Pangaea Posts Record Adjusted EBITDA as Arctic Season Peaks

The Tip Desk · November 5, 2026 · 3 min read

Adjusted EBITDA reached $52.4 million in the third quarter, with TCE rates at $20,414 a day and a 13% premium to benchmark indices.

Pangaea Logistics Solutions Ltd. (PANL), a global provider of maritime logistics, reported GAAP net income attributable to the company of $38.3 million, or $0.59 a share, for the three months ended September 30, 2026, up from $10.2 million, or $0.16 a share, in the second quarter. Adjusted net income was $33.6 million, or $0.52 a share.

Total revenue was $219.1 million. Adjusted EBITDA rose to $52.4 million from $35.0 million in the second quarter, and the adjusted EBITDA margin expanded to 23.9% from 18.7%. The company said the quarter represented its strongest period for Arctic ice-class activity, with seasonal strength reinforced by a strengthening dry bulk market.

Time charter equivalent rates earned were $20,414 per day, compared with $15,559 a day a year earlier. The premium over the average Baltic Panamax, Supramax, and Handysize indices widened to 13% from 10% in the second quarter. Total shipping days, including voyage and time charter days, increased 8% to 6,339 days, reversing the second quarter’s year-over-year decline. President and Chief Executive Officer Mads Boye Petersen said the fleet earned a 13% premium to the benchmark indices and that the results produced record quarterly adjusted EBITDA and adjusted net income.

Voyage revenue was $193.1 million, up from $155.3 million a year earlier. Charter revenue was $18.8 million. Port terminal and stevedore revenue increased 73% year-over-year to $7.1 million from $4.1 million. Petersen said dry bulk tons discharged across the network increased 65%, reflecting the full contribution of port operations that have commenced over the past year. The company completed its first full quarter of terminal operations in the port of Tampa Bay, Florida. Income from operations was $43.6 million.

The owned fleet of 38 vessels operated with an average of 31 chartered-in vessels. Petersen said the niche ice-class fleet operated at peak seasonal activity on Arctic trades. The company said it remains focused on optimizing utilization and on a fleet renewal strategy that invests in modern assets and divests older, non-core assets.

Operating cash flow was $57.2 million, up from $21.1 million in the second quarter. Unrestricted cash and cash equivalents were $144.9 million at September 30. Total debt, including finance lease obligations, was $340.9 million. Net debt to trailing twelve-month adjusted EBITDA declined to 1.4x from 2.1x at June 30. During the quarter the company paid $4.3 million on long-term debt, $7.0 million on financing obligations, $0.3 million on finance lease liabilities, and $6.4 million in cash dividends.

The board declared a quarterly cash dividend of $0.10 per common share, payable December 15, 2026, to shareholders of record as of December 1, 2026. Shortly after quarter end, the company refinanced $134 million of debt at a meaningfully lower margin, consolidating seven vessels under one facility. Petersen said the company is positioned to advance its fleet renewal program and sustain a consistent return of capital.

As of November 5, 2026, the company had booked 5,040 shipping days at an average TCE of $21,423 per day, an 11% premium to the market average through the quarter, with late-season Arctic voyages continuing to contribute in October. Petersen said the company remains encouraged by dry bulk fundamentals, particularly demand for minor bulks and industrial cargoes, supported by relatively disciplined fleet supply growth.