I am an investor specializing in the consumer products sector with a focus on identifying companies that offer a unique combination of strong brand recognition, solid financials, and growth potential. I have a keen eye for consumer trends and an in-depth understanding of the industry, which has helped me to identify profitable investment opportunities in the sector.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36798 PANGAEA LOGISTICS SOLUTIONS LTD. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - For Q2 2025, the company reported an adjusted net loss of $1.4 million and adjusted EBITDA of $15.3 million, with average market rates declining by 25% compared to the same quarter last year [5][11] - Total cash from operations increased by approximately $5 million year over year to $14.4 million, primarily due to an increase in cash provided by net working capital [13] - The company had approximately $59 million in cash and total debt of approximately $376 million at quarter end, with an overall interest expense of $5.7 million, an increase of approximately $2.6 million due to new debt facilities [14] Business Line Data and Key Metrics Changes - Total shipping days rose by 51% year over year, driven by the addition of the SSI Handymax fleet of 15 ships and additional chartered ships [5] - Second quarter TCE rates were $12,108 per day, a premium of approximately 17% over the average published market rates for Panamax, Supramax, and Handysize vessels [11] - Vessel operating expenses increased by approximately 59% year over year, primarily due to the acquisition of the exercise fleet, which increased total owned days by 66% [12] Market Data and Key Metrics Changes - Market conditions during the quarter were mixed, with larger vessel classes like Panamax and Supramax outperforming Handysize [5] - The broader dry bulk market pricing has improved as the company enters the seasonal peak in Arctic trade activity [7] Company Strategy and Development Direction - The company is nearing completion of the expansion of its port and logistics infrastructure at the Port of Tampa, reflecting a strategic commitment to grow its integrated logistics platform [9] - The long-term strategy remains focused on disciplined capital allocation, prioritizing fleet optimization, returning capital to shareholders, and maintaining a strong, flexible balance sheet [10][15] Management's Comments on Operating Environment and Future Outlook - The industry outlook remains cautious due to geopolitical uncertainty and evolving U.S. tariff policies, which have caused some shippers to delay long-term trade route decisions [6] - Despite headwinds, the company remains optimistic about the medium and long-term outlook for the dry bulk market, particularly within the dry bulk trade and geographic regions served [6] Other Important Information - The company has initiated a financing process for two unlevered ships and sold its strategic endeavor, reflecting a proactive approach to optimizing cost of capital [10] - The share repurchase program complements the dividend policy, underscoring the commitment to returning capital to shareholders in a disciplined manner [15] Q&A Session Summary Question: Can you explain the asset sales? - The asset held for sale is the former strategic Endeavor, which was the oldest and smallest ship acquired, and the company decided it was a good time to move it out of the fleet [18][19] Question: Can you provide more details on the S&P market? - The decision on the strategic Endeavor was influenced by its upcoming special survey, and the company is evaluating whether to invest in it or sell it [20] Question: Which specific markets or routes are seeing deferred decisions? - Movements from the Far East to the U.S. were paused due to macro uncertainty, but as potential tariff rates decreased, those movements became profitable again [22][23] Question: Are there any acquisition opportunities on the horizon for Port Logistics? - The company has focused on organic growth through leases and port licenses rather than large acquisitions, as it aims to keep operations related and efficient [25][26]

Safe Harbor 2Q25 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 statements are based on Pangaea's and managements' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the sta ...

Group 1: Earnings Performance - Pangaea Logistics reported a quarterly loss of $0.02 per share, better than the Zacks Consensus Estimate of a loss of $0.04, and compared to earnings of $0.10 per share a year ago, representing an earnings surprise of +50.00% [1] - The company posted revenues of $156.69 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 26.65%, and compared to year-ago revenues of $131.5 million [2] - Over the last four quarters, Pangaea Logistics has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Pangaea Logistics shares have lost about 7.8% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates of $0.03 on $132.27 million in revenues for the coming quarter and $0.11 on $523.44 million in revenues for the current fiscal year [7] - The estimate revisions trend for Pangaea Logistics was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Group 3: Industry Context - The Transportation - Shipping industry, to which Pangaea Logistics belongs, is currently in the bottom 37% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Pangaea Logistics Solutions Q2 2025 Earnings Release [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a non-GAAP adjusted net loss of $1.4 million on increased revenue, as a 51% rise in shipping days was offset by a 25% decline in TCE rates Q2 2025 Key Financial Metrics vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $156.7 million | $131.5 million | +19.2% | | Non-GAAP Adjusted Net Loss | ($1.4 million) | $4.6 million (Income) | - | | Adjusted EPS | ($0.02) | $0.10 | - | | Adjusted EBITDA | $15.3 million | $15.9 million | -4.1% | | TCE Rate per day | $12,108 | $16,223 | -25% | | Total Shipping Days | 6,222 | ~4,120 | +51% | - The company's TCE rate of **$12,108 per day outperformed** the average Baltic Panamax, Supramax, and Handysize indices by **17%**, attributed to its long-term contracts (COAs) and specialized fleet[4](index=4&type=chunk) Balance Sheet and Capital Allocation (as of June 30, 2025) | Item | Amount | | :--- | :--- | | Cash and Cash Equivalents | $59.3 million | | Total Debt (incl. finance leases) | $379.7 million | | Finance Lease Repayments (Q2) | $7.1 million | | Long-Term Debt Repayments (Q2) | $4.1 million | | Dividends Paid (Q2) | $3.2 million | | Stock Repurchases (Q2) | $1.0 million | - Recent corporate activities include the sale of the vessel Strategic Endeavor for **$7.7 million**, the acquisition of the remaining **49% of Seamar Management** for **$2.7 million**, and initiating financing for two other vessels[7](index=7&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.05 per common share**[8](index=8&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management noted premium TCE returns despite market pressures, citing signs of Q3 stabilization and a focus on disciplined capital deployment and operational expansion - CEO Mark Filanowski stated that the company's focused execution and flexible business model allowed it to achieve **premium TCE returns** even as market rates were pressured[9](index=9&type=chunk) - Market uncertainty around tariffs and port fees is causing shippers to delay long-term commitments; however, seasonal demand in South America led to an **uptick in market rates** at the end of Q2[9](index=9&type=chunk) - Entering Q3, the company sees signs of stabilization and increased activity, particularly in its panamax and supramax segments, driven by the seasonal arctic trade, and has achieved an average TCE of **$14,272 per day** quarter-to-date[9](index=9&type=chunk) - The company is focused on disciplined capital deployment, highlighted by the repurchase of over **200,000 shares**, financing two vessels, and the opportunistic sale of an older vessel[11](index=11&type=chunk) - Pangaea is expanding its land-based operations, with equipment installation beginning at its Redwing Terminal in Tampa and new terminal operations starting in Texas, Louisiana, and Mississippi[11](index=11&type=chunk) [Strategic Update](index=3&type=section&id=Strategic%20Update) The company's strategy centers on developing its integrated dry bulk logistics services by leveraging its specialized fleet, expanding terminal operations, and renewing its assets - The company aims to be a leading dry bulk logistics company by providing specialized shipping and supply chain offerings in niche markets to drive **premium TCE returns**[12](index=12&type=chunk) - Pangaea is leveraging its integrated model, which combines the world's largest high ice class dry bulk fleet with stevedoring, port, and terminal operations[13](index=13&type=chunk) - In Q2, the owned fleet of **41 vessels** was well utilized, supplemented by an average of **29 chartered-in vessels** to meet cargo commitments[14](index=14&type=chunk) - The company continues its fleet renewal strategy by selectively investing in vessels and divesting older assets, such as the sale of the 2010-built Strategic Endeavor[15](index=15&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The unaudited statements show a Q2 net loss, a stable asset base with lower cash, and positive operating cash flow offset by financing activities like debt repayment [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Higher revenue in Q2 2025 was outpaced by expense growth, leading to a 52% decrease in operating income and a net loss of $2.9 million Q2 Statement of Operations Summary (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $156.7 | $131.5 | | Total Expenses | $153.0 | $123.9 | | Income from Operations | $3.7 | $7.6 | | Total Other Expense, Net | ($6.6) | ($3.6) | | Net (Loss) Income | ($2.9) | $4.0 | | Net (Loss) Attributable to Pangaea | ($2.7) | $3.7 | | (Loss) Earnings Per Share (Diluted) | ($0.04) | $0.08 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased slightly to $916.0 million, primarily due to a $27.6 million reduction in cash and cash equivalents Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $59.3 | $86.8 | | Total current assets | $184.0 | $192.0 | | Total assets | $916.0 | $936.5 | | Total current liabilities | $126.0 | $109.1 | | Total liabilities | $456.9 | $461.8 | | Total stockholders' equity | $459.1 | $474.7 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first half of 2025, the company generated $10.0 million in operating cash, which was offset by $35.2 million used in financing activities Six-Month Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $10.0 | $18.0 | | Net cash used in investing activities | ($2.4) | ($9.1) | | Net cash used in financing activities | ($35.2) | ($29.9) | | Net change in cash and cash equivalents | ($27.6) | ($21.1) | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) The company reported a slight decrease in Adjusted EBITDA to $15.3 million and a non-GAAP adjusted net loss of $1.4 million for Q2 2025 Reconciliation of Net (Loss) Income to Adjusted EBITDA (Q2) | Line Item (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net (loss) income | ($2.9) | $4.0 | | Interest expense, net | $5.7 | $3.1 | | Depreciation and amortization | $10.6 | $7.5 | | EBITDA | $13.4 | $14.5 | | Non-GAAP Adjustments | $1.9 | $1.4 | | **Adjusted EBITDA** | **$15.3** | **$15.9** | Reconciliation to Non-GAAP Adjusted Net (Loss) Income (Q2) | Line Item (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net (loss) income attributable to Pangaea | ($2.7) | $3.7 | | Add: Unrealized loss on derivative instruments | $1.3 | $0.9 | | **Non-GAAP adjusted net (loss) income** | **($1.4)** | **$4.6** | | **Adjusted EPS - diluted** | **($0.02)** | **$0.10** | - Management uses non-GAAP measures like **Adjusted EBITDA** and **Adjusted EPS** for internal decision-making and to evaluate period-to-period performance of the core business[27](index=27&type=chunk) [Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides details for the Q2 2025 earnings conference call, an overview of Pangaea's business, and the forward-looking statements disclaimer - The company will host a conference call to discuss financial results on **Friday, August 8, at 8:00 a.m. ET**[16](index=16&type=chunk) - Pangaea provides seaborne drybulk logistics and transportation services, including terminal and stevedoring operations, for a wide variety of industrial customers and cargoes[32](index=32&type=chunk) - The press release contains forward-looking statements that are subject to various risks and uncertainties, including fluctuations in charter rates, changes in demand, and general market conditions[33](index=33&type=chunk)

NEWPORT, R.I., Aug. 7, 2025 /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, 2025.SECOND QUARTER 2025 RESULTS GAAP net loss attributable to Pangaea of $2.7 million, or $0.04 per share Adjusted net loss attributable to Pangaea of $1.4 million, or $0.02 per share Adjusted EBITDA of $15.3 million Time Charter Equivalent ("TCE") rates earne ...

NEWPORT, R.I., Aug. 4, 2025 /PRNewswire/ -- Pangaea Logistics Solutions (Nasdaq: PANL, or "the Company"), a global provider of comprehensive maritime logistics solutions, today announced that it will issue second quarter 2025 results after the market closes on Thursday, August 7, 2025. A conference call will be held the next day, Friday, August 8, 2025 at 8:00 a.m. ET to review the Company's financial results and conduct a question-and-answer session.The conference call will be accompanied by presentation m ...

Core Insights - The article emphasizes the importance of the Zacks Rank system, which focuses on earnings estimates and revisions to identify strong stocks [1] - Value investing is highlighted as a popular strategy for finding undervalued stocks that offer profit potential [2] Company Analysis: Pangaea Logistics Solutions (PANL) - Pangaea Logistics Solutions (PANL) has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating it is a strong value stock [3] - PANL's price-to-book (P/B) ratio is 0.69, significantly lower than the industry average of 1.29, suggesting it may be undervalued [4] - The company's P/S ratio stands at 0.56, compared to the industry's average of 1.31, reinforcing the notion of undervaluation [5] - Overall, PANL's strong value metrics and positive earnings outlook position it as an impressive value stock currently [6]

Core Insights - Pangaea Logistics Solutions, Ltd. operates a fleet of dry bulk vessels focusing on specialized trade routes with less competition, particularly in ice-class operations in the Atlantic and Caribbean [1] Company Overview - Pangaea Logistics Solutions is a U.S.-based shipping company that emphasizes harder-to-access trade routes [1] Market Focus - The company targets specialized shipping routes that are less competitive, which may provide unique investment opportunities [1]