Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the First Quarter Ended March 31, 2026
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, 2026.
About this update from Pangaea Logistics Solutions Ltd.
[{"type":"text","content":"NEWPORT, R.I., May 11, 2026 /PRNewswire/ -- 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, 2026.","length":282,"tagName":"p"},{"type":"image","alt":"Pangaea Logistics Solutions Ltd. (PRNewsfoto/Pangaea Logistics Solutions LTD)","displaySize":"","headline":null,"caption":"Pangaea Logistics Solutions Ltd. (PRNewsfoto/Pangaea Logistics Solutions LTD)","className":"","disableSlideshowImg":false,"size":{"original":{"width":330,"height":400,"url":"https://media.zenfs.com/en/prnewswire.com/8f5aff53a060b5215dd5f476abf4d247"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/ZOiH44LtSytzM4W20Er6.A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTc3Ng--/https://media.zenfs.com/en/prnewswire.com/8f5aff53a060b5215dd5f476abf4d247","width":330,"height":400},"resize_sm":{"url":"https://s.yimg.com/ny/api/res/1.2/ZOiH44LtSytzM4W20Er6.A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTc3Ng--/https://media.zenfs.com/en/prnewswire.com/8f5aff53a060b5215dd5f476abf4d247","width":330,"height":400}},"href":"https://mma.prnewswire.com/media/2513200/Pangaea_Logistics_Solutions__Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"FIRST QUARTER 2026 RESULTS","length":31,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP net income attributable to Pangaea of $13.3 million, or $0.21 per share","length":81,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted net income attributable to Pangaea of $7.0 million, or $0.11 per share","length":84,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDA of $25.2 million","length":32,"tagName":"p"}]},{"val":[{"type":"text","content":"Operating cash flow of 4.5 million","length":34,"tagName":"p"}]},{"val":[{"type":"text","content":"Time Charter Equivalent ("TCE") rates earned by Pangaea of $15,252 per day","length":84,"tagName":"p"}]},{"val":[{"type":"text","content":"Pangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 20%","length":99,"tagName":"p"}]},{"val":[{"type":"text","content":"Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.4x","length":66,"tagName":"p"}]},{"val":[{"type":"text","content":"Declared qua...