Slide 1: 2Q26 Earnings Call Presentation
2Q26 Earnings Call Presentation
Slide 2: Safe Harbor
Safe Harbor 2Q26 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: 2Q26 Performance Highlights
2Q26 Performance Highlights Robust growth driven by strong execution and strategic fleet positioning Supportive dry bulk market conditions, strong operating execution and strategic fleet positioning resulted in TCE rates outperforming benchmark Panamax, Supramax and Handysize indices by 10%. Second
Slide 4: 2Q 2026 Performance Summary
2Q 2026 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 25% on a trailing 5-year basis Cargo Focused Business Model Consistently Delivers Above-Market Performance • Current 3Q26 booked TCE rate of $20,258, a 14% premium to the market average through the quarter.* • Our nich
Slide 6: 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 Consistent dividend payout amid strategic execution and $12 million repurchase authorization allows for flexible return o
Slide 7: Balance Sheet Update
Balance Sheet Update Ample liquidity to support ongoing growth of business Continue to opportunistically invest in modern and Capital allocation priorities will be balanced between fleet Strong financial position underpinned by $105.7 million regulatory compliant vessel fleet to meet customer cargo
Slide 8: 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 (2H 2026) (2027) (2028 & Beyond) • Positive momentum in iron ore, grain and • Long-haul Atlantic-to-Asia and West • Ongoing fleet renewal mone
Slide 9: Value Creation Strategy
Value Creation Strategy Durable business model insulated from macro volatility – focused on deploying capital to drive above-sector growth 9
Slide 10: 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 Growing on-shore logistics offering global supply of dry-bulk vessels amid provides significant, incrementa
Slide 11: Appendix
Appendix Confidential: Pangaea Logistics Solutions
Slide 12: Selected Balance Sheet Data
Selected Balance Sheet Data June 30, 2026 December 31, 2025 (in thousands,may not foot due to rounding) Current Assets Cash and cash equivalents $ 105,675 $ 103,054 Accounts receivable, net 59,147 55,854 Other current assets 101,122 56,868 Total current assets $ 265,944 $ 215,776 Restricted cash 270
Slide 13: Selected Income Statement Data
Selected Income Statement Data (in thousands,may not foot due to rounding) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Revenues: Voyage revenue $ 171,697 $ 146,269 $ 323,697 $ 255,929 Charter revenue 11,469 6,850 23,911 16,843 Terminal & stevedore revenue 3,953 3,571 10,091 6,720
Slide 14: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net Transportation and Service Revenue Gross Profit $ 30,343 $ 10,865 $ 51,230 $ 21,093 Add: Vessel Depreciation and amortization 12,397
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands, except per share amounts (earnings per common share and Three Months Ended Three Months Ended Six Months Ended Six Months Ended adjusted earnings per common share). June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Earnings Per Common Share Net