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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.

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.

"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."

“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.”

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.


	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

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


	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


	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.

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.

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.

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.


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