Slide 1: Earnings Call Presentation
tN qr i Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 4Q25 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 statement
Slide 3: 4Q25 Performance Highlights
4Q25 Performance Highlights Seasonal arctic activity drives strong earnings and operating cash flow Strong seasonal demand in arctic trade routes drove high utilization and supported premium TCE returns amid dry bulk market uncertainty, with TCE rates outperforming benchmark Panamax, Supramax and Ha
Slide 4: 4Q & Full Year 2025 Performance Summary
4Q & Full Year 2025 Performance Summary Adjusted EBITDA Adjusted EPS $s in Millions $s per Share TCE Rate Operating Cash $s per Flow Shipping Day $s in Millions 4
Slide 5: Outperforming Industry Benchmark
Outperforming Industry Benchmark Our TCE has exceeded the market by an average of 23% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 1Q26 booked TCE rate of $14,917, an 18% premium to the market average through the quarter.* • Our nic
Slide 6: Recent Vessel Acquisitions
Recent Vessel Acquisitions Disciplined acquiror of complementary assets 2021 & 2022 2023 & 2024 Purchased 7 vessels for $245 million Purchased 3 vessels for $83 million & Acquired 15 vessels for 18.06 million shares MV Bulk Courageous - MV Bulk Promise - MV Bulk Valor - Ultramax Panamax Supramax MV
Slide 7: Return of Capital Program
Return of Capital Program Quarterly cash dividend and share repurchase program, support long-term shareholder value creation Strong cash flow and profitability support consistent Dividend payout continues amid strategic execution and $12 million repurchase authorization allows for flexible return of
Slide 8: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and Robust operating cash flow and opportunistic vessel Capital allocation priorities will be balanced between fleet compliant vessel fleet to meet customer cargo financings, con
Slide 9: Macro Shipping Outlook
Macro Shipping Outlook Focused on providing comprehensive logistics solutions with targeted dry bulks Near Term Outlook Medium Term Outlook Long-Term Outlook (1H 2026) (2026 - 2027) (2028 & Beyond) • Trade policy uncertainty and geopolitical • Global ton-mile demand is expected to • Potential for em
Slide 10: Value Creation Strategy
Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth Integrated shipping- High fleet Organic Inorganic Return Balance sheet logistics model utilization investment investment of capital optionality • Provide solutio
Slide 11: Investment Conclusion
Integrated shipping-logistics model Focused on consistently delivering consistent, above-market high fleet utilization to drive operating returns leverage Positioned to benefit from tightening On-shore logistics offering provides global supply of dry-bulk vessels amid Investment significant, increme
Slide 12: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 13: Selected Balance Sheet Data
Selected Balance Sheet Data Unaudited Consolidated Balance Sheets As of (U.S. dollars in thousands, except per share data) December 31, 2025 December 31, 2024 Current Assets Cash and cash equivalents $ 103,054 $ 86,805 Accounts receivable, net 55,854 42,371 Other current assets 56,868 62,818 Total c
Slide 14: Selected Income Statement Data
Selected Income Statement Data (U.S. dollars in thousands, except per share data, certain amounts man not sum due to rounding). For the three Months Ended December 31, For the Years Ended December 31, 2025 2024 2025 2024 Revenues: Voyage revenue $ 166,348 $ 137,601 $ 577,547 $ 494,107 Charter revenu
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (In thousands of U.S. dollars, except as indicated, certain amounts may not sum due to rounding.) For the Three Months Ended December 31, For the Years Ended December 31, 2025 2024 2025 2024 Adjusted Gross Profit Gross Profit $ 21,529 $ 21,157 $ 69,154 $ 73,185 Ad
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands of U.S. dollars, except per share amounts (earnings per common share and adjusted earnings per common share, certain amounts may not sum due to rounding). For the Three Months Ended December 31, For the Years Ended December 31, 2025 2024 2025 2024 Ear