earningspresentation4q24

4Q24 Earnings Call Presentation 2 Safe Harbor 4Q24 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 4Q24 Performance Highlights Strong finish to a transformational year Seasonal artic trade demand and flexible operating model resulted in earned TCE rates in 4Q24 exceeding the benchmark average Baltic Panamax and Supramax indices by 48%. Adjusted EBITDA increased 18.1% to $23.2 million in 4Q24, as charter-hire expenses per day decreased 23% and vessel operating expenses, net of technical management fees, increased by approximately 9%, more than offsetting a 10% decrease in earned TCE rates. Completed dry bulk fleet combination with the Strategic Shipping Inc. (“SSI”) dry bulk fleet of M.T. Maritime, expanding into handy-sized segment and increasing the size of the dry bulk fleet by 60%. Continue to execute on key capital allocation priorities to maintain a consistent and sustainable return of capital strategy Entering the first quarter of 2025, market rates have been volatile amid a seasonally soft period. As of March 12, 2025, booked 4,982 days at an average of $11,412/day. Repurchased remaining 50% equity ownership in Ice-Class 1A vessel joint venture, positioning to maximize long-term returns on specialized trade routes 4 4Q & Full Year 2024 Performance Summary Adjusted EBITDA $s in Millions Adjusted EPS $s per Share TCE Rate $s per Shipping Day Operating Cash Flow $s in Millions $ 22.3 $ 19 .7 $ 8 3 .0 $ 79 .7 4 Q 24 4 Q 23 FY 20 24 FY 20 23 $ 0 .16 $ 0 .16 $ 0 .6 5 $ 0 .6 9 4 Q 24 4 Q 23 FY 20 24 FY 20 23 $ 15,9 4 2 $ 17,6 8 5 $ 16 ,4 8 5 $ 15,8 4 9 4 Q 24 4 Q 23 FY 20 24 FY 20 23 $ 19 .2 $ 23 .9 $ 6 5.7 $ 53 .8 4 Q 24 4 Q 23 FY 20 24 FY 20 23

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 1Q25 booked TCE rate of $11,412 per day, a 40% 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. * Q1 25 estimated TCE performance based on shipping days booked as of March 12, 2025 **Average of the published Panamax, Supramax, and Handysize indices, net of commission - 1,000 2,000 3,000 4,000 5,000 6,000 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 D ay s TC E R at e ($ s p er S h ip p in g D ay ) PANL Total Shipping Days PANL TCE Rate Market TCE Rate** 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) Vessels are owned through a joint venture, of which Pangaea owns 50% as of September 30, 2024 and December 31, 2023. 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 Stable quarterly cash dividend supported by stable profitability 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 Ta rg e te d d ivid e nd p o lic y is a im e d towa rd sust a ina b ilit y t h ro ug h the c yc le Divid e nd p ayo ut ha s inc re a se d a m id favo ra b le m a rke t co nd it io ns a nd s t ra te g ic exe c ut io n Im p rove d m a rg ins a nd c a sh co nve rs io n sup p o rt d ivid e nd cove ra g e d e sp ite vo la t ile d ry b ulk m a rke t 7.4 % 16 .5% 58 .0 % 6 1.5% 20 21 20 22 20 23 20 24 $ 0 .11 $ 0 .30 $ 0 .4 0 $ 0 .4 0 20 21 20 22 20 23 20 24 11.2x 10 .1x 3 .0 x 3 .5x 20 21 20 22 20 23 20 24 8 Balance Sheet Update Ample liquidity to support ongoing growth of business O p p o rtunis t ic a lly inve ste d in ow ne d sh ip fle e t d uring 20 21 a m id a t t ra c t ive m a rke t d yna m ic s Re p a id ove r $ 35 m illio n in d e b t d uring 20 23 thro ug h o p e ra t ing c a sh flow a nd ve sse l sa le s Ca p it a l a llo c a t io n p rio rit ie s w ill b e b a la nce d b e twe e n d e b t re p aym e nt , fle e t inve stm e nt , o p p o rtunis t ic M&A a nd sha re ho ld e r re turns $ 116 .4 $ 255.5 $ 175.6 $ 16 8 .9 $ 311.0 $ 4 6 .9 $ 56 .2 $ 128 .4 $ 9 9 .0 $ 8 6 .8 $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 2020 2021 2022 2023 2024* $s in M ill io n s Total Net Debt Total Cash *Note : To t a l ne t d e b t a s o f 12/ 31/ 24 re fle c t s $ 10 0 m m in inc re m e nta l finance le a se o b lig a t io ns a ssum e d a s p a rt o f t he SSI acq uis it io n , w hich c lo se d o n 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 10 13 13 13 3 3 4 48 9 7 9 15 20 21 20 22 20 23 Po st -Tra nsa c t io n / YE 20 24 Pa na m a x/ Po st -Pa na m a x Ult ra m a x Sup ra m a x Ha nd ysize Number of Owned Ships by Class Numbers of Ships Vessel DWT Year Vessel DWT Year St ra t e g ic Fo rt it ud e 37.8 29 20 16 St ra t e g ic Allia nc e 39 ,8 50 20 14 St ra t e g ic Re so lve 38 ,8 53 20 15 St ra t e g ic Unity 39 ,8 50 20 14 St ra t e g ic Ent it y 39 ,8 56 20 15 St ra t e g ic Syne rg y 39 ,8 6 5 20 14 St ra t e g ic Exp lo re r 39 ,8 56 20 15 St ra t e g ic Sa va nna h 35,54 2 20 13 St ra t e g ic Ve nture 39 ,8 50 20 14 St ra t e g ic Te na c ity 36 ,8 51 20 12 St ra t e g ic Eq uity 39 ,8 50 20 14 St ra t e g ic Sp irit 37,137 20 12 St ra t e g ic Ha rm o ny 39 ,8 79 20 14 St ra t e g ic Vis io n 37,137 20 12 St ra t e g ic End e a vo r 33 ,0 13 20 10 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 Purcha se ve sse ls in sup p o rt o f e xis t ing lo ng -t e rm CO A’s to m a xim ize re tu rns Exp a nd ca p a b ilit ie s t o o ffe r ca rg o m o ve m e nt b e yo nd o ce a n t ra nsp o rt a t io n 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 Acq uire lo g is t ic s co m p a nie s to g ro w in lo g is t ic s se c to r 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 Ap p ly co nsis t e n t a p p ro a ch to e xp a nd a nd re ne w fle e t 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 Ad d re sse d th ro ug h SSI fle e t co m b ina t io n 11 Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook (1H25) Medium Term Outlook (Full-Year 2025) Long-Term Outlook (2026 - 2027) • US Infrastructure spending continues to ramp up, creating favorable tailwinds for construction related raw materials • U.S. trade policy uncertainty creating volatility in market prices • 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 • Sustainable 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 Co nfid e n t ia l: Pa ng a e a Lo g is t ic s So lu t io ns Appendix 15 Selected Balance Sheet Data (in thousands,may not foot due to rounding) December 31, 2024 December 31, 2023 Current Assets Cash and cash equivalents 86,805$ 99,038$ Accounts receivable, net 42,371 47,892 Other current assets 62,818 44,897 Total current assets 191,994 191,826 Fixed assets, including finance lease right of use assets, net 736,598 504,659 Goodwill 3,105 3,105 Other Non-current Assets 4,761 5,590 Total assets 936,457$ 705,180$ Current liabilities Accounts payable, accrued expenses and other current liabilities 47,763$ 35,836$ Current portion long-term debt and finance lease liabilities 44,687 52,722 Other current liabilities 16,658 16,776 Total current liabilties 109,108 105,334 Secured long-term debt and finance lease liabilities, net 352,685 211,713 Other long-term liabilities - 17,937 Total Pangaea Logistics Solutions Ltd. equity 427,822 323,886 Non-controlling interests 46,843 46,310 Total stockholders' equity 474,664 370,196 Total liabilities and stockholders' equity 936,457$ 705,180$ 16 Selected Income Statement Data Ad just e d EBITDA re p re se n t s ne t inco m e (o r lo ss) , d e t e rm ine d in acco rd ance w ith U.S. GAAP, e xc lud ing in t e re s t e xp e nse , in t e re s t inco m e , inco m e t axe s , d e p re c ia t io n and am o rt iza t io n , lo ss o n im p a irm e nt , lo ss o n sa le and le a se b ack o f ve sse ls , sha re -b ase d co m p e nsa t io n , o the r no n-o p e ra t ing inco m e and / o r e xp e nse , and o the r no n-re curring it e m s, if any. (in thousands,may not foot due to rounding) 2024 2023 2024 2023 Revenues: Voyage revenue 137,601$ 122,281$ 494,107$ 468,581$ Charter revenue 6,588 7,079 30,326 23,716 Terminal & stevedore revenue 2,986 2,517 12,103 6,971 Total revenue 147,175 131,877 536,536 499,268 Expenses: Voyage expense 67,674 57,085 237,479 227,435 Charter hire expense 34,425 33,850 130,764 111,034 Vessel operating expenses 14,254 14,713 55,544 55,784 Terminal Expenses 1,974 1,917 9,299 5,809 General and administrative 6,277 5,666 24,626 22,781 Depreciation and amortization 7,766 7,524 30,376 30,070 Loss on sale of vessel - 566 - 1,739 Total expenses 132,370 121,322 488,088 454,651 Income from operations 14,805 10,555 48,449 44,617 - - - - Total other expense, net (5,752) (8,377) (16,679) (16,079) Net income 9,053 2,178 31,769 28,538 Income attributable to noncontrolling interests (618) (1,042) (2,866) (2,214) Net income attributable to Pangaea Logistics Solutions Ltd. 8,435$ 1,136$ 28,903$ 26,323$ Adjusted EBITDA (1) 23,245$ 19,682$ 83,040$ 79,724$ Twelve months ended December 31,Three months ended December 31,

17 Reconciliation of Non-GAAP Measures 12/31/2024 12/31/2023 12/31/2024 12/31/2023 (unaudited) (unaudited) Net Transportation and Service Revenue Gross Profit 21,156,847$ 16,877,815$ 73,184,997$ 69,246,559$ Add: Vessel Depreciation and amortization 7,691,604 7,433,685 30,265,807 29,960,481 Net transportation and service revenue 28,848,451$ 24,311,500$ 103,450,804$ 99,207,040$ Adjusted EBITDA Net Income 9,053,237$ 2,177,900$ 31,769,493$ 28,537,772$ Interest expense, net 4,119,302 3,596,407 14,050,591 13,453,413 Income (loss) attributable to Non-controlling interest recorded as long-term liability interest expense 2,682,192 (565,648) 3,103,018 462,150 Depreciation and amortization 7,766,490 7,524,045 30,375,721 30,070,395 EBITDA 23,621,221 12,732,704 79,298,823 72,523,730 Non-GAAP Adjustments: Loss on sale of vessels - 566,315 - 1,738,511 Share-based compensation 475,005 694,293 2,788,190 2,087,807 Unrealized (gain) loss on derivative instruments, net (851,346) 5,685,406 953,042 2,925,347 Other non-recurring items - 3,195 - 448,373 Adjusted EBITDA 23,244,880$ 19,681,913$ 83,040,055$ 79,723,768$ For the three months ended For the twelve months ended 18 Reconciliation of Non-GAAP Measures Earnings Per Common Share Net income attributable to Pangaea Logistics Solutions Ltd. 8,435,392$ 1,136,202$ 28,903,383$ 26,323,300$ Weighted average number of common shares - basic 45,792,112 44,815,282 45,391,855 44,773,899 Weighted average number of common shares - diluted 46,527,775 45,392,225 46,046,044 45,475,453 Earnings per common share - basic 0.18$ 0.03$ 0.64$ 0.59$ Earnings per common share - diluted 0.18$ 0.03$ 0.63$ 0.58$ Adjusted EPS Net income attributable to Pangaea Logistics Solutions Ltd. 8,435,392$ 1,136,202$ 28,903,383$ 26,323,300$ Non-GAAP Add: Loss on impairment of vessels - - - - Loss on sale of vessels -$ 566,315$ -$ 1,738,511$ Unrealized (gain) loss on derivative instruments, net (851,346) 5,685,406 953,042 2,925,347 Other non-recurring items - 3,195 - 448,373 Non-GAAP adjusted net income attributable to Pangaea Logistic 7,584,046 7,391,118 29,856,425 31,435,531 Weighted average number of common shares - basic 45,792,112 44,815,282 45,391,855 44,773,899 Weighted average number of common shares - diluted 46,527,775 45,392,225 46,046,044 45,475,453 Adjusted EPS - basic 0.17$ 0.16$ 0.66$ 0.70$ Adjusted EPS - diluted 0.16$ 0.16$ 0.65$ 0.69$