As of March 31, 2025, the Company had $63.9 million in cash and cash equivalents. Total debt, including finance lease obligations was $390.8 million. On December 30, 2024, the Company assumed approximately $100.6 million of indebtedness in connection with its transaction with Strategic Shipping, Inc. During the three months ended March 31, 2025, the Company repaid $11.03 million of long-term debt, financing obligations, and finance lease, while also distributing $6.73 million in cash dividends.

On May 8, 2025, the Company’s Board of Directors authorized a new share repurchase program. Pursuant to the authorized program, the Company may repurchase up to $15 million of its outstanding shares of common stock in the open market, in accordance with applicable rules and regulations. The authorization represents 5.6% of the Company’s market capitalization as of May 8, 2025. The Company’s decision to repurchase its shares, as well as the timing of such repurchases, will depend on a variety of factors, including the ongoing assessment of the Company’s capital needs, the market price of the Company’s common stock, general market conditions and other corporate considerations, as determined by management. The repurchase program may be suspended or discontinued at any time.

The Company's Board of Directors also declared a quarterly cash dividend of $0.05 per common share, to be paid on June 16, 2025 to all shareholders of record as of June 2, 2025.

MANAGEMENT COMMENTARY

"We showed disciplined execution during the first quarter, maintaining our cargo-focused strategy and delivering consistent premium TCE rates supported by our portfolio of long-term contracts," stated Mark Filanowski, Chief Executive Officer of Pangaea Logistics Solutions. "Our results reflected both the expected seasonal softness early in the quarter and increased market volatility driven by shifting U.S. trade policy dynamics."

"Strategically, we’re making progress integrating the Handysize fleet we acquired at the end of 2024, and that integration is already unlocking operational efficiencies across our broader platform," continued Filanowski. "We remain on track with our infrastructure investment at the Port of Tampa, which represents another step in the expansion of our Terminal and Stevedore business once completed late this year."

"While uncertainty and volatility continue to characterize the global trade environment, demand for core dry bulk commodities has remained resilient, and our trade routes have largely been insulated from the impact of tariffs," Filanowski added. "Revised U.S. Trade Representative proposals on port fees will not negatively impact our fleet operations. Our flexible model allows us to actively optimize vessel and cargo positioning to maximize returns.


Through today we've executed 4,275 shipping days at an average TCE of $12,524 per day for the second quarter—demonstrating the continued strength of our commercial platform even in turbulent conditions."

“Looking ahead, the dry bulk market is navigating uncharted waters, but we remain confident in our ability to adapt, outperform and create durable long-term value through the cycle. With a focus on integration, we’re advancing targeted fleet investments and expanding our port logistics infrastructure, while maintaining disciplined capital allocation,” stated Filanowski.

“Pangaea remains focused on prudent capital allocation and long-term value creation,” concluded Filanowski. “In line with this commitment, our Board of Directors has authorized a new $15 million share repurchase program. This provides us with added flexibility to return capital to shareholders while continuing to invest in our business and preserve balance sheet strength. We intend to take a measured approach to deploying the program alongside our revised quarterly dividend, consistent with our strategy to maximize shareholder value in a dynamic operating environment.”

STRATEGIC UPDATE

Pangaea remains committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets, which drive premium returns measured in time charter equivalent per day.

Leverage integrated shipping and logistics model. In addition to operating the largest high ice class dry bulk fleet of Panamax and post-Panamax vessels globally, Pangaea also performs stevedoring services, together with port and terminal operations capabilities. Following the completion of the SSI acquisition in late 2024, the Company is focused on the integration of the handy sized fleet and leveraging these vessels to compliment and expand its terminal services and stevedoring operations. The Company is steadily advancing its terminal operations expansion at the Port of Tampa, with completion anticipated in the second half of 2025.

Continue to drive strong fleet utilization. In the first quarter, Pangaea's owned fleet of 41 vessels was well utilized on average, despite 160 days of off-hire due to dry dockings. The owned vessel fleet was supplemented with an average of 19 chartered-in vessels to support cargo and COA commitments. Through successful integration of the recently acquired fleet of handy-sized vessels, the Company is focused on improving utilization across it’s fleet and continuing to meet the dynamic demands of its customers.

Continue to upgrade fleet, while divesting older, non-core assets. Going forward Pangaea plans to selectively invest in its fleet with the purpose of maximizing TCE rates, meeting evolving regulatory requirements and supporting client cargo needs on an on-demand basis.

FIRST QUARTER 2025 CONFERENCE CALL

The Company’s management team will host a conference call on Tuesday, May 13, 2025, at 8:00 a.m. ET to discuss the Company’s financial results and recent events. Accompanying presentation materials will be available in the Investor Relations section of the Company’s website at https://www.pangaeals.com/investors/.

To participate in the live teleconference:

•Domestic: 1-800-343-4136

•International: 1-203-518-9843

•Conference ID: PANLQ125

To listen to a replay of the teleconference, available through May 20, 2025:

•Domestic Replay: 1-888-215-1487

•International Replay: 1-402-220-4938






Pangaea Logistics Solutions Ltd.
Consolidated Statements of Operations
(unaudited)
Three Months Ended March 31,
2025 2024
Revenues:
Voyage revenue $ 109,659,800  $ 87,290,563 
Charter revenue 9,992,999  15,031,027 
Terminal & Stevedore Revenue 3,149,087  2,426,963 
Total revenue 122,801,886  104,748,553 
Expenses:
Voyage expense 60,307,182  37,114,664 
Charter hire expense 17,640,670  27,142,850 
Vessel operating expense 22,178,262  12,669,257 
   Terminal & Stevedore Expenses 2,551,341  2,079,187 
General and administrative 7,274,493  7,278,003 
Depreciation and amortization 9,923,492  7,436,473 
Total expenses 119,875,440  93,720,434 
Income from operations 2,926,446  11,028,119 
Other income (expense):  
Interest expense (6,145,944) (3,850,730)
Interest income 444,378  875,084 
Income attributable to Non-controlling interest recorded as long-term liability interest expense
 —  (815,102)
Unrealized gain on derivative instruments, net 183,540  5,084,339 
Other income 392,906  343,924 
Total other expense, net (5,125,120) 1,637,515 
Net (loss) income (2,198,674) 12,665,634 
Loss (income) attributable to non-controlling interests 217,797  (991,458)
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. $ (1,980,877) $ 11,674,176 
(Loss) earnings per common share:
Basic $ (0.03) $ 0.26 
Diluted $ (0.03) $ 0.25 
Weighted average shares used to compute earnings per common share:
Basic 63,851,090  45,214,519 
Diluted 63,851,090  45,914,772 



Pangaea Logistics Solutions Ltd.
Consolidated Balance Sheets
March 31, 2025 December 31, 2024
(unaudited)
Assets
Current assets
Cash and cash equivalents $ 63,948,677  $ 86,805,470 
Accounts receivable (net of allowance of $6,619,042 and $5,492,901 at March 31, 2025 and December 31, 2024, respectively) 47,915,124  42,370,830 
Inventories 36,031,774  32,848,241 
Advance hire, prepaid expenses and other current assets 28,006,939  29,969,352 
Total current assets 175,902,514  191,993,893 
Fixed assets, net 705,349,704  707,826,328 
Right of use assets, net 28,342,045  28,771,531 
Goodwill 3,104,800  3,104,800 
Other non-current Assets 5,289,742  4,760,529 
Total assets $ 917,988,805  $ 936,457,081 
Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities $ 43,058,013  $ 46,581,567 
Affiliated Companies payable 788,989  1,181,015 
Deferred revenue 19,291,025  15,447,488 
Current portion of secured long-term debt 16,616,022  16,576,195 
Current portion of financing obligations 25,351,524  25,267,105 
Current portion of lease liabilities 2,843,750  2,843,750 
Dividend payable 1,048,066  1,210,991 
Total current liabilities 108,997,389  109,108,111 
Secured long-term debt, net 108,725,464  112,720,545 
Financing Obligations, net 223,379,561  229,529,792 
Long-term liabilities - other 9,733,675  10,434,298 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding
 —  — 
Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,621,562 shares issued and outstanding at March 31, 2025; 64,961,433 shares issued and outstanding at December 31, 2024
 6,564  6,498 
Additional paid-in capital 260,191,506  258,659,972 
Retained earnings 160,604,727  169,155,149 
Total Pangaea Logistics Solutions Ltd. equity 420,802,797  427,821,619 
Non-controlling interests 46,349,919  46,842,716 
Total stockholders' equity 467,152,716  474,664,335 
Total liabilities and stockholders' equity $ 917,988,805  $ 936,457,081 

Pangaea Logistics Solutions, Ltd.
Consolidated Statements of Cash Flows
(unaudited)

Three Months Ended March 31,
2025 2024
Operating activities
Net (loss) income $ (2,198,674) $ 12,665,634 
Adjustments to reconcile net income to net cash provided by operations:  
Depreciation and amortization expense 9,923,492  7,436,473 
Amortization of deferred financing costs 311,565  205,472 
Amortization of prepaid rent 29,942  30,467 
Unrealized (gain) loss on derivative instruments (183,540) (5,084,339)
Income from equity method investee (392,906) (343,924)
Earnings attributable to non-controlling interest recorded as other long-term liability —  815,102 
Provision for doubtful accounts 1,158,555  358,080 
Drydocking costs (6,448,769) (1,267,661)
Share-based compensation 1,531,600  1,138,677 
Change in operating assets and liabilities:
Accounts receivable (6,702,848) 5,535,687 
Inventories (3,183,533) (5,595,378)
Advance hire, prepaid expenses and other current assets 1,213,545  (3,850,938)
Accounts payable, accrued expenses and other current liabilities (3,257,785) (1,187,491)
Deferred revenue 3,843,537  (1,856,580)
Net cash (used in) provided by operating activities (4,355,819) 8,999,281 
Investing activities    
Purchase of vessels and vessel improvements (58,163) (130,000)
Purchase of fixed assets and equipment (402,112) (73,618)
Net cash used in investing activities (460,275) (203,618)
Financing activities
Payments of finance leases (710,938) (856,799)
Payments of long-term debt (4,129,304) (3,356,824)
Payments of financing obligations (6,192,987) (2,872,524)
Cash dividends paid (6,732,470) (4,874,127)
Payments to non-controlling interest (275,000) — 
Net cash used in financing activities (18,040,699) (11,960,274)
Net change in cash and cash equivalents (22,856,793) (3,164,611)
Cash and cash equivalents at beginning of period 86,805,470  99,037,866 
Cash and cash equivalents at end of period $ 63,948,677  $ 95,873,255 

Pangaea Logistics Solutions Ltd.
Reconciliation of Non-GAAP Measures
(unaudited)

Three Months Ended March 31,
2025 2024
Net Transportation and Service Revenue
Gross Profit $ 10,228,418  $ 18,333,600 
Add:
Vessel Depreciation and Amortization 9,896,013  7,408,995 
Net transportation and service revenue $ 20,124,431  $ 25,742,595 
Adjusted EBITDA
Net (loss) income (2,198,674) 12,665,634 
Interest expense, net 5,701,566  2,975,646 
Income attributable to Non-controlling interest recorded as long-term liability interest expense
 —  815,102 
Depreciation and amortization 9,923,492  7,436,473 
EBITDA 13,426,384  23,892,855 
Non-GAAP Adjustments:
Share-based compensation 1,531,600  1,138,677 
Unrealized gain on derivative instruments, net (183,540) (5,084,339)
Adjusted EBITDA $ 14,774,444  $ 19,947,193 
(Loss) earnings per common share:
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. $ (1,980,877) $ 11,674,176 
Weighted average number of common shares outstanding - basic 63,851,090  45,214,519 
Weighted average number of common shares outstanding - diluted 63,851,090  45,914,772 
Basic net (loss) income per share $ (0.03) $ 0.26 
Diluted net (loss) income per share $ (0.03) $ 0.25 
Adjusted EPS
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. $ (1,980,877) $ 11,674,176 
Non-GAAP
Add:
Unrealized gain on derivative instruments (183,540) (5,084,339)
Non-GAAP adjusted net (loss) income attributable to Pangaea Logistics Solutions Ltd. $ (2,164,417) $ 6,589,837 
Weighted average number of common shares - basic 63,851,090  45,214,519 
Weighted average number of common shares - diluted 63,851,090  45,914,772 
Adjusted EPS - basic $ (0.03) $ 0.15 
Adjusted EPS - diluted $ (0.03) $ 0.14 


INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.

Gross Profit. Gross profit represents total revenue less net transportation and service revenue and less vessel depreciation and amortization.

Net transportation and service revenue. Net transportation and service revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses and terminal & stevedore expenses. Net transportation and service revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net transportation and service revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea’s definition of net transportation and service revenue used here may not be comparable to an operating measure used by other companies.

Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense and other non-recurring items, if any. Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale of vessel, loss on sale and leaseback of vessel, loss on impairment of vessel, unrealized gains and losses on derivative instruments, and certain non-recurring charges, divided by the weighted average number of shares of common stock.

There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea’s definition of adjusted EBITDA used here are not comparable to EBITDA.

The table set forth above provides a reconciliation of the non-GAAP financial measures presented during the period to the most directly comparable financial measures prepared in accordance with GAAP.

About Pangaea Logistics Solutions Ltd.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) and its subsidiaries (collectively, “Pangaea” or the “Company”) provides seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management. Learn more at www.pangaeals.com.




Investor Relations Contacts
Gianni Del Signore Stefan C. Neely
Chief Financial Officer Vallum Advisors
401-846-7790
Investors@pangaeals.com PANL@val-adv.com

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.
EX-99.2 3 a03312025earningspresent.htm EX-99.2 a03312025earningspresent
1Q25 Earnings Call Presentation 2 Safe Harbor 1Q25 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea’s and managements’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Pangaea’s business. These risks, uncertainties and contingencies include: business conditions; weather and natural disasters; changing interpretations of GAAP; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments; requirements or changes adversely affecting the business in which Pangaea is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of logistics and shipping services; general economic conditions; geopolitical events and regulatory changes; and other factors set forth in Pangaea’s filings with the Securities and Exchange Commission and the filings of its predecessors. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that certain of Pangaea’s financial results are unaudited and do not conform to SEC Regulation S-X and as a result such information may fluctuate materially depending on many factors. Accordingly, Pangaea’s financial results in any particular period may not be indicative of future results. Pangaea is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise. 3 1Q25 Performance Highlights Strong execution, backed by COAs and flexible business model Consistent execution on long-term COAs, supported strong TCE rate returns during a seasonally soft quarter, with TCE rates outperforming benchmark Panamax, Supramax and Handysize indexes by 33% Adjusted EBITDA decreased to $14.8 million in 1Q25, due to an overall decrease in market rates and TCE earnings during the quarter Continued to successfully integrate Strategic Shipping Inc. (“SSI”) dry bulk fleet in to our operating platform, unlocking operating efficiencies and enhancing returns across our broader fleet Announced new share repurchase program of $15 million and declared $0.05 quarterly dividend, diversifying shareholder return of capital program to maximize long-term shareholder value Entering the second quarter of 2025, market rates remain volatile and continue to reflect global macro and trade policy uncertainties. As of May 12, 2025, booked 4,275 days at an average of $12,524/day, a 25% premium to the benchmark indexes. First quarter 2025 GAAP net loss of $2.0 million, or $0.03 per share and Adjusted net loss of $2.2 million, or $0.03 per share 4 1Q 2025 Performance Summary Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions

 
5 Outperforming Industry Benchmark Our TCE has exceeded the market** by an average of 29% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 2Q25 booked TCE rate of $12,524, a 25% premium to the market average through the quarter.* • Our niche, higher-margin trades, long-term COAs and charter-in strategy remain key areas of differentiation. * Q2 25 estimated TCE performance based on shipping days booked as of May 12, 2025 **Average of the published Panamax, Supramax and Handysize indices, net of commission 6 Recent Vessel Acquisitions Disciplined acquiror of complementary assets MV Bulk Sachuest - Supramax MV Bulk Courageous - Ultramax MV Bulk Promise - Panamax MV Bulk Valor - Supramax MV Bulk Concord - Panamax MV Nordic Nuluujaak – Post Panamax(1) MV Nordic Qinnqua – Post Panamax(1) MV Nordic Sanngijug – Post Panamax(1) MV Nordic Siku – Post Panamax(1) (1) On November 6, 2024, the Company acquired the remaining 50% interest in NBP from a non-affiliate, resulting in full ownership of NBP's fleet of four Post Panamax Ice Class 1A dry bulk vessels. Purchased 7 vessels for $245 million Purchased 3 vessels for $83 million & Acquired 15 vessels for 18.06 million shares 2023 & 2024 MV Bulk Prudence - Ultramax 2021 & 2022 MV Bulk Brenton - Supramax MV Bulk Patience - Supramax Strategic Handysize Fleet of 15 vessels 7 Return of Capital Program Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Annual Dividend Payout Ratio % of Adjusted Net Income Total Annual Cash Dividend Paid $s per Share Annual Dividend Coverage Ratio Ratio of Operating Cash Flow to Dividends Issued Targeted dividend policy is aimed toward sustainability through the cycle Dividend payout has remained during various market conditions and strategic execution $15 million repurchase authorization allows for flexible and opportunistic capital deployment 8 Balance Sheet Update Ample liquidity to support ongoing growth of business Opportunistically invested in owned ship fleet Repaid over $11million in debt during 1Q25 through operating cash flow Capital allocation priorities will be balanced between debt repayment, fleet investment, opportunistic M&A and shareholder returns *Note: Total net debt as of 12/31/24 reflects $100mm in incremental finance lease obligations assumed as part of the SSI acquisition, which closed on 12/30/24.

 
9 SSI Fleet Merger: Strategic Rationale Commercially attractive handysize fleet will add scale and expand the foundation for growth across entire enterprise Expanding into handysize segment provides scale and diversification • Currently utilize handysize vessels to serve certain clients on a chartered-in basis • Additional vessels will allow us to further leverage our differentiated business model to improve fleet utilization and TCE returns • Expanded fleet will give us scale and capacity to grow presence with new and existing customers • Additional opportunity for synergies within our Ports and Terminals division Strengthening dry bulk operations team • Addition of highly experienced team of dry bulk professionals will provide experience and create platform for future growth Number of Owned Ships by Class Numbers of Ships Vessel DWT Year Vessel DWT Year Strategic Fortitude 37.829 2016 Strategic Alliance 39,850 2014 Strategic Resolve 38,853 2015 Strategic Unity 39,850 2014 Strategic Entity 39,856 2015 Strategic Synergy 39,865 2014 Strategic Explorer 39,856 2015 Strategic Savannah 35,542 2013 Strategic Venture 39,850 2014 Strategic Tenacity 36,851 2012 Strategic Equity 39,850 2014 Strategic Spirit 37,137 2012 Strategic Harmony 39,879 2014 Strategic Vision 37,137 2012 Strategic Endeavor 33,013 2010 SSI Handymax Dry Bulk Fleet 10 SSI Fleet Merger: Executing differentiated value creation strategy Fleet combination is consistent with key shareholder value creation objectives Integrated shipping- logistics model High fleet utilization Organic Investment Inorganic investment Return of capital Balance sheet optionality Expands scale of cargo solutions to support customer supply chains in the handysize segment Utilize chartered in fleet to arbitrage vessel positions and provide more revenue days Purchase vessels in support of existing long- term COA’s to maximize returns Expand capabilities to offer cargo movement beyond ocean transportation Sustain consistent dividend approach, not a payout formula Promote historical lending relationships, sustainable business plan, and consistent performance to secure favorable lending terms A fully integrated service offering from Handy to Post Panamax Expand owned fleet for growth using our unique business model Acquire logistics companies to grow in logistics sector Conserve capital for fleet renewal and opportunistic growth Maintain low net leverage and substantial free cash generation to provide flexibility in financing growth projects Additional volume and margin to ocean freight offerings Apply consistent approach to expand and renew fleet Compensate for volatility of dry bulk market by maintaining reasonable leverage Improved growth opportunities through scaled integration with shipping-logistics model Improving breadth of owned fleet improves overall utilization and ability to arbitrage vessel positions All-stock transaction protects consistent dividend program, preserves liquidity and minimizes financial leverage Addressed through SSI fleet combination 11 Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (2Q25 & 3Q25) Medium Term Outlook (Full-Year 2025) Long-Term Outlook (2026 - 2027) • Significant US Infrastructure spending is expected to continue, creating favorable tailwinds for construction related raw materials. • US trade policy uncertainty may create volatility in market prices and trade patterns for commodities but demand remains resilient. • Global dry bulk fleet growth is expected to remain limited amid limited new- building activity • Trade disruptions resulting from geopolitical tensions are expected to increase could create opportunities as trade looks to avoid regions of turmoil • Current risk to medium-term rate improvement is a more pronounced global recession • Clarity in emissions free fuel alternatives creates opportunity for fleet renewal and niche offerings • Supply chain reorganizations provide the opportunity for the Company to grow its logistics offerings with new and existing customers • Emissions regulations will continue to put pressure on markets as fleets age amid limited new and compliant vessels are built 12 Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth Integrated shipping- logistics model • Provide solutions to customer supply chain issues • More efficient, lower total cost of delivery for customer • Adds volume and margins to PANL ocean freight offerings High fleet utilization • Utilize chartered in fleet to arbitrage vessel positions and provide more revenue days Organic investment • Expand capabilities to offer cargo movement beyond ocean transportation • Expand owned fleet for growth using our unique business plan • Apply consistent approach to expand and renew fleet Inorganic investment • Purchase vessels in support of existing long-term COAs, to maximize returns • Acquire logistics companies to grow in logistics sector Return of capital • Sustain consistent dividend approach, not a payout formula • Conserve capital for fleet renewal and opportunistic growth • Compensate for volatility of sector by maintaining reasonable liquidity Balance sheet optionality • Promote historical lending relationships, sustainable business plan, and consistent performance to help provide favorable lending terms • Maintain low net leverage and substantial free cash generation to provide flexibility in financing growth projects • Consider joint ventures to help mitigate risks and create synergies

 
13 Investment Conclusion Small-cap growth play with stable return of capital program Integrated shipping-logistics model delivering consistent, above-market returns Focused on consistently high fleet utilization to drive operating leverage Positioned to benefit from tightening global supply of dry-bulk vessels amid continued demand growth On-shore logistics offering provides significant, incremental revenue opportunities Leading position within Ice-Class trades supports superior earned TCE rates Disciplined capital allocation strategy Long-term cargo-based contracts provide multi-year demand visibility Significant balance sheet optionality to pursue growth, low net leverage Confidential: Pangaea Logistics Solutions Appendix 15 Selected Balance Sheet Data March 31, 2025 December 31, 2024 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 63,949 $ 86,805 Accounts receivable, net 47,915 42,371 Other current assets 64,039 62,818 Total current assets $ 175,903 $ 191,994 Fixed assets, including finance lease right of use assets, net 733,692 736,598 Goodwill 3,105 3,105 Other Non-current Assets 5,290 4,761 Total assets $ 917,989 $ 936,457 Current liabilities Accounts payable, accrued expenses and other current liabilities $ 43,847 $ 47,763 Current portion long-term debt and finance lease liabilities 44,811 44,687 Other current liabilities 20,339 16,658 Total current liabilties 108,997 109,108 Secured long-term debt and finance lease liabilities, net 341,839 352,685 Total Pangaea Logistics Solutions Ltd. equity 420,803 427,822 Non-controlling interests 46,350 46,843 Total stockholders' equity 467,153 474,664 Total liabilities and stockholders' equity $ 917,989 $ 936,457 16 Selected Income Statement Data Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense, and other non-recurring items, if any. (in thousands,may not foot due to rounding) March 31, 2025 March 31, 2024 Revenues: Voyage revenue $ 109,660 $ 87,291 Charter revenue 9,993 15,031 Terminal & stevedore revenue 3,149 2,427 Total revenue 122,802 104,749 Expenses: Voyage expense 60,307 37,115 Charter hire expense 17,641 27,143 Vessel operating expenses 22,178 12,669 Terminal Expenses 2,551 2,079 General and administrative 7,274 7,278 Depreciation and amortization 9,923 7,436 Total expenses 119,875 93,720 Income from operations 2,926 11,028 Total other expense, net (5,125) 1,638 Net income (2,199) 12,666 Income attributable to noncontrolling interests 218 (991) Net income attributable to Pangaea Logistics Solutions Ltd. $ (1,981) $ 11,674 Adjusted EBITDA (1) $ 14,774 $ 19,947

 
17 Reconciliation of Non-GAAP Measures Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Net Transportation and Service Revenue Gross Profit $ 10,228,418 $ 18,333,600 Add: Vessel Depreciation and amortization 9,896,013 7,408,995 Net transportation and service revenue $ 20,124,431 $ 25,742,595 Adjusted EBITDA Net (loss) income $ (2,198,674) $ 12,665,634 Interest expense, net 5,701,566 2,975,646 Income (loss) attributable to Non-controlling interest recorded as long-term liability interest expense — 815,102 Depreciation and amortization 9,923,492 7,436,473 EBITDA $ 13,426,384 $ 23,892,855 Non-GAAP Adjustments: Share-based compensation 1,531,600 1,138,677 Unrealized (gain) loss on derivative instruments, net (183,540) (5,084,339) Adjusted EBITDA $ 14,774,444 $ 19,947,193 18 Reconciliation of Non-GAAP Measures Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. $ (1,980,877) $ 11,674,176 Weighted average number of common shares - basic 63,851,090 45,214,519 Weighted average number of common shares - diluted 63,851,090 45,914,772 Earnings per common share - basic (0.03) 0.26 Earnings per common share - diluted (0.03) 0.25 Adjusted EPS Net income attributable to Pangaea Logistics Solutions Ltd. $ (1,980,877) $ 11,674,176 Non-GAAP Add: Unrealized (gain) loss on derivative instruments, net (183,540) (5,084,339) Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. (2,164,417) 6,589,837 Weighted average number of common shares - basic 63,851,090 45,214,519 Weighted average number of common shares - diluted 63,851,090 45,914,772 Adjusted EPS - basic $ (0.03) $ 0.15 Adjusted EPS - diluted $ (0.03) $ 0.14