PANL

Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at Pangaea (NASDAQ:PANL) and its peers. The growth of e-commerce and global trade continues to drive demand for shipping services, presenting opportunities for marine transportation companies. While ocean freight is more fuel efficient and therefore cheaper than its air and ground counterparts, it results in slower delivery times, presenting a trade off. To improve transit speeds, the industry continues to invest in digitization to optimize fleets and routes. However, marine transportation companies are still at the whim of economic cycles. Consumer spending, for example, can greatly impact the demand for these companies’ offerings while fuel costs can influence profit margins. Geopolitical tensions can also affect access to trade routes, and if certain countries are banned from using passageways like the Panama Canal, costs can spiral out of control. The 5 marine transportation stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 1.7%. In light of this news, share prices of the companies have held steady as they are up 1.5% on average since the latest earnings results. Established in 1996, Pangaea Logistics (NASDAQ:PANL) specializes in global logistics and transportation services, focusing on the shipment of dry bulk cargoes. Pangaea reported revenues of $187.1 million, up 19.4% year on year. This print fell short of analysts’ expectations by 2.9%. Overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates. "Our strong execution, fleet positioning and favorable market conditions combined to generate robust year-over-year growth on both our top and bottom line in the second quarter," stated Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions. Pangaea delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 4% since reporting and currently trades at $7.62. Read our full report on Pangaea here, it’s free. Founded by a Swedish orphan, Matson (NYSE:MATX) is a provider of ocean transportation and logistics services. Matson reported revenues of $969.4 million, up 16.7% year on year, outperforming analysts’ expectations by 8.4%. The business had a stunning quarter with an impressive beat of analysts’ EBITDA and EPS estimates. Matson achieved the biggest analyst estimate beat among its peers. The market seems happy with the results as the stock is up 5.2% since reporting. It currently trades at $218.31. Is now the time to buy Matson? Access our full analysis of the earnings results here, it’s free. Headquartered in NYC, Genco (NYSE:GNK) is a shipping company that transports dry bulk cargo along worldwide maritime routes. Genco reported revenues of $92.29 million, up 96.8% year on year, falling short of analysts’ expectations by 2.6%. Still, it was a satisfactory quarter as it posted a solid beat of analysts’ EBITDA estimates. Interestingly, the stock is up 1.9% since the results and currently trades at $26.05. Read our full analysis of Genco’s results here. Transporting goods along all U.S. coasts, Kirby (NYSE:KEX) provides inland and coastal marine transportation services. Kirby reported revenues of $922.4 million, up 7.8% year on year. This number surpassed analysts’ expectations by 5.9%. It was a very strong quarter as it also logged a decent beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. Kirby had the slowest revenue growth of the whole group. The stock is down 3.8% since reporting and currently trades at $139.83. Read our full, actionable report on Kirby here, it’s free. Operating one of the youngest fleets in the industry, Scorpio Tankers (NYSE: STNG) is an international provider of marine transportation services, specializing in the shipment of refined petroleum. Scorpio Tankers reported revenues of $391.8 million, up 75.9% year on year. This result was in line with analysts’ expectations. Overall, it was a strong quarter as it also recorded a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. The stock is flat since reporting and currently trades at $78.59. Read our full, actionable report on Scorpio Tankers here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 8:00 a.m. ET Vallum Advisors - Stefan Neely Chief Executive Officer - Mads Petersen Chief Financial Officer - Gianni Del Signore Operator: Good morning. My name is Erica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions Second Quarter 2026 Results Conference Call. Today's call is being recorded and will be available for replay beginning at 11:00 a.m. Eastern. The recording can be accessed by dialing (800) 925-9941 for domestic or (402) 220-5395 for international. [Operator Instructions] It is now my pleasure to turn the floor over to Stefan Neely with Vallum Advisors. Please go ahead. Stefan Neely: Thank you, operator, and welcome to the Pangaea Logistics Solutions Second Quarter 2026 Results Conference Call. Leading the call with me today are CEO, Mads Petersen; and Chief Financial Officer, Gianni Del Signore. Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions. With that, I would like to turn the call over to Mads. Mads Petersen: Thank you, Stefan, and welcome to those joining us on the call today. We generated strong results in both revenue and profitability during the second quarter. Our financial performance was driven by strong execution across both our owned and chartered-in fleet as well as balanced positioning of our assets to take advantage of stronger overall demand, especially in Asia. Robust markets contributed to a 50% increase in our TCE rates for the second quarter. Notably, our TCE rates averaged 10% above the prevailing market for the Panamax, Supramax and Handysize indices. This premium reflects the benefits of our fleet positioning strategy, the value of our operating platform, long-standing customer relationships and ability to manage a volatile market effectively. We generated significant operating leverage from the favorable market environment with second [ year ] quarter adjusted EBITDA growing by nearly $20 million year-over-year to $35 million. Just as important, these results highlight the value of the business model, which allows us to protect and, in many cases, expand our margins in dynamic market environments. We actively managed volatile fuel markets through hedging and contract terms, while our continued focus on fleet positioning and backhaul trades allowed us to capture arbitrage opportunities. Our balanced approach to fleet deployment, including a greater concentration of vessels in the Pacific region contributed positively and our increased exposure to shorter-term time charters enabled us to benefit from positive developments in our core Atlantic markets. Strong execution across our chartered-in business underscores our ability to translate favorable conditions into positive margins. We continue to grow our onshore logistics platform in the second quarter, commencing operations at the Port of Tampa. Tampa joins our operations at Aransas and Lake Charles, all under multiyear contracts that started operations within the last 12 months. Terminal and stevedore revenue grew 11% year-over-year to approximately $4 million. We continue to expect roughly $3 million of incremental EBITDA from these operations on a full year basis. Specifically, this is recurring revenue business that deepens our integration into customer supply chains beyond ocean freight and it pairs naturally with our Supramax and Handysize fleet. We also advanced our fleet renewal strategy. During the second quarter, we completed the previously announced sale of the 2006-built Bulk Xaymaca for $9.6 million. This follows the sale of the Bulk Freedom late last year, also for $9.6 million. And together, these transactions reflect a consistent approach of monetizing older tonnage at attractive values avoiding the capital and off-hire associated with upcoming dry dockings and steadily improving the efficiency and environmental profile of our fleet. We will continue to selectively and opportunistically invest in modern, high-quality vessels that fit our commercial model, remaining disciplined on price and transacting only when the returns are clear. Looking at the market, demand for dry bulk commodities carried positive momentum through the first half of the year, driven by increased trade in both iron ore and grain compared to last year. That strength was broad-based, supporting earnings not only in the larger Capesize segment, but also across the midsized and smaller classes where we are most active. Minor bulk trades, which are central to our cargo book, likewise grew compared to the prior year. Encouragingly, this momentum continued into the third quarter. Our outlook for the balance of 2026 remain positive. At the market level, we expect moderate fleet growth to be broadly offset by comparable ton-mile demand with the continued disruption and lengthening of trade routes, translating measured cargo volume growth into stronger ton-mile demand, which is what ultimately drives utilization and freight rates. For Pangaea specifically, the second half carries a well-established seasonal tailwind as our high ice class fleet is most active during the Arctic summer trading season, which peaks in the third quarter and tapers through the fourth, typically driving our strongest utilization and earnings from these specialized higher-margin trades. Through today, we have booked 4,873 shipping days at a TCE of $20,258 per day for the third quarter. In summary, our second quarter results highlighted the value of our commercial platform and dynamic fleet positioning. As we enter the second half of the year, our results will further reflect the strategic advantages of our specialized ice-class fleet and long-term contracts, which command a durable premium to the market. Our growing onshore terminal network adds a recurring layer of earnings with a long runway ahead and our modern fleet and strong balance sheet lets us fund growth and return capital at the same time. With fundamentals supportive and our strongest seasonal quarters just beginning, we are focused on converting these advantages into sustained earnings growth and lasting value for shareholders. With that, I'll turn the call over to Gianni to walk through our second quarter financial results. Gianni DelSignore: Thank you, Mads, and welcome to those joining us on the call today. Our second quarter financial results were highlighted by sustained TCE premiums relative to the prevailing market. Second quarter TCE rates were $18,153 per day, a premium of 10% over the average published market rate of $16,502 per day for Panamax, Supramax and Handysize vessels in the period. Our adjusted EBITDA for the second quarter was $35 million, a year-over-year increase of nearly $20 million, driven by a 50% increase in TCE rates. Our total charter hire expense increased by 24% compared to the second quarter of 2025 due to an increase in market rates to charter-in vessels. Our charter-in cost on a per day basis was approximately $16,816 per day in the second quarter. And through today, we booked 2,200 days at $17,537 per day for the third quarter. Vessel operating expenses were essentially flat year-over-year. On a per day basis, through the second quarter of 2026, vessel operating expenses, including technical management fees, was $6,247 per day, a 2% increase from the prior year. Total general and administrative expenses increased by 25% from $7.2 million to approximately $9 million. The increase was primarily due to an increase in incentive compensation expense due to improved results, along with higher compensation costs associated with added headcount across the organization as we grow our business. In total, our reported GAAP net income for the second quarter was $10.2 million or $0.16 per diluted share. Our GAAP net income included a significant unrealized loss resulting from our hedging strategy on bunker fuel exposure. The decline in fuel prices late in the second quarter decreased the fair value of our bunker derivatives. Some of these same derivatives translated into significant unrealized gain during the first quarter as fuel prices increased due to the escalation of the conflict with Iran. The first quarter's unrealized gain and the second quarter's unrealized loss essentially offset each other, leaving us in a neutral position for the year. More importantly, all of our hedges are placed against our own bunker requirements over the course of the year, keeping our fuel cost management aligned with our actual physical consumption. When excluding the impact of the second quarter unrealized loss from derivative instruments as well as other non-GAAP adjustments, our reported adjusted net income was $16.9 million, or $0.26 per diluted share. Moving on to cash flows. Our strong profitability during the quarter resulted in robust operating cash flow. This, combined with $9.7 million of cash proceeds received from the sale of the Bulk Xaymaca during the quarter drove our unrestricted cash balance to $105 million. At quarter end, we had total debt, including finance lease obligations of approximately $350 million. And to note, our current portion of long-term debt increased to $40 million due to a $24 million balloon payment, which we expect to refinance in the coming months. We are also pleased to announce an increase in our quarterly dividend to $0.10 per share. This increase reflects the strengthening fundamentals and the balance sheet of the business and underscores our commitment to returning capital to shareholders, consistent with the disciplined capital allocation strategy we have always followed. Looking ahead, we will continue to allocate capital with a focus on preserving financial flexibility, supporting the growth of our integrated logistics platform and returning capital to shareholders. We remain focused on investments that enhance the durability of our earnings base, including the expansion of our terminal and port service capabilities and ongoing fleet renewal initiatives that improve efficiency, support customer needs and position us for evolving regulatory requirements. With that, we will now open the line for questions. Operator: [Operator Instructions] Perhaps we might be having some technical difficulty as we reconnect our speakers. And do we have our speakers with us yet? Okay. It does look like we do have our speakers back with us. Are you with us speakers? Gianni DelSignore: Yes, we're back online. Operator: Okay. Okay. Perfect. Just for a moment, and I'm going to get the queue going, I apologize. And we'll start with our first question from Liam Burke with B. Riley Securities. Liam Burke: Mads, you talked about activity in the Pacific region. Is this a new strategy for you? I typically think of your fleet active in the Atlantic with very little activity in Asia. Have you changed your positioning strategy at all? Mads Petersen: No, I don't think it's a result of that. But of course, we want to grow in that region. And I think just as a result of our larger fleet and larger scale, we need to take advantage of the opportunities we see out there. And I also -- earlier in the year, we saw positive momentum. So we may be positioned a little bit more on our ships out there than we've had in the past. So it's a dynamic business, and we'll go wherever we feel we get the best returns. So it's a combination, I would say. Liam Burke: Okay. Great. Gianni, you talked about a balloon payment due this year. You have plenty of cash. How do you balance refinancing versus just taking your cash balance, paying it down? And I'll throw in the question of raising the dividend. And how do you balance everything? Gianni DelSignore: Yes, it's what we look at all the time, Liam. And what we're seeing as far as margins on debt facilities, we're really seeing competitive rates on margins. The market seems to be reacting and there's a lot of opportunities for some well-priced debt. So we're looking at it. The balloon payment I referenced it's in a joint venture. It's our Nordic Bulk Holding Company joint venture with Glencore. So we will look at that with our partners and decide what to do. But our expectation looking at that one specifically is to roll it out and refinance it. Cash is -- shipping, it's volatile. We look at opportunities. We want to be opportunistic. So if we can keep some cash and look at different vessel opportunities as they present themselves and be a little bit more nimble, that's -- I think that's how we think about our capital going forward is really being opportunistic when we see something in the market. Operator: [Operator Instructions] We'll take our next with Poe Fratt with AG Partners. Charles Fratt: I'd like to follow up on the comment about the Pacific trade or Pacific region. Are there any particular cargoes that are driving that? And then secondly, can you highlight whether that has continued to enter the third quarter? Or sort of how you look at that over the second half of the year? Mads Petersen: I wouldn't say that it's a specific cargo that sort of drives that growth in earnings. And I do see that we have -- the markets have rebalanced a bit in terms of the Atlantic trading up and the Pacific maybe flattening a little bit. So I'm not envisioning sort of in the short term a huge change to how we employ the ship. It was, I think, more of an opportunistic look at where we could get the best returns in the short term, mainly because the Pacific seems to be a little bit more disrupted from the activities in the Strait of Hormuz than the Atlantic. So we saw an opportunity there. Charles Fratt: Great. And then when you look at your owned fleet, you just sold one. What are you seeing opportunities on either side of the equation to either sell assets or buy assets? Can you just give me an idea of what the tone of the S&P market looks like to you right now? Mads Petersen: I think it's absolutely firm. Values are high, and we take advantage of that when we are looking at the older ships in our fleet that is coming up against some of the fourth or the fifth special survey and take advantage of that liquid market for ships in that age group. On the other side of it, we are always looking at ships from the secondhand market to add to the fleet. But we are quite determined to only pursue the assets that are attractive to us from a specification and price point. And in the meantime, we can, in the short term, at least substitute with a little bit more activity in the charter-in part of the business. Charles Fratt: Okay. And then can you just Mads if wouldn't mind highlighting your drydocking activity over the next 12 months, the second half of the year and into the first half of '27? Gianni DelSignore: Poe, I can run through that. It's -- for the second half of the year, we have about 9 more dry dockings to go. And we're estimating about $14 million of costs associated with that. And then next year, we have a little bit of a lighter year compared to 2025 and 2026. So really, it's the second half of this year, maybe early next year, where we have those 9 dry dockings and about $14 million of costs associated. Operator: And at this time, we have no further questions. So I'd like to turn it back to our speakers for any closing comments. Mads Petersen: Once again, thank you for joining our call. Should you have any questions, please feel free to contact us at [email protected]. And a member of our team will follow up with you. This concludes our call today. Operator: We'd like to thank everybody for joining this conference today. We appreciate your time and participation, and you may now disconnect. Before you buy stock in Pangaea Logistics Solutions, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Pangaea Logistics Solutions wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Pangaea Logistics (PANL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Pangaea Logistics’ second quarter was marked by a mix of operational strength and market disappointment, as the company missed Wall Street’s revenue expectations but delivered higher-than-expected non-GAAP profit and adjusted EBITDA. The negative market reaction centered on the revenue shortfall, despite management attributing performance to effective fleet positioning and a premium on charter rates—particularly in the Pacific region. CEO Mads Petersen noted a more dynamic deployment strategy, emphasizing the company’s ability to secure rates 10% above market averages through a combination of asset flexibility and strong customer relationships. Management also highlighted the value of its onshore logistics platform, with new terminal operations contributing recurring revenue. Is now the time to buy PANL? Find out in our full research report (it’s free). Revenue: $187.1 million vs analyst estimates of $192.8 million (19.4% year-on-year growth, 2.9% miss) Adjusted EPS: $0.26 vs analyst estimates of $0.24 (10.6% beat) Adjusted EBITDA: $35.01 million vs analyst estimates of $33.96 million (18.7% margin, 3.1% beat) Operating Margin: 11.4%, up from 2.3% in the same quarter last year Market Capitalization: $487.1 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Liam Burke (B. Riley Securities) asked if the shift toward Pacific region operations represented a new strategy. CEO Mads Petersen explained the move was opportunistic, leveraging scale and market opportunities rather than a permanent strategic change. Liam Burke (B. Riley Securities) inquired about balancing debt refinancing, cash reserves, and dividend increases. CFO Gianni DelSignore said the company prefers to maintain flexibility for vessel investments, and plans to refinance a joint venture balloon payment rather than use cash. Charles Fratt (AG Partners) asked what cargoes drove Pacific region earnings and if this trend would continue into the second half. Petersen responded that no single cargo was responsible; rather, it was a response to market disruptions, particularly in the Strait of Hormuz. Charles Fratt (AG Partners) sought clarity on the tone of the ship sale and purchase (S&P) market. Petersen described it as “firm,” with high values for older ships and a disciplined approach to secondhand acquisitions. Charles Fratt (AG Partners) requested details on upcoming dry dockings and associated costs. DelSignore stated that nine dry dockings are planned for the second half, with estimated costs of $14 million, followed by a lighter schedule next year. In the coming quarters, our analyst team will be evaluating (1) utilization and rate premiums for Pangaea’s ice-class fleet during the Arctic trading season, (2) the pace and profitability of terminal revenue growth—especially from the recently launched Tampa operations, and (3) the effectiveness of fleet renewal efforts, including sales of older vessels and selective new acquisitions. We will also monitor the company’s ability to maintain margin discipline amid market volatility and regulatory changes. Pangaea currently trades at $7.44, up from $7.33 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Interested in Pangaea Logistics Solutions Ltd.? Here are five stocks we like better. Second-quarter profitability improved substantially: TCE rates rose 50% year over year to $18,153 per day, driving adjusted EBITDA to $35 million and adjusted net income to $16.9 million. Rates averaged 10% above relevant market benchmarks. Pangaea expanded and renewed its operating platform: The company began operations at the Port of Tampa, expects about $3 million in incremental annual EBITDA from recent terminal launches, and sold the older Bulk Xaymaca for $9.6 million. The outlook remained positive: Third-quarter bookings stood at 4,873 shipping days at a TCE rate of $20,258 per day, while cash increased to $105 million. Pangaea also raised its quarterly dividend to $0.10 per share while retaining flexibility for fleet renewal and terminal expansion. Pangaea Logistics Solutions (NASDAQ:PANL) reported higher profitability in the second quarter of 2026 as stronger dry bulk shipping markets, fleet positioning and charter-in activity lifted time charter equivalent, or TCE, rates above prevailing market benchmarks. Chief Executive Officer Mads Petersen said the company benefited from stronger overall demand, particularly in Asia, and from the balanced deployment of its owned and chartered-in fleet. The company’s TCE rates rose 50% from the prior-year period and averaged 10% above the published market average for Panamax, Supramax and Handysize vessels, according to management. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat “Our financial performance was driven by strong execution across both our owned and chartered in fleet, as well as balanced positioning of our assets to take advantage of stronger overall demand, especially in Asia,” Petersen said. Chief Financial Officer Gianni Del Signore said second-quarter TCE rates were $18,153 per day, compared with an average published market rate of $16,502 per day for the relevant vessel classes. Adjusted EBITDA totaled $35 million, increasing by nearly $20 million year over year, driven by the increase in TCE rates. GAAP net income was $10.2 million, or $0.16 per diluted share. Adjusted net income was $16.9 million, or $0.26 per diluted share, excluding the impact of an unrealized loss on derivative instruments and other non-GAAP adjustments. Charter-hire expense increased 24% from the second quarter of 2025 as rates to charter vessels rose. Charter-in costs averaged approximately $16,816 per day. Vessel operating expenses, including technical management fees, were $6,247 per day through the second quarter, up 2% from the prior year. General and administrative expenses increased 25% to approximately $9 million, primarily reflecting higher incentive compensation and added headcount. → 3 Dividend Champion Utilities for a Market That Can't Sit Still Del Signore said GAAP earnings included an unrealized loss on bunker fuel derivatives after fuel prices declined late in the quarter. He said those losses largely offset unrealized gains recorded during the first quarter, when fuel prices increased amid an escalation in the conflict with Iran. Management said the hedges are tied to the company’s expected bunker fuel requirements and physical consumption. The company continued to expand its onshore logistics platform during the quarter, beginning operations at the Port of Tampa. Tampa joins recently launched operations at Port Aransas and Lake Charles, each operating under multiyear contracts that began within the past 12 months. → Is Wingstop's Growth Story Losing Steam? Terminal and stevedore revenue increased 11% year over year to about $4 million. Petersen said Pangaea continues to expect approximately $3 million in incremental EBITDA from the operations on a full-year basis. The terminal network provides recurring revenue and expands the company’s role in customers’ supply chains beyond ocean freight, management said. Pangaea also completed the sale of the 2006-built Bulk Xaymaca for $9.6 million during the quarter. The transaction followed the late-2025 sale of the Bulk Freedom, also for $9.6 million. Petersen said the asset sales reflect the company’s approach of selling older vessels before upcoming drydockings while improving the efficiency and environmental profile of its fleet. Management said vessel values remain firm and that it will continue to consider secondhand vessel acquisitions selectively, focusing on assets that meet its specifications and return requirements. Petersen said the company can also use chartered-in tonnage to supplement its fleet in the near term. Petersen said the company increased its Pacific exposure earlier in the year after seeing favorable market momentum and opportunities for returns. He characterized the shift as opportunistic rather than a fundamental change in Pangaea’s deployment strategy. “It’s a dynamic business, and we’ll go wherever we feel we get the best return,” Petersen said. He added that the Pacific appeared more disrupted by activity in the Strait of Hormuz than the Atlantic, creating an opportunity for the company. Management said dry bulk commodity demand remained positive in the first half, supported by higher iron ore and grain trade as well as growth in minor bulk trades. Pangaea expects moderate fleet growth to be broadly offset by comparable growth in ton-mile demand, including from longer and disrupted trade routes. For the third quarter, Pangaea had booked 4,873 shipping days at a TCE rate of $20,258 per day as of the call. Its Arctic summer trading season, when its high ice-class fleet is most active, generally peaks in the third quarter and tapers through the fourth quarter. The company also had booked 2,200 charter-in days for the third quarter at approximately $17,537 per day. Strong operating cash flow and $9.7 million of proceeds from the Bulk Xaymaca sale increased unrestricted cash to $105 million at quarter-end. Total debt, including finance lease obligations, was approximately $350 million. The current portion of long-term debt increased to $40 million, including a $24 million balloon payment that management expects to refinance in coming months. Del Signore said the payment is associated with Nordic Bulk Holding, the company’s joint venture with Glencore, and that Pangaea expects to evaluate refinancing with its partner. Pangaea increased its quarterly dividend to $0.10 per share. Del Signore said the company intends to preserve financial flexibility while supporting terminal expansion, fleet renewal and shareholder returns. Pangaea Logistics Solutions Ltd. is a global transportation and logistics company that provides ocean transportation and integrated logistics services. The company operates a fleet of drybulk vessels, including Handysize, Supramax and Ultramax carriers, to transport commodities such as coal, grain, minerals, ores and steel products. In parallel, Pangaea offers asset-light logistics solutions spanning freight forwarding, supply chain management and project cargo services, enabling end-to-end transport for bulk and breakbulk shipments. Founded in 2012 as a spin-off from an established maritime shipping group, Pangaea Logistics Solutions went public on the Nasdaq in 2013 under the ticker PANL. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Pangaea Logistics Solutions Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a 10% TCE premium over market indices by balancing fleet positioning to capture stronger demand in Asia and arbitrage opportunities in backhaul trades. Generated significant operating leverage as adjusted EBITDA grew by nearly $20 million year-over-year, supported by a 50% increase in TCE rates. Expanded the onshore logistics platform with new operations at the Port of Tampa, deepening customer integration and providing recurring, non-ocean freight revenue. Executed fleet renewal by selling the 2006-built Bulk Xaymaca for $9.6 million, avoiding upcoming dry dock capital expenditures while improving overall fleet efficiency. Actively managed fuel market volatility through a combination of strategic hedging and specific contract terms to protect margins. Capitalized on broad-based dry bulk demand momentum in the first half of the year, particularly within the minor bulk trades central to the company's cargo book. Anticipate a strong second half of 2026 driven by seasonal tailwinds from the specialized ice-class fleet during the Arctic summer trading season. Expect moderate global fleet growth to be offset by ton-mile demand increases resulting from continued trade route disruptions and lengthening. Project approximately $3 million in incremental annual EBITDA from the growing terminal and stevedoring operations. Maintain a disciplined approach to fleet expansion, focusing on modern, high-quality vessels that fit the commercial model only when returns are clear. Plan to refinance a $24 million balloon payment associated with a joint venture debt facility in the coming months. Reported a significant unrealized loss on bunker fuel derivatives in Q2 due to declining fuel prices, which essentially offset unrealized gains from Q1. Increased quarterly dividend to $0.10 per share, reflecting strengthened fundamentals and a commitment to disciplined capital allocation. General and administrative expenses rose 25% to $9 million, primarily due to higher incentive compensation and increased headcount to support growth. Identified 9 scheduled dry dockings for the second half of 2026 with an estimated cost of $14 million. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified this is not a permanent strategy shift but an opportunistic response to better returns and market disruptions in the Pacific. The company intends to grow in the region as fleet scale increases, though markets have recently begun rebalancing back toward the Atlantic. Management intends to refinance the upcoming $24 million balloon payment rather than using cash, citing competitive rates and well-priced debt availability. Maintaining a high cash balance ($105 million) is prioritized to remain nimble and opportunistic for secondhand vessel acquisitions. The S&P market is described as 'absolutely firm' with high asset values, prompting the sale of older ships facing expensive special surveys. Management is substituting owned-fleet growth with increased charter-in activity while waiting for attractive price points on modern secondhand tonnage.

Pangaea Logistics (PANL) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to a loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this maritime logistics company would post earnings of $0.05 per share when it actually produced earnings of $0.11, delivering a surprise of +120%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Pangaea Logistics, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $187.12 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.93%. This compares to year-ago revenues of $156.69 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Pangaea Logistics shares have added about 7.9% since the beginning of the year versus the S&P 500's gain of 13.3%. While Pangaea Logistics has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Pangaea Logistics was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $176.83 million in revenues for the coming quarter and $0.71 on $715.32 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Euroseas Ltd. (ESEA), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $4.47 per share in its upcoming report, which represents a year-over-year change of +6.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Euroseas Ltd.'s revenues are expected to be $57.98 million, down 1.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pangaea Logistics Solutions Ltd. (PANL) : Free Stock Analysis Report Euroseas Ltd. (ESEA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Pangaea Logistics (NASDAQ:PANL) fell short of the market’s revenue expectations in Q2 CY2026, but sales rose 19.4% year on year to $187.1 million. Its non-GAAP profit of $0.26 per share was 10.6% above analysts’ consensus estimates. Is now the time to buy Pangaea? Find out in our full research report. Revenue: $187.1 million vs analyst estimates of $192.8 million (19.4% year-on-year growth, 2.9% miss) Adjusted EPS: $0.26 vs analyst estimates of $0.24 (10.6% beat) Adjusted EBITDA: $35.01 million vs analyst estimates of $33.96 million (18.7% margin, 3.1% beat) Operating Margin: 11.4%, up from 2.3% in the same quarter last year Free Cash Flow Margin: 12%, up from 8.5% in the same quarter last year Market Capitalization: $485.4 million "Our strong execution, fleet positioning and favorable market conditions combined to generate robust year-over-year growth on both our top and bottom line in the second quarter," stated Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions. Established in 1996, Pangaea Logistics (NASDAQ:PANL) specializes in global logistics and transportation services, focusing on the shipment of dry bulk cargoes. A company’s long-term performance is an indicator of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Thankfully, Pangaea’s 7.8% annualized revenue growth over the last five years was decent. Its growth was slightly above the average industrials company and shows its offerings resonate with customers. We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Pangaea’s annualized revenue growth of 18.7% over the last two years is above its five-year trend, suggesting its demand recently accelerated. This quarter, Pangaea’s revenue grew by 19.4% year on year to $187.1 million but fell short of Wall Street’s estimates. Looking ahead, sell-side analysts expect revenue to grow 6.5% over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and indicates its products and services will face some demand challenges. ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice. Operating margin is one of the best measures of profitability because it tells us how much money a company takes home after procuring and manufacturing its products, marketing and selling those products, and most importantly, keeping them relevant through research and development. Pangaea has managed its cost base well over the last five years. It demonstrated solid profitability for an industrials business, producing an average operating margin of 10.4%. This result was particularly impressive because of its low gross margin, which is mostly a factor of what it sells and takes huge shifts to move meaningfully. Companies have more control over their operating margins, and it’s a show of well-managed operations if they’re high when gross margins are low. Analyzing the trend in its profitability, Pangaea’s operating margin decreased by 4.9 percentage points over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. In Q2, Pangaea generated an operating margin profit margin of 11.4%, up 9.1 percentage points year on year. The increase was driven by stronger leverage on its cost of sales (not higher efficiency with its operating expenses), as indicated by its larger rise in gross margin. Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions. Pangaea’s full-year EPS dropped 132%, or 23.4% annually, over the last four years. We tend to steer our readers away from companies with falling revenue and EPS, where diminishing earnings could imply changing secular trends and preferences. If the tide turns unexpectedly, Pangaea’s low margin of safety could leave its stock price susceptible to large downswings. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. Sadly for Pangaea, its EPS declined by 1.4% annually over the last two years while its revenue grew by 18.7%. This tells us the company became less profitable on a per-share basis as it expanded. Diving into the nuances of Pangaea’s earnings can give us a better understanding of its performance. A two-year view shows Pangaea has diluted its shareholders, growing its share count by 41.3%. This dilution overshadowed its increased operational efficiency and has led to lower per share earnings. In Q2, Pangaea reported adjusted EPS of $0.26, up from negative $0.02 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Pangaea’s full-year EPS to grow 27.9% from $0.70 to $0.90. It was good to see Pangaea beat analysts’ EPS expectations this quarter. We were also happy its EBITDA outperformed Wall Street’s estimates. On the other hand, its revenue missed. Overall, this was a weaker quarter. The stock traded down 4% to $7.07 immediately after reporting. Is Pangaea an attractive investment opportunity at the current price? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free.

NEWPORT, R.I., Aug. 10, 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 June 30, 2026. SECOND QUARTER 2026 RESULTS GAAP net income attributable to Pangaea of $10.2 million, or $0.16 per share Adjusted net income attributable to Pangaea of $16.9 million, or $0.26 per share Adjusted EBITDA of $35.0 million Operating cash flow of $21.1 million Time Charter Equivalent ("TCE") rates earned by Pangaea of $18,153 per day Pangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 10% Ratio of net debt to trailing twelve-month Adjusted EBITDA of 2.1x Declared quarterly cash dividend of $0.10 per common share For the three months ended June 30, 2026, Pangaea reported non-GAAP adjusted net income of $16.9 million, or $0.26 net income per share, on total revenue of $187.1 million. Second quarter TCE rates increased 50% on a year-over-year basis, while total shipping days, which include both voyage and time charter days, decreased 8% to 5,735 days primarily due the sale of two owned vessels in the fleet compared to the prior-year period. The TCE earned was $18,153 per day for the three months ended June 30, 2026, compared to an average of $12,108 per day for the same period in 2025. During the second quarter ended June 30, 2026, the Company's average TCE rate exceeded the benchmark average Baltic Panamax, Supramax, and Handysize indices by 10%, supported by Pangaea's long-term contracts of affreightment ("COAs"), specialized fleet, and cargo-focused strategy. Total Adjusted EBITDA increased by 125.1% to $35.0 million in the second quarter of 2026, compared to the prior-year period. Total Adjusted EBITDA margin was 18.7% during the second quarter of 2026, compared to 9.8% during the prior year period. As of June 30, 2026, the Company had $105.7 million in unrestricted cash and cash equivalents. Total debt, including finance lease obligations was $352.4 million. During the three months ending June 30, 2026, the Company made payments of $4.3 million on long-term debt, $7.0 million on financing obligations, and $0.3 million on finance lease liabilities. The Company also paid $3.2 million in dividends. The Company's Board of Directors also declared a quarterly cash dividend of $0.10 per common share, payable on September 15, 2026, to shareholders of record as of the close of business on September 1, 2026. MANAGEMENT COMMENTARY "Our strong execution, fleet positioning and favorable market conditions combined to generate robust year-over-year growth on both our top and bottom line in the second quarter," stated Mads Boye Petersen, President and Chief Executive Officer of Pangaea Logistics Solutions. "Our performance reflects our focus on the positioning of our fleet to enable us to capitalize on back haul opportunities and expand our presence in the Pacific market. While shipping days were down compared to the prior year period, we generated an increase in TCE rates of 50% year-over-year and outperformed market rates by 10%. In our Atlantic markets, we increased our exposure to shorter-term time charters and executed well with our chartered-in business by taking advantage of arbitrage opportunities and efficiently trade our owned vessels, which further enhanced our second quarter financial results." "Demand for dry bulk shipping has been strong through the first half of the year," Petersen noted. "Chinese iron ore imports and the transport of grains from the Atlantic to Asia have been key factors underpinning market fundamentals thus far in 2026. These favorable dynamics have continued into the third quarter, and quarter-to-date we have executed 4,873 shipping days at an average TCE of $20,258 per day, as we enter our premium summer ice class season." "Our strong second quarter profitability drove increased cash flow during the second quarter, which enhanced our liquidity position. Our financial flexibility enables us to take a balanced, returns-focused approach to capital," continued Petersen. "We continue to prioritize sustainable returns of capital and selective organic growth investments, all with the objective of enhancing long-term shareholder value. During the quarter, we advanced our port expansion strategy with the start-up of operations at Port Tampa Bay, Florida." "Looking ahead, we are focused on maintaining commercial discipline, efficient execution across our platform and continuing to grow our integrated logistics capabilities," concluded Petersen. "With a dynamic operating model, a strong liquidity position and a clear capital allocation strategy, we believe Pangaea is well positioned to navigate changing market conditions while continuing to create value for shareholders." STRATEGIC UPDATE Pangaea remains committed to developing a leading dry bulk logistics and transportation services company of scale, providing its customers with specialized shipping and supply chain and logistics offerings in commodity and niche markets that drive premium returns measured in time charter equivalent per day. Growing our combined shipping and logistics model. Pangaea continues to grow its integrated shipping and logistics model to deliver increased value across the dry bulk supply chain. In addition to operating a specialized fleet of dry bulk vessels, the Company provides stevedoring services and maintains port and terminal operations capabilities that complement its core shipping platform. During the second quarter of 2026, the Company continued to advance its organic growth strategy by scaling its port and terminal operations with the start-up of new operations at Port Tampa Bay, Florida. This investment is designed to expand the Company's logistics activities, strengthen customer relationships and support long-term growth through a broader service offering. Continue to drive strong fleet utilization. Pangaea delivered strong fleet utilization during the second quarter, supported by strategic fleet positioning to capitalize on back haul opportunities as well as on a favorable demand environment in the Pacific. The Company's owned fleet of 38 vessels operated at high efficiency, supplemented by an average of 26 chartered-in vessels to fulfill cargo and COA commitments. Following the successful integration of the recently acquired handy-size fleet, Pangaea remains focused on optimizing utilization across its expanded platform and enhancing flexibility to meet the evolving needs of its customers. Continue to upgrade fleet, while divesting older, non-core assets. Pangaea continues to execute its disciplined fleet renewal strategy, selectively investing in modern assets to support TCE performance, comply with evolving regulatory standards and meet customer cargo requirements. In February 2026, the Company entered into an agreement to sell the 2006-built Bulk Xaymaca for $9.6 million, a transaction that was completed in the second quarter of 2026. These actions reflect Pangaea's continued commitment to maintaining a modern, efficient fleet and divesting older, non-core assets. SECOND QUARTER 2026 CONFERENCE CALL The Company's management team will host a conference call to discuss the Company's financial results on Tuesday, August 11, 2026 at 8:00 a.m., Eastern Time (ET). Accompanying presentation materials will be available in the Investor Relations section of the Company's website at https://www.pangaeals.com/investors/. To participate in the live teleconference: To listen to a replay of the teleconference, which will be available through August 18, 2026: 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. Adjusted gross profit. Adjusted gross profit is defined as GAAP gross profit excluding transportation and service depreciation and amortization. Management believes this measure provides investors with additional insight into the operating performance of the Company's shipping, terminal and stevedoring operations by excluding non-cash depreciation and amortization expenses associated with vessels and terminal and stevedoring assets. Adjusted gross profit is not a measure recognized under U.S. GAAP and should not be considered an alternative to gross profit, operating income or net income. The Company's definition of adjusted gross profit may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents net income (loss), determined in accordance with U.S. GAAP, adjusted for interest expense, net, income taxes, depreciation and amortization and, when applicable, certain items that management does not consider indicative of core operating performance, including vessel impairment charges, share-based compensation, unrealized gains and losses on derivative instruments, gains or losses on vessel sale or sale and leaseback transactions, and other non-operating or non-recurring items. 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., adjusted when applicable for items such as vessel impairment charges, unrealized gains and losses on derivative instruments, gains or losses on vessel sale or sale and leaseback transactions, and certain non-recurring items, divided by the weighted average number of shares of common stock. The table above provides a reconciliation of the non-GAAP financial measures presented herein to the most directly comparable financial measures prepared in accordance with GAAP. About Pangaea Logistics Solutions Ltd. 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. Investor Relations Contacts Forward-Looking Statements 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. 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